The cryptocurrency XRP shows signs of recovery, breaking above the $3.00 mark to the current $3.20. Popular trader EGRAG Crypto analyzes historical patterns and the current market situation.
Current XRP Price
After dropping to the support level at $3.00, XRP quickly recovered and is now trading around $3.20. This rebound may indicate the return of buyers to the market.
Historical Importance of the Pattern
Analyst EGRAG Crypto notes a rare chart pattern that in the past has led to significant price increases for the cryptocurrency. One such instance occurred in March 2017, when XRP surged by 40,000%. EGRAG suggests that if history repeats itself, XRP could rise to between $9 and $24.
Chart Analysis and Predictions
Current charts show that XRP is moving within a rising channel, similar to past breakout situations. Furthermore, if XRP repeats even 10% of its past growth, this could lead to a price increase above $9. If the cryptocurrency performs twice as well as it did in 2020, it could reach up to $24.
Currently, XRP is demonstrating positive signs in the market, with the potential for further growth. However, it is important to remember that investments in cryptocurrency are always associated with risks.
