Cryptocurrency analysts on daily and monthly price charts XRP He identified bullish structures on the chart and stated that one of these setups signaled an imminent parabolic rally.
Analyst JD emphasized this structure in his latest XRP analysis. In his report, the analyst pointed out the effects of two details in catalyzing a significant price increase for the altcoin, and also made a striking price prediction.
In his analysis, JD pointed out the multi-year downward trend line and the MACD indicator. According to the analyst, when the MACD rises above the 0 threshold, it usually indicates an impending parabolic surge. However, for this surge to occur, the altcoin must break out of a descending trend line. The combination of these two events has only happened once in the entire history of XRP, from late 2013 to early 2017.
In particular, XRP managed to attract attention by rising to $0.06144 in December 2013, shortly after its launch. However, this rally faced opposition from bears and resulted in seven consecutive months of price declines. Although the asset showed resistance in the following months, it remained in a downward trend.
This downward trend continued for four years and formed a 4-year downward trend line. XRP eventually broke out of the trend line in March 2017. Interestingly, this breakout coincided with both lines of the MACD indicator breaking above the 0 level. According to JD’s chart, XRP rose 650x after the breakout.
XRP Targets Another Parabolic Run
Koinfinans.com As we reported, the 650x rally resulted in XRP hitting a new all-time high of $3.31. However, the asset faced further opposition, leading to a second period of decline. Despite showing resistance over the years, XRP continues to remain within the boundaries of this downtrend. JD’s chart shows that the downtrend lasted eight years, but the data confirms it was six years.
Amid the overall bearish trend, JD says the charts offer a reason to change sentiment. It confirmed that the MACD indicator is currently close to breaking above 0. However, he noted that both lines of the indicator must register this bullish cross to confirm the upcoming run.
If this happens, XRP could break out of the current 6-year downtrend. According to JD, the combination of these two events altcoin It would mark the beginning of another parabolic surge similar to a 650x increase for However, he chose not to set a definitive price target.
Meanwhile, in the short term, XRP struggled with the bears at the $0.60 price threshold. According to technical analyst Cryptoes, in the midst of this battle, the asset formed a Cup and Handle structure. The Cup and Kulp formation generally indicates that the previous uptrend will continue after a period of consolidation.
Cryptos highlighted that XRP should close above the green resistance point, currently located in the $0.64 price zone. The asset is currently trading at $0.6136, up 1.54% in the last 24 hours. However, trading volume decreased by 10% to $836,511,976.