XRP Price: Crypto Analyst Identifies ‘Point Of Control’ That Could See A Repeat Of 2017
08 Julho 2024 - 8:00PM
NEWSBTC
Crypto analyst Dark Defender has highlighted an important indicator
that could cause the XRP price to repeat its legendary price move
from 2017. The analyst joins several other analysts who have
suggested that XRP could replicate its price gains from that bull
run. How XRP Price Could Replicate 2017 Price Gains Dark
Defender claimed in an X (formerly Twitter) post that XRP’s current
pattern is identical to the 2014-2017 pattern and will remain so
unless the $0.3917 “Point of Control” is not protected. The analyst
explained that this Point of Control (POC) refers to the price
level where most trades have taken place since 2014.
Related Reading: Bitcoin Woes Not Over? Analyst Predicts Further
Crash To $47,000 Therefore, with XRP maintaining this POC since
2014, the crypto token could replicate its historic price gain from
2017, when it rose by 61,000% in 280 days. In another X post, Dark
Defender also claimed that XRP’s current pattern was identical to
the 2013-2017 pattern he had previously highlighted. Considering
this, he stated, “It will be an absolute art to see $5.85 and
above.” Dark Defender also highlighted another indicator that shows
XRP’s bullish prospects. He noted that the crypto token’s daily and
weekly Relative Strength Index (RSI) is at “the bottom and
oversold.” He added that the monthly RSI is at the same level as
March 2020 and November 2022. Crypto analyst Mikybull Crypto
also stated that XRP might replicate its 2017 rally, given the
current price action path the crypto token is following. He
predicted that the crypt token could rise above $4 if this were to
happen. Mikybull Crypto added that he was confident about this
scenario playing out for XRP because the sentiment around the
crypto token is bleak. Meanwhile, crypto analyst Javon Marks
also alluded to XRP’s price gain when he recently predicted that
the crypto token could witness a 39,000% price rally and rise to
$200. He made this prediction based on his Full Logarithmic
Follow-Through indicator, which he noted was supported by
historical data. XRP To Still Rise To As High As $18.22 In
his most recent X post, Dark Defender again predicted that XRP
could rise as high as $18.22. He stated that the crypto had hit the
latest Fibonacci support of $0.3917 (also the POC) of the 5 Elliot
Waves, with a target of $1.88, $5.85, and $18.22 now in sight. He
warned that any movement below $0.3917 could alter the structure he
has been observing. Related Reading: Bitcoin Strikes A Chord
At The Bottom, But Can It Clear This Major Resistance? Meanwhile,
the crypto analyst mentioned that a bullish reversal is on the
cards for XRP, alluding to the fact that the crypto token’s weekly
RSI hit the lowest points, thereby signaling that XRP is an
oversold area. At the time of writing, XRP is trading at
around $0.42, down over 4% in the last 24 hours, according to data
from CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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