XRP News: XRP Set for 10x Rally? 2017 Pattern Repeats

Source -ChartNerd X

The 3-month 20 EMA has a value of 1.20 at the moment. This level is a significant support for bulls. ChartNerd highlights that this is a threshold that identifies trend validity.

XRP is trading at about 2.18. The token recovered 22 percent of its recent lows. Bulls sustain dominance above important support areas.

You might also like: XRP News: XRPs Bullish Five-Wave Pattern Targets $15

Critical Support Level Defines Bullish Structure

The invalidation criteria that ChartNerd described were through X. The bullish case presupposes XRP above 1.20. The potential is neutralized by a close under the 3-month 20-EMA.

Until then, the bulls still have a structural advantage. The analyst estimates at least an upside of 10x. Such a projection marks one half of the 2017 movement.

The market players pay attention to the 1.2 mark. This make-or-break is this support zone. Technical integrity relies on the fact of holding a position above the EMA.

ChartNerd admits that there is a lower high in 2021. The analyst relates this to factors. The 2017 monthly closes resistance of seven years is relevant. Price action was also affected by the SEC case suppression.

XRP is 40 percent lower than at all-time high. This peak of $3.66 was reached earlier this year. The next leg up can be in advance of the present consolidation.

The trends in the past are very promising. The 2017 arrangement produced phenomenal returns. Such a state of affairs now comes true for XRP.

The traders keep a close eye on technical indicators. The 3-month 20-EMA is very important. The direction is determined by price behavior around this level.

The analysis by ChartNerd creates a resurgence of interest. The technical structure provides definite parameters. Bullseye potential 10x forward.

The price movement of XRP is patterned. The cryptocurrency fits in the same support levels. Above 1.20, the market structure is maintained.

Technical analysis gives a historical background. The expectations of the present were influenced by the past performance. The 2017 playbook provides a roadmap forward.