XRP Chart Analysis: Historical Pattern Signals Potential 900% Rally, Analyst Predicts Surge to $6

XRP’s recent one-month candle pattern resembles the 2017 setup that led to a 900% rally.
Analyst Tony suggests a potential surge to $6 for XRP, drawing parallels with historical patterns and market sentiment shifts.

XRP could be on the brink of a significant rally, with recent market analysis drawing attention to a one-month candle pattern that mirrors the setup from 2017. Tony, a notable Bitcoin trader and founder of CoinChartist, points out this pattern, suggesting a potential 900% surge for XRP.

Tony’s analysis delves into the 1-month XRP chart, showcasing a candlestick setup that resembles the one observed in August 2017. XRP began with a 58% monthly increase during that period but faced a subsequent correction. The bullish momentum returned, culminating in a historic 746% surge in December 2017.

Parallel Patterns: 2017 vs. Current Cycle

The current cycle for XRP exhibits a similar pattern, with July marking a significant increase (47%) driven by a favorable ruling in the Ripple vs. SEC case. This gain was followed by a correction in August, mirroring the September 2017 correction. Tony notes that XRP’s recovery attempts faced resistance, leading to a modest gain in September.

October, akin to November 2017, saw a favorable turn for XRP amid legal victories for Ripple, resulting in a 16.54% increase. The momentum has continued into November, with a 9% uptick.

Tony predicts that the substantial surge witnessed in the 2017 cycle may repeat in the current cycle. Factors such as thin order books, short positions being covered, and fear of missing out could trigger a notable rally. While no explicit price target is stated, Tony’s chart projections suggest a potential surge to the $4 territory this month, followed by a rally to the $6 territory in December. This would signify an 816% increase from XRP’s current price of $0.6549.