The revolutionary growth of XRP? Analysts believe in a possible rise to $14

The revolutionary growth of XRP? Analysts believe in a possible rise to $14

The world of cryptocurrencies is once again on the verge of excitement. According to the latest analysis by experts, XRP has the potential to see a significant rise that could push its price up to $14 - an increase of more than 530%. What is behind this optimistic prediction and what technical factors suggest the possibility of such a reversal? Let's break it down.

Similarity to 2017 - the key to the big breakout?

Several leading cryptoanalysts point to the technical setup of the current XRP, which strongly resembles the situation before the massive rise in 2017. Back then, the breakout of the bullish pennant - a specific technical formation - led to a price surge of over 1,300%, sending XRP to all-time highs around $3.40.

This pattern is now being tracked again on the weekly chart, according to experts. The price of XRP has ranged between $2.05 and $2.40 over the past month, forming a bullish pennant formation - a specific consolidation triangle that tends to herald further sharp gains.

What is a bullish pennant?

The bullish pennant is a technical formation that signals a continuation of the uptrend. It is formed when the price rises rapidly (flag or flagpole), then stops and consolidates in a small triangle (pennant). If the price breaks above the upper line of this triangle, it is usually a signal for further significant growth. According to analysts, a break above the current resistance line could push the XRP price up to USD 14, which is roughly a 530% increase from current levels.

Similar scenarios are suggested by other technical indicators - for example, breaking the 200-day moving average (SMA) or breaking through the resistance at USD 2.27. If key levels can be overcome, XRP could be on its way to a seven-year high above $3.30.

Other factors and potential upside scenarios

Analysts also point out that if a spot XRP ETF is approved in the United States - a move that is still under discussion - it could be a trigger for upside of up to 1,100%, with a target price of around USD25.

Currently, the price of XRP is hovering around USD 2.21, with the need for it to regain and hold levels above USD 2.37 (50-day SMA) and USD 2.65 (200-day SMA). Breaching these resistance levels could provide further impetus and a return to levels above USD 3.00.

Technical indicators confirm the potential

The development of the Relative Strength Index (RSI) also suggests that XRP is well on its way to cashing in on its previous oversold condition and strengthening to around 52 points. If the bulls keep up the pressure and break through important levels, the XRP price could rise significantly.

Conclusion.

In the current situation, it's clear that XRP is on the cusp of a potential major rise. If the technical setups are confirmed and a break above key resistance levels occurs, we could see a rally that pushes the value of this cryptocurrency to new records. Given the similarity of the scenario with 2017, it is certain that investors should be vigilant and keep an eye on the developments as the potential is huge.

*This is not an investment recommendation.

Coingarage team