XRP (Ripple) Copying 2017 60,000% Rally Chart?...Long-Term Symmetrical Triangle Breakout Ready

▲ XRP

XRP is replicating the exact technical chart pattern that led to its past historic surge. The market has been stirred by analyses suggesting it has entered the eve of a massive explosion.

According to the cryptocurrency specialized media The Crypto Basic on July 7 (local time), technical analyst EGRAG CRYPTO diagnosed that XRP is perfectly replicating the multi-year resistance retest pattern it exhibited just before its formidable 60,000% surge in 2017. The market is seeing analyses that the tedious sideways movement that has lasted for years has ended. The atmosphere suggests that this is a signal that large-scale accumulation by whales is in its final stages.

EGRAG CRYPTO meticulously analyzed XRP's current technical structure based on its long-term logarithmic chart. According to the analysis, XRP recently broke through a massive downward trendline that had capped its upward movement for several years. It is now undergoing a sudden retest of the support line. EGRAG CRYPTO analyzed, "The current dull movement eerily matches the manipulation pattern that appeared just before past historical surges to shake out retail investors."

During the 2017 cycle, XRP also broke through its resistance line after about four years of a long-term symmetrical triangle consolidation period. It then surged vertically by 60,000% in an instant. This current cycle is also assessed to have reached a critical point where years of legal risks and suppressed selling pressure could explode all at once. On-chain data also shows XRP holdings rapidly locking into the wallets of long-term holders.

In the short term, the market's psychological resistance levels are concentrated in the $0.65 and $0.75 range. Technical analysts predict that once XRP digests the supply in this range and converts it into support, a parabolic surge rally, similar to 2017, will officially begin. Conversely, there is also a warning that if the key support level of $0.50 breaks due to Bitcoin's sharp volatility, the completion of the pattern could be delayed until later in the second half of the year.

EGRAG CRYPTO expressed confidence that the target price for this pattern could be beyond imagination if the past surge rate is simply applied. He emphasized, "The XRP army and investors should prepare to be compensated for years of pain," and "Once the historical retest ends, an unimaginable price eruption will begin."

[Article Key Summary]

-XRP is replicating the multi-year resistance retest technical chart pattern that triggered the 60,000% surge in 2017.

-The current consolidation of the support line, following a breakout from a long-term symmetrical triangle, matches the whale accumulation pattern observed just before historical surges.

-If XRP fully breaks through the $0.65 and $0.75 resistance levels in the future, a parabolic surge rally is expected to begin in earnest.

*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.*