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- Renowned analyst Crypto Bull foresees a bullish pattern for XRP with a target price of $220, based on historical price trends and chart data.
- XRP has surged over 15% on the weekly chart, approaching $0.55, as Ripple scores legal victories against the SEC.
As Ripple continues to record more victories against the U.S. Securities and Exchange Commission (SEC), investors are rushing to add XRP to their kitty. The XRP price has gained more than 15% on the weekly chart moving closer to $0.55.
Renowned market analyst Crypto Bull envisions XRP mirroring a “bottom, retrace, top” pattern on a monthly timeframe, with an ambitious target price of $220.
In a recent analysis shared on X, the analyst substantiated this projection with historical precedent. He pointed to a comparable trend observed during XRP’s early days, where the asset surged from a low of $0.002 to its all-time high of $3.84, following this “bottom, retrace, top” pattern. Accompanying chart data provides valuable context for this analysis.
#XRP went from $0.002 to $3.84 during its first major bullrun. We find that the bottom and the top line up with its retrace. If we follow the very same pattern this bullrun we could find XRP at $220. pic.twitter.com/Bimx3C5AAV
— CryptoBull (@CryptoBull2020) October 25, 2023
XRP’s history includes a significant price journey, with a notable starting point in August 2013 when it traded at a low of $0.002, a year after the XRP Ledger introduced XRP as its native token. This $0.002 value marked the “bottom” in Crypto Bull’s theory.
During the initial period, XRP surged to $0.0614 in December 2013, representing a remarkable 2,970% increase from its $0.002 bottom. However, the asset subsequently retraced, falling back to $0.0028 in July 2014.
After this retracement, XRP entered a consolidation phase lasting over two years, achieving higher highs but staying below the $0.01 threshold. The market witnessed another rally commencing in March 2017, which persisted until January 2018, culminating in XRP’s all-time high of $3.84.
XRP’s impressive journey from $0.002 in August 2013 to the $3.84 peak in January 2018 marked an extraordinary 191,900% increase in under five years. According to Crypto Bull, this price trajectory forms the foundation of his “bottom, retrace, top” pattern. If history repeats, XRP can have a similar rally to $220.
XRP Price Action in the Near Term
XRP was currently trading at $0.5505, with a minor 0.01% decrease observed in the past day. Over the same period, the 24-hour trading volume of this remittance token had declined by more than 44%, resulting in a reduced volume of around $1,335,304,491. Nevertheless, XRP’s weekly performance still showcased a positive trend, with a gain of 13.94% over the past 7 days.
In recent days, XRP had managed to surpass the $0.5485 resistance level and was presently hovering near this significant price point. It made an attempt to breach the next major resistance level at $0.5965 on Tuesday but only reached a peak of $0.5866 before facing selling pressure.
Of note to traders and investors is that the buying strength for XRP on the daily chart appeared to be waning. At the time, the daily Relative Strength Index (RSI) line was approaching the daily RSI Simple Moving Average (SMA) line, indicating that sellers were gradually eroding the advantage previously held by the bulls.
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