XRP, rally not started yet..."The real rally begins after crossing 'this point'"

▲ XRP

An analysis suggests that XRP is once again following a repeated historical price structure in a higher-dimensional time frame. Market analysts believe XRP could form a strong bullish candle in the coming weeks, but they pinpointed the breakthrough of the all-time high resistance level of $3.35 as the starting point for a full-fledged rally.

According to crypto media outlet The Crypto Basic on May 7 (local time), market commentator CW analyzed in a recent price forecast that XRP is showing bullish signals based on its 3-week chart. XRP formed its first bullish candle at the end of March after recording three consecutive bearish candles in that time frame, and the current candle is also increasing the possibility of a second bullish close.

CW also presented the upward breakout of the Relative Strength Index (RSI) line above its RSI-based moving average as a bullish indicator. This signal was interpreted to mean that momentum is beginning to return to the market. He predicted that XRP might not only maintain a second consecutive bullish candle on the 3-week chart but could also show a larger bullish movement in the next candle.

The chart he presented shows that XRP is forming repetitive price fractals in a higher-dimensional time frame. In each fractal, XRP entered a symmetrical triangle after the previous cycle's high, consolidating gradually, and then breaking out to move to a new all-time high. The first instance occurred between 2013 and 2017, with XRP rising from approximately $0.0059 to $0.439.

The explanation states that the current second fractal has entered its final stage, following the same pattern as the first structure. Each fractal consists of four phases. Phase 1 is the end of an uptrend; in the current fractal, XRP rose from $0.43 to its 2018 high of $3.35. Phase 2 is the correction period after the peak, and Phase 3 is a consolidation period where volatility decreases and breakout energy accumulates. In Phase 4, a symmetrical triangle breakout occurs, followed by price expansion towards a new all-time high. XRP is currently retesting the breakout zone after its breakout in November 2024.

CW believes the real rally will begin after XRP surpasses the all-time high resistance level around $3.35. From its current price, XRP needs to rise by 137% to reach this resistance. If this breakout occurs on the chart, a measured target of $20 opens up, representing a 1,318% increase from current levels. Another analyst, Hov, also predicted that XRP could rise to between $15 and $20 based on the Elliott Wave structure.

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