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XRP remains steady as the cryptomarket slows down over the holiday weekend.
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Analyst identifies repeating pattern on XRP’s price chart.
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Historical trends suggest that XRP could rise to $12 or even higher.
The Memorial Day market closed in the U.S. Monday, May 26. Crypto markets have slowed, with trading volumes dropping by nearly 20%. Most major cryptocurrencies are experiencing minimal movement, including XRP. Many analysts believe that this calm will not last for long. According to recent chart patterns, XRP may be preparing for a major break in the coming week.
Analysts predict big gains for XRP
XRP is trading at $2.30 to $2.34, a steady price after a 430% rise earlier. Analysts say that this price behavior is similar with past market cycles which led to large price jumps. History shows that when XRP consolidates in this way, it often makes a big move shortly after.
XRP’s 21 Month EMA Interaction Historically Triggers Huge Swings
EGRAG Crypto is a popular crypto analyst who has studied XRP’s price movements for many years. He explained that XRP’s monthly chart reveals a pattern.
In previous cycles, the price XRP would fall below its 21-month moving average exponential (EMA), climb to that level and then either surge again or fall.
Price Targets Based on Historical Trends
XRP dropped 5,500% in one of its biggest moves. It then climbed back up to the EMA and then fell another 2,500%. It dropped 150% once, then returned to the EMA and dropped 500% again. XRP is currently experiencing a market cycle where it has already fallen below its EMA, and then experienced a 430% increase. According to historical trends the next step would be a big price movement.
Related:XRP fractal suggests 1,772% rally by July — Is history about to repeat itself?
If the same pattern is repeated, XRP’s price could reach $46. A more realistic estimate places the price at around $12. Averaging these numbers, the estimated cost could be between $27 and $30, depending on the market’s reaction in the next few months.
XRP Breaks out of a Long-Running Trend
XRP also managed to break free of a descending triangle pattern on the charts. This is usually seen as a bullish sign.
Related: The Bearable Bull Forecasts $8 XRP Amid Growing Crypto Market Excitement
It has encountered some resistance around $2.60 but continues to show strength. If it can push beyond $2.60, it could start the next leg of its rally.
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