Is XRP Price Ready to Skyrocket Again? Technical Analysis

Technical analysis suggests that XRP could see a significant price increase, reminiscent of its 2017 performance.
Legal issues and bullish market fundamentals are crucial to XRP’s potential future rally.

Good Morning Crypto, an influencer and cryptocurrency enthusiast, recently shared a technical analysis suggesting the potential for a major surge in the price of XRP.

XRP, Ripple’s native cryptocurrency, has been consolidating for a long time, especially because Ripple’s ongoing lawsuit against the SEC has prevented its price from increasing even during the 2021 bull run.

Historical Trends and Future Potential of XRP

The influencer said XRP fell below a three-year support level in 2017 before skyrocketing 70,000% in just 240 days, ranking first among all digital assets in 2018.

Good Morning Crypto asked a crucial question: “Have we seen the last shakeout on the XRP price chart?” According to its analysis, a similar technical trend may indicate another significant increase in the XRP price that is not too far away.

🚨 $XRP THE FINAL SHOCK 🚨

In 2017, before gaining 70,000% in just 240 days, #XRP It broke below a 3-year support before becoming the best performing digital asset in 2018!! 💥🚀

Have we seen the last jolt on the XRP price chart? 🤔💭

Image source: @ludnlxrp… pic.twitter.com/QSfNpgzqVu

— Hello Crypto (@AbsGMCrypto) July 5, 2024

But for this optimistic vision to come true, the legal issues of XRP and Ripple need to be resolved satisfactorily. Moreover, the general bullish sentiment in the global cryptocurrency market would be very important in supporting the possible rise of XRP.

Current market performance

XRP is trading at around $0.435 at present, a 5.35% rise over the past 24 hours. This rebound is especially notable given a bearish week. Many in the crypto community have noticed the recent increase in XRP’s price.

CNF had previously reported that Bill Morgan, a prominent pro-XRP advocate, had purchased more XRP tokens while the price was still above $0.40. This action reflects high confidence in the future of XRP and is in line with technical analysis, suggesting a possible price explosion.

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