Crypto analyst Dark Defender has highlighted a key indicator that could cause the XRP price to repeat legendary price movement from 2017. The analyst joins several other analysts who have suggested that XRP could replicate the price gains of that bull run.
How the XRP Price Could Replicate 2017’s Price Gains
Dark defender claimed in an X (formerly Twitter) after that XRP’s current pattern is identical to the 2014-2017 pattern and will remain so unless the $0.3917 “Point of Control” is not protected. The analyst explained that this Point of Control (POC) refers to the price level at which most transactions take place has been taking place since 2014.
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Since XRP has maintained this POC since 2014, the crypto token could replicate the historic price increase of 2017, when it rose 61,000% in 280 days. In another X message, Dark Defender also claimed that XRP’s current pattern was identical to the 2013-2017 pattern he had previously highlighted. Considering this, he said, “It will be an absolute art to see $5.85 and above.”
Dark Defender also highlighted another indicator that shows XRP’s bullish outlook. He noted that the crypto token is daily and weekly Relative Strength Index (RSI) is at “the bottom and oversold.” He added that the monthly RSI is at the same level as March 2020 and November 2022.
Crypto analyst Mikybull Crypto also stated that XRP could replicate the 2017 rally given the current price action path the crypto token is on. He predicted that the crypt token could rise above $4 if this were to happen. Mikybull Crypto added that he was confident in this scenario playing out for XRP because the sentiment around the crypto token is gloomy.
In the meantime, crypto analyst Javon Marks also hinted at XRP’s price gains when he recently predicted that the crypto token could witness a 39,000% price increase and rise to $200. He made this prediction based on his Full Logarithmic Follow-Through indicator, which he noted was supported by historical data.
XRP will still rise to $18.22
In his most recent X messageDark defender predicted again that XRP could rise to $18.22. He stated that the crypto hit the latest Fibonacci support of $0.3917 (also the POC) of the 5 Elliot waves, with a target of $1.88, $5.85 and $18.22 now in sight. He warned that any move below $0.3917 could change the structure he observed.
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Meanwhile, the crypto analyst said that a bullish reversal is on the cards for XRP, referring to the fact that the crypto token’s weekly RSI hitting the lows, indicating that XRP is an oversold area.
At the time of writing, XRP is trading around $0.42, down over 4% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
