- XRP could see significant price surge, retesting key EMA support.
- ChartNerd predicts potential breakout for XRP, targeting above $7.50.
- Historical patterns suggest XRP is poised for major bullish move.
According to ChartNerd, XRP may be on the verge of a major price surge. The expert, known for his detailed market analysis, believes that XRP is currently mirroring the setup it experienced in 2017, just before a significant price increase.
ChartNerd emphasized that the cryptocurrency is undergoing a crucial 20-month Exponential Moving Average (EMA) retest, a technical pattern that has historically signaled major price moves for XRP.
The 20-month EMA, marked by the yellow line on the chart, is an important technical indicator. XRP’s recent price action shows that it is testing this moving average once again. In the past, when XRP tested the 20-month EMA, it led to a strong bounce and a sharp price rise.
ChartNerd noted that if history repeats itself, we could see XRP break out of its current range and move toward higher price levels, with potential targets above $7.50.
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XRP Price Surge on the Horizon?
ChartNerd’s analysis suggests that XRP is in a similar position to where it was in 2017, a period that saw explosive growth for the digital asset. In the chart, two key periods are highlighted: the first in 2017, where XRP surged after testing the 20-month EMA, and the second in 2023, where the price is once again retesting this important level.
The chart indicates that if XRP follows the same trajectory as it did back then, the price could experience a sharp upward movement.
Beyond the technical patterns, the broader market sentiment may also play a role in driving XRP’s price. Cryptocurrency markets have seen increased interest in recent months, and if XRP can maintain support above the 20-month EMA, a bullish breakout could be imminent.
If XRP manages to hold above the 20-month EMA and push through key resistance levels, a price surge could be just around the corner. ChartNerd’s analysis serves as a reminder that, in the world of crypto, historical patterns can offer valuable insights into future price action.
Also Read: XRP Faces Crucial Test at $2.15: Expert Predicts Possible Rise Toward $2.70
