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Home»Analysis»Analyst Says History Repeats Itself, And Here’s How
Analysis

Analyst Says History Repeats Itself, And Here’s How

2024-11-30No Comments3 Mins Read
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This article is available in Spanish.

A crypto analyst has one technical analysis of the XRP price in a span of 4 hours. Currently, the XRP chart is highlighting several patterns in market behavior, indicating that historical price action may be repeating itself. The analyst predicts that if the cryptocurrency can successfully replicate these bullish historical patterns, it could spark an upside for XRP.

XRP price patterns indicate bullish potential

Richard, the crypto analyst from TradingView, popularly known as ‘The Signalyst’, has done just that declared that history repeats itself in the XRP price chart. The analyst shared a detailed analytical report on XRP, predicting his future goal while examining critical aspects of its current price action.

Related reading

XRP price 1
Source: TradingView

According to Richard, the XRP 4-hour chart reveals an intriguing pattern characterized by lower lows and a sharp bullish impulse. The two red arrows labeled “LL” on the price chart indicate areas where the XRP price hit lower lows mid-November, indicating a correction or trend reversal. This downward trend was quickly followed by a period of consolidation within a certain range in the green zone on the map.

After experiencing lower lows and bearish momentumRichard observed that the XRP price entered a corrective phase and stabilized within the aforementioned green zone. Ultimately, XRP broke above this green resistance range, creating a bullish momentum that pushed the cryptocurrency to its previous price high of $1.5.

Although the XRP price has corrected again and was trading around $1.4 earlier this week, Richard has emphasized that the cryptocurrency appears to be repeating the above historical setup. Its price is entered a new consolidation phase just below the $1.53 level, indicating the beginning of its next bullish move.

See also  Top trader predicts parabolic rally for Solana rival – here's his upside target

Should the XRP price repeat this pattern and break above the $1.53 threshold, the analyst suggests that this would validate

Analyst Labels XRP a Buy at $1.4

Steph, a crypto analyst at X (formerly Twitter), did just that called the XRP price is a bargain at $1.4. After surging above $1.5 earlier this month, XRP price witnessed a slight trend reversal, dropping it to $1.4.

Related reading

Steph revealed that the XRP price of $1.4 was an excellent buying opportunity for investors outbreak upwards was about to start. As for the predicted breakout, it appears the analyst was right The XRP price is currently trading at $1.6which represents an increase of 8.7% in the last 24 hours.

XRP price 2
Source: TradingView

While XRP continues to gain momentumSteph predicts that the cryptocurrency could see a boom to $50 soon. With this bullish scenario in mind, Richard has urged investors to start buying XRP before further adoption drives the price into “the very expensive range,” between $22 and $120.

XRP price chart from Tradingview.com
XRP Price Still Very Bullish | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source link

Analyst Heres History repeats
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