Analyst Galaxy (@galaxyBTC) has shared a chart indicating that XRP may be on the verge of a new price discovery phase.
XRP Historical Context and Price Projection
In 2017, the rally of XRP from $0.0638 to $3.36 represented an extraordinary gain of approximately 5166%. At the time of Galaxy's analysis, XRP traded at $3.2775, which could imply a target of $172.6 if the same percentage increase were to repeat.
XRP Key Level in Focus
On the three-day chart, the $3.2913 mark is a significant point of interest for traders. A breakout above this level could pave the way for new price highs. Conversely, failure to hold above this threshold may lead to a prolonged consolidation phase.
Current Market Structure of XRP
The current market structure of XRP resembles the lead-up to the 2018 peak but with a slower and more organic climb. This steadier approach may lead to more sustained rallies and the creation of new historical highs if the key level is breached.
The analysis of XRP suggests that while there is a risk of extended consolidation, the current trend may foreshadow significant upward movement.
