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A technical analysis by Cryptoinsightuk suggests that XRP is poised for an explosive move, highlighting a pattern of consolidation followed by a sharp price spike in a breakdown of the XRP/BTC chart.
If history repeats, XRP could be preparing for a rally that outpaces its earlier performance.
A closer look at XRP’s price cycles reveals a striking comparison. In the cycle from 2013 to 2017, XRP consolidated against BTC for 1,277 days, leading to a massive 5,492% price increase.
Fast forward to the current cycle. XRP has been consolidating for an impressive 2,741 days—2.14 times longer than the previous cycle—before recently breaking out of its downtrend.
Moreover, both cycles feature the formation of a double-bottom pattern, a classic signal of a bullish reversal. The breakout above the multi-year descending trendline is bolstered by increased trading volume, suggesting a shift in momentum.
A glance at the XRP/BTC chart reveals critical support and resistance levels. Immediate support lies between 0.0001900 BTC and 0.0002100 BTC, while deeper support sits at 0.0000750 BTC.
On the upside, resistance levels range from 0.0003873 BTC to 0.0004500 BTC, with long-term targets aligning with XRP’s historical highs. A retest of these support levels could strengthen the breakout's validity.
Potential Scenarios
If the bullish scenario unfolds, XRP price could continue to rally past the immediate resistance levels, potentially revisiting or surpassing its historical highs against BTC. This translates to another multi-thousand percent rally for XRP.
On the other hand, failure to sustain above the breakout zone could lead to a return to consolidation or a deeper correction. However, the extended consolidation period hints at a larger and more sustained move ahead.
Crucially, volume spikes during the breakout phase validate the bullish momentum. Cryptoinsightuk argues that the extended duration of this accumulation phase could magnify XRP’s upcoming rally, leaving investors astounded.
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