- XRP nears the end of a 7-year market compression, hinting at a possible legendary surge.
- CrediBULL Crypto sees XRP pushing to $0.75, with current resistance around $0.6436.
- Analysts suggest a breakout could propel XRP to revisit its historic highs and beyond.
XRP has been range-bound for the past seven years and is expected to break out in what could be one of the greatest rallies in history. The recent technical analysis and market trends suggest that XRP is close to breaking through the key resistance levels to trade beyond them. This could be the much-anticipated rally that is likely to take the price of XRP to even higher levels.
On Tuesday, in an X post, CrediBULL Crypto suggested a short-term rise for XRP with a target of $0.75. As of press time, XRP is trading at $0.5877, which is now near important resistance at $0.6436. According to analysts, there are some anomalies as the price goes beyond the range, which could be a result of market manipulation or accumulation before a breakout.
And on the higher timeframes?
— CrediBULL Crypto (@CredibleCrypto) September 17, 2024
This near 7-year compression will be coming to an end soon.
The mother of all bull flags.
Literally nothing else like it in this space, partly because most of the coins here haven't even existed for 7 years lol.
When the old guard wakes up it's… https://t.co/MbXDxpJ0tE pic.twitter.com/0OrfqFoOt3
Long-Term Consolidation Phase
From the long-term point of view, XRP has been in a long-term consolidation for 2,435 days and has formed a large symmetrical triangle. The analysis shows that the trading volume has gone beyond 109.328 billion during this period. The analyst calls this prolonged compression the “mother of all bull flags”.
A breach of this trend could propel the XRP price higher, and potentially challenge its previous all-time highs. CrediBULL Crypto considers this long-term accumulation as unparalleled, which could lead to a legendary XRP rally.
RSI Signals a Shift
Another analyst, Egrag Crypto, looks at the XRP/BTC Relative Strength Index (RSI) on the monthly chart. In his recent analysis, he pointed out that the RSI is almost approaching the 14-day SMA crossover. Egrag also notes that XRP had the lowest monthly close in its history in June of 2023.
#XRP / #BTC RSI Monthly Time Frame (Update)
— EGRAG CRYPTO (@egragcrypto) September 17, 2024
Check out the post from June 2023 where I highlighted the lowest monthly close in the history of #XRP RSI: https://t.co/815qWvRrSl
What's Next?
The #RSI is about to cross the 14 SMA (Yellow Line), and when it does, we’re aiming for… https://t.co/B4anNzDenZ pic.twitter.com/5SvkWfN6Yt
Egrag also points out that the 50 level on the RSI would be crucial as this has been used as a point of reference for the market to gain enough momentum to rise. The analyst informed the XRP community to remain calm as, from a technical perspective, a potential price increase is anticipated soon.
XRP Eyes Major Breakout as Price Approaches Key ResistanceThis convergence of short-term patterns and long-term compression hints at a significant time in XRP’s future. If these technical signals remain consistent, XRP could finally escape the range it has been trading within for so long and initiate a historic rally.
