XRP Recreates the Formation That Triggered the 66,000% Rally: Parabolic Rise Expectation!

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Crypto analyst Moonshilla, XRP He stated that a symmetrical triangle formation has revived on the three-week chart of the price. According to the analyst, this formation is similar to the one that supported a price increase of approximately 66,000% during the 2018 bull run.

After rising to $0.5795 on February 16, XRP fell to $0.5252 on February 23. This represents a 9% decline from the last high. However, the recovery in prices paved the way for the price to reclaim the $0.58 level.

After these active transactions, the analyst drew attention to an interesting pattern. Moonshilla claims to have detected a pattern that the asset witnessed before its historic rise from 2017 to 2018 did.

XRP’s decline from its November 2013 high of $0.0614 formed a multi-year symmetrical triangle. After the price fell from this high, it recorded lower highs. It then continued to record higher lows and eventually formed a symmetrical triangle.

XRP attempted a triangle breakout for the first time in December 2014, rising to $0.0280. However, this attempt failed and recorded further corrections.

XRP Continues to Form a Similar Triangle

XRP only managed to break the triangle in March 2017 and reached its peak. At this point, the price dropped to a low of $0.0053. After breaking through the upper trend line, it rose 65,931% to an all-time high of over $3 in January 2018.

altcoin, crashed shortly after reaching this high and witnessed a broader market correction. During these declines, the price formed a symmetrical triangle similar to the period from late 2013 to early 2017.

This second triangle continues until now. XRP tried to break out in 2021 when it rose to $1.96, but was unsuccessful. According to data from Moonshilla’s chart, the token is currently located near the top of the triangle.

Interestingly, the day the analyst presented the chart, February 23, was the seventh anniversary of the breakout from the previous triangle. With XRP approaching the top of the current triangle, a breakout could lead to a similar price increase. However, given current market conditions, it is unclear how far the ensuing price rally will go.

Source : The Crypto Basic


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