Crypto Analyst Tony The Bull Shares Rare Candlestick Formation on XRP Chart
Crypto Analyst Tony The Bull recently shared on X (formerly Twitter) the return of a rare candlestick formation on the XRP price chart. This is significant because historical formations and performances can help predict the future trajectory for assets like XRP.
The 1M Japanese Candlestick formation has reappeared on the XRP price chart after five years. The last time this formation appeared was in 2017, resulting in a 900% surge in the XRP price.
According to the analyst, thin order books, unwinding of shorts, and FOMO can pack a powerful punch, suggesting that factors other than the candlestick formation could drive a price rally.
If history repeats itself, a similar surge could put the XRP price as high as $6, happening just as fast as it did in 2017. This indicates that there may be limited time to accumulate XRP before a potential rapid price increase.
Bullish Predictions and Market Progression for XRP Price
XRP continues to maintain bullish momentum even after being rejected from above $0.7. The digital asset’s progression aligns with altcoins in the space following Bitcoin’s decreased dominance over the market.
The analyst expects XRP to hold its bullishness leading up to the Bitcoin halving. He predicts that everything will peak right before the halving and that maintaining levels above the 50-day and 100-day moving averages suggests that bulls are still in control.
Despite recent setbacks, the positive market progression and historical formations indicate potential for a significant surge in the XRP price.
Hot Take: Potential for Significant Surge in XRP Price
Historical formations and market progression suggest that there is potential for a significant surge in the XRP price, driven by factors such as thin order books and FOMO. With the return of the rare 1M Japanese Candlestick formation after five years, there may be limited time to accumulate XRP before a potential rapid price increase. This could result in a surge as high as $6, following a similar pattern to what happened back in 2017.
By
By
By
By