XRP, rally hasn't started yet..."The real rally begins after surpassing 'this point'"

▲ XRP

An analysis suggests that XRP is once again following a repeated past price structure in a higher-dimensional time frame. Market analysts believe that XRP could form a strong bullish candle in the coming weeks, but pointed to the breakthrough of the all-time high resistance level of $3.35 as the starting point for a full-fledged rally.

According to The Crypto Basic, a cryptocurrency specialized media outlet, on May 7 (local time), market commentator CW analyzed in a recent price forecast that XRP is showing bullish signals on a 3-week chart. XRP recorded three consecutive bearish candles in that time frame, then formed its first bullish candle at the end of March, and the current candle is also increasing the possibility of a second bullish close.

CW also presented the upward breakthrough of the Relative Strength Index (RSI) line above the RSI-based moving average as a reason for the bullish sentiment. This signal was interpreted to mean that the market is starting to gain momentum again. He predicted that XRP would not only maintain a second consecutive bullish candle on the 3-week chart but could also show a larger bullish movement in the next candle.

The chart he presented shows XRP forming repetitive price fractals in a higher-dimensional time frame. In each fractal, XRP entered a symmetrical triangle after the previous cycle's high, gradually consolidating, and then moved to a new all-time high after a breakout. The first instance occurred between 2013 and 2017, with XRP rising from approximately $0.0059 to $0.439.

It is explained that the current second fractal has entered its final stage, following the same pattern as the first structure. Each fractal consists of four phases. Phase 1 is the end of an uptrend; in the current fractal, XRP rose from $0.43 to its 2018 high of $3.35. Phase 2 is the correction period after the high, and Phase 3 is a consolidation period where volatility decreases and breakout energy builds. In Phase 4, a symmetrical triangle breakout occurs, followed by price expansion towards a new all-time high. XRP is currently retesting the breakout zone after a breakout in November 2024.

CW believes that the real rally will begin after XRP surpasses the all-time high resistance level around $3.35. To reach this resistance level from the current price, XRP needs to rise by 137%. If this breakthrough occurs on the chart, a measured target of $20 will open up, representing a 1,318% increase from current levels. Another analyst, Hov, also predicted that XRP could rise to between $15 and $20, based on the Elliott Wave structure.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*