- A crypto expert sees bullish signs for XRP in MACD and trendline breakout, hinting at a potential parabolic rally.
- Past data shows a 650x surge in XRP after a similar setup in 2017, following a breakout from a four-year downtrend.
- Analyst Cryptoes spots a Cup and Handle pattern in XRP’s short-term, suggesting a possible uptrend continuation.
Crypto analysts’ findings suggest the potential for XRP’s imminent breakout from a six-year downtrend, signaling the possibility of a significant parabolic surge.
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Within the analyses conducted, a particular emphasis is placed on the convergence of two critical factors. Firstly, the observation of a multi-year downward trendline in the XRP monthly chart has captured attention. This trendline, which has persisted for six years, holds the key to a potential shift in XRP’s trajectory.
The second pivotal factor under scrutiny is the Moving Average Convergence/Divergence (MACD) indicator. Analysts have noted its historical significance, especially when it crosses above the 0 threshold. Past occurrences of this event have often foreshadowed the onset of substantial price rallies for XRP.
Interestingly, the combination of these two events has happened only once before in XRP’s history. This singular occurrence preceded an astonishing 650x surge in XRP’s value, culminating in an all-time high of $3.31.
The prospect of a breakout from the prolonged downtrend, coupled with the formation of a Cup and Handle pattern in the short term, has added further intrigue. This pattern typically suggests the continuation of an upward trend following a consolidation phase.
As XRP currently hovers around the $0.6136 mark, a close above the resistance point at $0.64 could potentially catalyze the envisioned breakout. However, amidst these optimistic chart patterns, cautious observation remains imperative, with attention centered on the MACD indicator for confirmation of this anticipated bullish momentum.
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