Analyst Says XRP Price Similars 2017 Rally with Breakout, Targets $2 in a Bullish Surge

• XRP broke out of a 5-year symmetrical triangle, reaching $1.5528 and showing renewed bullish momentum with strong indicators.
• The RSI above 70 and EMA crossover echo 2017 patterns, suggesting potential upward momentum toward key levels like $2.00.
• Support levels at $1.1322 (50 EMA) and $0.7944 (200 EMA) provide fallback zones amid robust but potentially overextended trends.

XRP has had steady price rises and analyst MikybullCrypto has drawn similarities to its 2017 rally. According to the analyst, XRP’s breakout from a prolonged symmetrical triangle formation has reignited bullish momentum. 

This breakout, which began in November 2024, propelled XRP past key resistance levels, leading to sharp upward movement. Historical patterns, combined with notable indicators, suggest potential for further gains. The symmetrical triangle pattern that defined XRP’s movements between 2019 and 2024 supports this momentum.

Historical Patterns and Key Indicators

The symmetrical triangle structure seen from 2019 to 2024 has been crucial in defining XRP’s price movement. This consolidation phase featured narrowing price movements, leading to a breakout above $1.5163. 

Previous resistance levels along the triangle’s upper boundary have now turned into support, strengthening the bullish outlook. Additionally, the moving averages align with this trend. A crossover of the 21-month EMA above the 50-month EMA, reminiscent of 2017, signals strengthening momentum.

Furthermore, the RSI reflects increased buying interest. Recent readings breaking above the neutral 50 level suggest renewed bullish pressure. Historical spikes in RSI above 70 have coincided with sustained price uptrends. The combination of these factors hints at potential continuation in XRP’s price gains.

Support, Resistance, and Future Movement

At press time, XRP was trading at $1.5528, with a rising wedge pattern forming. Immediate resistance is seen around $1.5659, which could lead to further highs. Support levels at $1.1322, corresponding with the 50 EMA, and $0.7944, aligned with the 200 EMA, provide fallback zones in case of pullbacks.

The widening gap between the 50 EMA and 200 EMA reflects robust bullish sentiment, it also signals possible overextension. The RSI’s overbought zone adds to the probability of short-term consolidation. If XRP maintains its upward surge, it could test psychological levels like $2.00.

Key Observations from Recent Trends

The breakout from a multi-year triangle and the strong performance above major moving averages emphasize XRP’s bullish sentiment. While the price has surged from the $0.8 range to $1.55, the resistance and support levels will determine its next move. Sustained momentum above $1.5163 would be crucial for further growth.