XRP Price Mimics 2017 Pattern, Ripple Donates $5M To Trump Fund
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A striking parallel between current XRP’s price actions in 2024 and its historical rally in 2017, both showed bullish momentum. XRP’s market capitalization mirrored the early stages of its 2017 ascent, suggesting the potential for similarity. The pattern, was followed by a consolidation phase around a key support level. By mid-2017, XRP market cap surged by more than a sixfold increase from its initial value. This resurgence in value suggested an optimistic outlook for early 2025 based on historical trends. Notably, the recent movement aligned closely with a stay above moving averages, supporting the bullish sentiment in the market. XRP price action chart | Source: Trading View The proximity to the MAs in late 2024 historically indicated a stronger price support level. This reinforces the likelihood of continued uptrend. Given the cyclical nature of XRP’s market behavior and its adherence to past patterns, the potential for repeating a substantial rally into early 2025 appears feasible. – Advertisement – XRP Price: Impact of 6-Year Long Consolidation Further analysis of XRP price action revealed a close alignment with established Elliott Wave principles. The consolidation period that spanned over six and a half years positioned XRP for a potential parabolic run. Longer consolidation durations precede more dynamic price breakouts, especially in assets with disruptive potential like XRP. Previously, the ascent from Wave 1 to the peak of Wave 3 set a formidable precedent. Using the Fibonacci tool, it projected a final blow-off top for Wave 5, which could potentially reach $16 to $33. XRP weekly price action chart | Source: Trading View This projection considered the extended nature of Wave 3. Further extension levels at 3.618 and the length of Wave 1 multiplied by 1.618 reinforced these targets. Historically, the market behavior of XRP showed that after long periods of accumulation, the asset…
Filed under: News - @ December 22, 2024 4:57 am