Crypto analyst ArShevelev has raised the possibility of history repeating itself for the XRP price. If so, the analyst indicated that the altcoin could witness a 2017-like rally, potentially sending its price to double digits.
XRP Price To Reach $10 If History Repeats Itself
In a TradingView post, ArShevelev predicted that the XRP price could reach as high as $10 if history repeats itself. He remarked that the current XRP chart screams “déjà vu,” with the altcoin’s price action mirroring the 2014 to 2018 cycle. The analyst noted that XRP broke out from its 2014 all-time high (ATH) in 2017, leading to a massive rally.
A similar setup is playing out for the XRP price, but with a twist. ArShevelev stated that XRP is struggling to break through the 2018 ATH resistance zone around $3.31, which he claimed reminded him of the breakout consolidation phase in 2017. This consolidation has historically led to significant breakouts, and the chart hints at the potential for a repeat.
He affirmed that the price could witness a parabolic move if it breaks out soon, targeting much higher levels. However, he cautioned that the current resistance is a formidable hurdle, and XRP could pull back to lower support levels if it fails to break out. ArShevelev pinpointed critical levels to monitor, highlighting $3.31 as a major resistance while $1.643 stands as significant support. A breakdown risk lurks at $0.650, which means the XRP price could retrace to last year’s lows. He admitted that while he isn’t fully convinced about the setup, he finds it intriguing; stating this could be XRP’s moment to shine.
The Altcoin Needs To Break Out Of Its Current Range
In alignment with this, crypto analyst Ali Martinez recently pointed out the necessity for the XRP price to escape its current trading range. In an X post, he emphasized that critical levels to watch include $2 and $2.26. A decisive close outside of this range could dictate the next significant trend.
Martinez currently appears to favor a downtrend for XRP’s short-term price movement. He suggested that a retracement could be forthcoming, as indicated by the TD Sequential flashing a sell signal on the 3-day chart.
Crypto analyst CasiTrades also did not dismiss the likelihood of a correction in the XRP price. Nevertheless, she indicated that the altcoin could rebound off key supports towards new highs, noting that momentum is building. According to her, the RSI is exhibiting signs of selling exhaustion on lower timeframes, and the price action is starting to compress, which often signals a more substantial move is on the horizon.
As of the time of writing, XRP is trading at approximately $2.17, reflecting an almost 2% increase in the last 24 hours, according to CoinMarketCap data.
