- XRP’s current price shows consolidation near key support levels of $2.00.
- Historical hammer candles suggest potential for significant price surges in XRP.
- A 500% gain from $2.50 could push XRP towards a new all-time high of $15.
XRP’s price action has been attracting significant attention lately, with many analysts drawing parallels to previous bullish patterns. According to analyst Steph IS CRYPTO, the current chart shows a striking resemblance to a key breakout candle from 2017, which marked the beginning of one of XRP’s biggest bull runs.
As the cryptocurrency faces consolidation around key support levels, there is speculation that a similar bullish momentum could be triggered once again, potentially leading to a new all-time high.
Historical Breakout: The 2017 Candle
In 2017, XRP’s chart featured a breakout candle that signaled the start of a massive bull run. This candle emerged after a prolonged period of consolidation and broke through significant resistance levels with strong buying momentum.
The result was a meteoric rise in XRP’s price, peaking just under $3.00. Current market conditions are showing a similar pattern. XRP is consolidating around key support levels near $2.00, with resistance around $3.00. If the price follows the same trajectory as it did in 2017, we could witness another major breakout, leading to a new bullish trend.
Hammer Candle: A Key Indicator for XRP
Additionally, Steph IS CRYPTO’s analysis of the hammer candlestick formation highlights it as a critical signal for XRP.This formation has appeared only three times on the weekly chart throughout XRP’s history.
The first instance occurred in late 2013, marking a sharp price recovery that led to a remarkable 2,128% increase. The second formation appeared in January 2017, followed by a significant rally that ultimately propelled XRP’s price by over 110,000% to an all-time high above $3.00.
The current hammer candle, forming at a similar point in the trend, could point to another substantial price surge. While it may not replicate the extreme gains seen in the past, even a more conservative 500% increase from the current price of $2.50 would push XRP towards a new all-time high of $15. This would still represent a significant uptrend, albeit one more grounded in current market realities.
As of press time, the current price of XRP is $2.51, with a 24-hour trading volume of $10,801,838,070, reflecting a 1.10% increase in the past 24 hours.
