XRP to Hit $7? Breakout Pattern Mirrors 2017

 
Rajpalsinh Parmar
Written By 
Rajpalsinh Parmar
 
Harsh Chauhan
Edited by 
Harsh Chauhan
November 21, 2024
Ripple Prepares for breakout

While the Bitcoin nears $100K psychological mark, the market is abuzz with speculation that XRP could break through a crucial resistance level like 2017. 

XRP Forms Fractal Pattern 

The crypto analyst on X shared his speculation on XRP’s price movement, drawing parallels to its massive breakout in 2017. According to his analysis, it has historically followed a fractal pattern, rising sharply after breaking through critical resistance level. 

Back in 2017, the cryptocurrency soared exponentially after colliding with the resistance level at $0.01. The analyst writes, the cryptocurrency is “gaining after breaking through the same resistance line and rising again”.

The tweet has sparked discussion on social media. One X highlights XRP’s impressive growth since 2017, saying that its price is now 100x higher than during the last major bull run. They speculated that the cryptocurrency could reach the $7-$8 range by Monday, contingent on continued market momentum. 

He further added, “Question is, since it has massive utility, will it continue the fractal pattern and go to $50 then correct for 200 days or are we beyond the speculation phase?”

However, some s have raised eyebrows, questioning the feasibility of such rapid growth given the liquidity constraints in the crypto market. 

One states, “How should there be such a massive amount of liquidity in just a few days? 300 Billion dollar takes time to flow in. Xrp follows btc and rises when btc dominance falls. Btc still rise, so 7 dollar is not around the corner yet. 50 Dollar Not anytime soon.”

At the time of publication, Ripple revolves around $1.10 with over 50% hike in a week. Furthermore, it has also created a consolidation pattern, which is an another bullish sign for the cryptocurrency.

Also Read: Ripple & MCV Unveil “Unlocking Opportunity: XRP Stable at $1

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.