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XRP Present Technical Setup Mirrors The 2017 Worth Motion
XRP has been caught under the $3 mark for the reason that starting of February. A fog of uncertainty continues to hold over threat property, together with cryptocurrencies, amid ongoing tensions within the Center East.
However, a well-liked crypto analyst-cum-trader argues that the payments-focused on cryptocurrency may witness a robust rebound from the present degree if it mirrors its earlier upsurge from 2017.
Mikybull noted in a June 16 submit on X that XRP’s value efficiency within the three-week timeframe appears to comply with a 2017 sample the place a breakout from a bull pennant sparked a greater than 1,200% soar to its present document highs of round $3.40.
Bull pennants are bullish continuation patterns that kind as the value consolidates in a triangle-like vary after a robust upside transfer. In different phrases, they resolve after the value breaks out within the route of its earlier uptrend.
 
On the weekly chart, XRP has been trending inside the same technical construction.
“I’ve seen this film earlier than. 2017 rally vibes developing,” the analyst postulated.
Theoretically, a bull pennant breakout raises the value by as a lot as the dimensions of the earlier uptrend. Subsequently, XRP’s bull pennant breakout can propel the value towards the elusive $14 threshold.
That may imply a 548% value rally.
Bullish Fundamentals
XRP’s bullish technical setup receives additional cues from basic information, together with hypothesis round a spot XRP ETF. As ZyCrypto reported earlier, the Objective XRP ETF, with the ticker XRPP, is scheduled to begin buying and selling on the Toronto Inventory Alternate on June 18. In the meantime, related spot funds await approval from the U.S. Securities and Alternate Fee, which lately gave the regulatory nod to a few XRP futures-based ETFs.
The variety of whale wallets holding big quantities of XRP has notably surged to an all-time excessive, signaling robust confidence within the cryptocurrency’s future value prospects.
“There at the moment are over 2,700 whale & shark wallets holding not less than 1M XRP for the primary time within the asset’s 12-plus-year historical past,” crypto evaluation agency Santiment said in a submit on X.
As well as, the variety of energetic XRP addresses has averaged over 295,000 per day over the previous week, dramatically greater than the typical of 35,000-40,000 during the last three months.
