Key takeaways:
- Experts foresee a potential 530% surge in XRP, pushing its price up to $14.
- To sustain its upward momentum, the XRP/USD pair must break back above the 200-day simple moving average (SMA).
XRP has been trading in a range between $2.05 and $2.40 over the past month, consolidating within a bull pennant pattern on the weekly chart.
According to several analysts, the current technical formation closely resembles the 2017 setup that led to a significant breakout to record highs.
XRP Price Targets a 530% Surge Toward Double-Digit Levels
XRP’s price has been consolidating below the $3.00 mark since February 1. However, analysts believe the cryptocurrency could stage a major rebound if it replicates the breakout pattern seen in 2017.
Renowned crypto analyst Mikybull Crypto noted that XRP’s recent three-week price action mirrors its 2017 setup, where a breakout from a bull pennant triggered a massive rally of over 1,300%, pushing the price to all-time highs near $3.40.
“I’ve seen this movie before,” the analyst remarked in a June 17 post on X, adding:
“2017 rally vibes coming up.”
The altcoin’s price movement is displaying a similar pattern on the weekly chart, as illustrated below.
A bull pennant is a bullish continuation pattern that emerges after a strong upward move (known as the flagpole), followed by a brief period of consolidation within a small symmetrical triangle (the pennant).
Bull pennants usually break out to the upside once the price crosses above the triangle’s resistance line, often resulting in gains equal to the height of the preceding uptrend. For XRP, this pattern points to a potential target of $14 — a 530% increase from its current level.
These projections are in line with earlier forecasts that suggest XRP could hit $27, based on chart fractals, Elliott Wave theory, and Fibonacci extension levels. Additionally, some analysts believe XRP could soar by as much as 1,100% to $25 if a spot XRP ETF receives approval in the U.S.
XRP must break back above the 200-day simple moving average (SMA) to regain bullish momentum
XRP’s upward potential is part of a broader recovery that began on April 10, with the Relative Strength Index (RSI) climbing from oversold levels at 29 to 52 at the time of writing.
Bulls are now targeting a breakout above the $2.27 resistance, which aligns with the 50-day simple moving average (SMA).
For the bullish scenario to gain strength, XRP needs to flip the resistance zone between $2.37 (the 200-day SMA) and $2.65 into a support base.
A decisive close above this range would confirm a breakout above the 50-day SMA, potentially clearing the path for a move back to $3.00 or even retesting the seven-year high above $3.31.
