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While the XRP price has recently lagged behind Bitcoin’s (BTC) impressive performance, which saw the leading cryptocurrency reach a new all-time high, analysts are turning their attention to promising indicators that suggest a substantial move for the altcoin could be imminent.
XRP Price May Follow 2017 Pattern For Explosive Growth
Market expert Egrag Crypto recently shared a Fibonacci analysis on social media platform X (formerly Twitter), highlighting the potential for the XRP price to outperform many top cryptocurrencies in the coming weeks.
Egrag Crypto points to a historical pattern from October 2017, suggesting that XRP may be on the verge of a major breakout reminiscent of that period. In late 2017, the altcoin experienced a meteoric rise, increasing by an astonishing 1,772% in just 63 days.
The analyst asserts that if the current price action follows a similar trajectory, XRP could potentially surge to around $27 within the next two months.
The analyst emphasizes the importance of the 21-week Exponential Moving Average (EMA) as a critical support level, indicating that maintaining a price above $2.30 will be essential for sustaining bullish momentum.
‘Mega Green Candles’ Soon?
For a bullish breakout to materialize, Egrag Crypto identifies the need for XRP to close above the Fibonacci 1.414 level, which is approximately $2.70. Achieving this level would serve as a strong bullish signal, paving the way for further upward movement.
The ultimate target, according to the analysis, would be to break through the $3.00 mark, which represents a significant high from February 24, 2025. If historical patterns hold true, this peak could occur around July 21, 2025, aligning with expectations that Bitcoin may also challenge new all-time highs during that time frame.
Another analyst, known as MackAttackXRP, has echoed similar sentiments, stating that the altcoin is currently in an accumulation phase that began in early December 2024.
The analyst notes that the altcoin has been facing resistance in the $2.60 to $2.80 range. However, he believes that once the XRP price breaks through this resistance, it could trigger a substantial rally characterized by “mega green candles.”
MackAttackXRP further highlights the bullish market structure that XRP has maintained since November 2024, describing it as one of the most robust trends he has observed historically.
The analyst also points out that there is a significant amount of capital waiting on the sidelines, poised for investment once a structural change in value occurs.
When writing, XRP trades at $2.33, registering a 6% surge on the monthly time frame. However, when looking at the year-to-date performance, the altcoin is the best performer with a 332% compared to its peers in the top ten largest cryptocurrency’s by market cap.
Featured image from DALL-E, chart from TradingView.com
