XRP Bulls Dominated Last Week, Mimicking 2017 ATH Pattern: Will History Repeat Itself?

Like most cryptos, XRP also gained bullish momentum last week as it showcased a tremendous performance. It was interesting to note that the token's

output: XRP price showed a great performance last week and gained bullish power like many other cryptos. It was noteworthy that the current status of the token is similar to a past rally that culminated in XRP reaching an all-time high a few years ago.

Let's take a look at the metrics to see if history will repeat itself.

Historical trend of XRP

According to CoinMarketCap data, XRP bulls left their mark on last week by far. The token has seen a more than 25% increase in price during this time.

At the time of writing, the token is trading at $0.538 with a market cap of over $30 billion, making it the seventh largest crypto.

Meanwhile, popular crypto analyst Milkybull , tweeted and stated that XRP followed a similar trajectory to its movements in 2017.

That year, a bull pennant formed on its chart, and an upward break from this formation caused the token to reach ATH the following year.

In 2024 A similar pennant is forming, and if history repeats itself, investors could see XRP reach new highs in the coming months.

Source:

According to our analysis, the MVRV ratio of the token has increased sharply, indicating a bullish signal. The network growth of the token remained high, indicating that more new addresses were created to carry the token.

Also, the buying pressure on the token increased, which was evident from the decrease in its supply on exchanges. However, as the XRP price increased, the NVT ratio also jumped.

This indicated that the token was overvalued and a possible price correction in the short term.

Source: Santiment

XRP price reached the upper limit of the Bollinger Bands, which usually indicate price declines. Additionally, the Relative Strength Index (RSI) moved sideways after a sharp rise.

These indicators were pointing to a few slow-moving days or even a possible price decline. However, the MACD still continued to point to a bull signal for the token.

Source: TradingView

Read Ripple (XRP) Price Forecast 2024-25

Next, we determined the immediate support and resistance levels for XRP by checking Hyblock Capital data.

According to our analysis, if the bulls continue to dominate the market, the token price may soon reach $0.578.

But in case of a trend reversal as suggested by several market indicators, the token could drop to as low as $0.510.

Source: Hyblock Capital

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