Crypto Trader Thinks XRP will hit $9.5 in August if History Repeats itself
Around the relentless effort displayed by Bitcoin against the forces of the bear, Ripple’s XRP is also maintaining a strong support above $0.1800 against the USD with signs for a strong increase from this level.
At press time, a unit of XRP against the US Dollar is now above $0.19 with more than 4% added value in the last 24 hours. Hence, a further increase would put the cryptocurrency straight up above $0.2000 resistant level.
In this wise a crypto chartist on TradingView, suggested that XRP could soon witness a trend that will make its price surge significantly beyond expectation. Crypto trader with pseudo name TD59936782 made the illustration in a trading chart.
The crypto trader captioned that XRP trend since the beginning of 2018 till date is almost completely identical with what it displayed from December 2014 to April 2017, a period that spanned two and half year.
After peaking to $0.029 in late 2014, XRP plunged for more than two years, reaching a low price of $0.003 in February 2017, and a magical rise was seen afterward, putting the price of XRP up to around $0.3.
This happened after a 5-month downslope in the price of XRP, as revealed in the green circle of the chart below. A 70 days 10 bars rise followed and XRP price skyrocketed.
After reaching around $0.38 in March 2017, a pennant triangle followed, depicting a bearish formation, but the triangle ended with a reversal pattern that pushed XRP above $3.0.
Now, crypto trader TD59936782 claimed the over two years regressive pattern has been formed and a 5-month downslope in the price of XRP (green circle) has also been printed. According to his forecast, we would soon witness the 70 days 10 bars rise that will push XRP price to above $9 by August.
The crypto trader furthered that if the pennant triangle formed once again after the 70 days 10 bars rise, XRP will go high to areas above $100.
Ripple’s XRP Price Analysis
Ripple’s XRP has made a recovery of more than 4% after extending its decline below $0.1880 support level. XRP earlier reached $0.1825, forming a double bottom pattern around $0.1820.
At press time a unit of XRP is now priced above $0.019 and on the 100 hourly SMA, the fractal of the cryptocurrency seems to be moving into a positive zone.
The bulls appear to be gearing up with a push above 75.2% Fib retracement level of the downslope that saw XRP price around $0.1818 low. The push above the $0.191 signals a break above the bearish line.