2023-11-9 02:00 |
Quite often, historical formations and subsequent performances can be useful tools that help to determine the future trajectory for assets like the XRP price. This is why when a formation that triggered a previous surge in price returns, it can be a big deal in cases where history was to repeat itself again.
Crypto Analyst Reveals Return Of 1M Japanese CandlestickCrypto Analyst Tony The Bull took to X (formerly Twitter) to share the return of a rare candlestick formation on the XRP price chart. The most interesting part of this candlestick is how long ago since it reappeared and what happened the last time.
The crypto analyst revealed that the XRP price chart has seen the formation of the 1M Japanese Candlestick, something that has not been seen in five years. The last time that this candlestick formation appeared was back in 2017, and the result was a 900% surge in the XRP price.
Adding further to this position, the analyst explains that “Thin order books, unwinding of shorts, and FOMO can pack a powerful punch.” This could mean that not only is the return of the 1M Japanese Candlestick very bullish, but other factors exist that could drive such a price rally.
If the 1M Japanese Candlestick formation does play out once again the way it did back in 2017, then a similar surge could put the XRP price as high as $6. Also, it could happen just as fast as it did in 2017. “Imagine if it happened that fast when everyone thinks they have months to years to accumulate #XRP,” the analyst said.
Bullish Predictions All Around For XRP PriceBullish predictions continue to dominate the XRP price even after being rejected from above $0.7. Mainly, the digital asset has continued to maintain the same progression as altcoins in the space after Bitcoin’s dominance over the market fell.
In the same vein, the analyst expects XRP to hold its bullishness leading up to the Bitcoin halving. He said this in response to another X user who questions if the cryptocurrency will peak before the halving. “If I take the 70-degree trend angle and project it only beginning when the RSI passed above 70, it should remain in a bullish impulse until right around the halving,” Tony The Bull said. “Basically I think everything peaks right before the halving,” he added.
Despite the drawdown, the XRP price is still maintaining its hold above the 50-day and 100-day moving averages. Holding both of these levels suggests that bulls are still in control and this momentum could serve as a driver for further upside.
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