Crypto analysts point out similarities in XRP's current price action with its historical breakout in 2017, predicting a potential parabolic rally in the coming months.
Déjà Vu?
Crypto trader CRYPTOWZRD noted that XRP's current price action resembles its breakout structure from 2017. A chart shared shows a repeating pattern of accumulation, consolidation, and upward movement that previously led to XRP's rise to $3.30.
Key Support and Resistance Levels
At press time, XRP was trading above $2.8 with a 24-hour volume exceeding $7.2 billion. A key level is noted at $2.47, which analysts believe is crucial for maintaining market structure. If this level holds, the price may rise further toward targets of $4.80 and beyond.
Short-Term Trends and New Products
Additionally, the cryptocurrency exchange Gemini rolled out a credit card offering cashback in XRP, enhancing the token's utility and visibility in the consumer market. This move, along with support for Ripple’s new stablecoin RLUSD, emphasizes XRP's increasing integration in payment solutions.
With the ongoing trends and new consumer-facing products related to XRP, the market may anticipate a continuation of bullish momentum and potential new highs.
