XRP has been trading between $2.05 and $2.40 over the past month, consolidating within a bullish pennant. Analysts note that the current situation may replicate the 2017 scenario.
Growth Predictions for XRP
Analysts believe that XRP could see significant recovery from the current level if it follows a similar breakout as in 2017, where a sharp increase took place. Notably, crypto analyst Mikybull Crypto stated that XRP's price action over a three-week period resembles that of 2017, when a breakout from a bullish pennant led to a 1300% rise to record highs around $3.40.
Current Technical Situation
Currently, XRP's price has been below $3.00 since early February. A bullish flag forms when prices make a sharp upward move, then pause and consolidate within a small symmetrical triangle. Analysts indicate that such bullish setups typically resolve in price surges, which could potentially bring XRP's price to $14.
Prospects for Further Growth
For further upward movement, XRP needs to break through the resistance at $2.27, where the 50-day simple moving average (SMA) lies. If this level and the $2.65 (200-day SMA) can be overcome, it may signal a sustained bullish trend, pointing towards a recovery in price above $3.00.
Overall, if significant resistance levels can be breached, XRP has considerable potential for a major recovery, highlighting analysts' interest in the current market scenario.
