Analyst: This Pattern Could Take XRP to $37 in October

XRP has experienced notable swings over the past few months, and technical analysts are beginning to highlight signs of another potential breakout. The asset, currently priced at $2.99, has recently shown stronger momentum, leading to renewed interest from traders who track long-term price patterns.

CryptoBull (@CryptoBull2020), a well-known crypto analyst, has suggested that XRP is now mirroring a historic move that previously led to a sharp rally. In his latest post, he stated that he believes XRP is “in the last stages of the 2017 pattern, which could take us to $37 in October.”

This projection comes as the market digests technical signals that appear to align with the final stretch of the pattern seen nearly 8 years ago.

https://twitter.com/CryptoBull2020/status/1969049716366176333?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Analyzing the Chart

The chart shared by CryptoBull shows XRP’s long-term trajectory within a structured price channel. Highlighted on the chart is the 2017 surge, when XRP climbed to $3.36 before correcting downward. According to the analysis, the current structure is similar to 2017, with XRP already showing the kind of acceleration that preceded the previous peak.

The chart emphasizes XRP’s movement across multiple colored trend lines, with the latest surge preventing the price from falling through the bottom of the channel in late 2024. The anticipated breakout move, highlighted in yellow, resembles the final acceleration of 2017. The upward projection targets the $37 region, marking a more than tenfold increase from current levels if the move materializes.

https://twitter.com/TimesTabloid1/status/1934162718258499855?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Is XRP Going to $37?

With XRP trading just under $3, the idea of a climb to $37 would represent one of the most significant upward moves in the asset’s history. The central focus of CryptoBull’s post is the potential for XRP to repeat its historical run with amplified scale.

By aligning today’s price structure with that of 2017, he suggests that the cryptocurrency could rise significantly over the coming weeks. His stated target of $37 places the asset at the top of the projected channel on the shared chart.

This analysis assumes that historical price behavior will serve as a reliable guide for current market conditions. While technical traders often look for repeating cycles, it is worth noting that external market forces, such as the potential approval of spot XRP ETFs in October, can also influence price movements. Nevertheless, the projection reflects a high level of confidence in XRP’s ability to extend its rally through October.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent BitcoinLinux’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. BitcoinLinux is not responsible for any financial losses.

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