XRP price is on the verge of a potential price explosion, with technical indicators pointing to a massive rally of up to 143%. Currently consolidating between $0.5 and $0.7, XRP is tightly wound around the 200-week moving average a critical indicator for predicting future price movements. A key historic signal has emerged, suggesting that the asset could skyrocket soon.
XRP has been one of the underperformers in the current crypto market cycle, remaining 86% below its all-time high of $3.84. If this signal pans out, it will mark the beginning of a potential major bull run, with a price increase projected to reach a target of at least $1.5.
XRP Price Eyes 21% Short-Term Gains
Despite significant fluctuations, XRP is now trading at a price similar to where it was two years ago in October 2022. In the 4-hour time frame, Ripple price soared 5% on October 13, breaking above $0.54 and reaching $0.55.
XRP has since retraced back to the top of the range, and investors are watching closely to see whether it will bounce off or slip back into the consolidation zone.
However, if the price bounces off the range, XRP could rally around $0.67 – $0.7 to the next major resistance. XRP price is poised to continue rising as it has formed a bull pennant.
The Ripple price today is $0.545, representing a 1.4% increase over the last 24 hours, following a general increase in crypto prices across the board.
Why the 200-Week Moving Average is Key For Ripple Price
The 200-week moving average is a key signal for future Ripple price movement because it provides a long-term view of the market. Among other things, it confirms a change in a long-term trend, which means traders watch it closely to gauge the market sentiment. Sustained moves above or below this level can influence market participants’ decisions, increasing buying or selling pressure.
The XRP price is currently trending just below the 200-week moving average, which happens to be near the upper boundary of the year-long consolidation zone between $0.5 and $0.7.
Following the short-term analysis above, if XRP price rallies higher and breaks above the 200-week MA and the $0.70 resistance level, it may signal the start of a bull run to $8.
Key resistance levels on the way up include $1.5, $3.29 (previous all-time high), $4.18, $5.33, and finally, $8.62. This would constitute a 1,490% increase from the current price.
Ripple Price Analysis: XRP Could Hit $450 In the Long-Term
Aside from the 200-week MA indicator, the XRP price macro chart shows the possibility of a 532X return in the coming bull run. All this is, however, dependent on the SEC v. Ripple lawsuit development.
XRP is trending inside a symmetrical triangle that forms a bull pennant. This is a bullish continuation pattern of epic proportions, spanning seven years. If it breaks out, the upside potential for this bullish market structure is approximately 53,000%, which would put the Ripple price around $454.
Comparing XRP price performance between the 2017 and 2021 bull runs, it is clear that the SEC lawsuit acted as a great impediment to price increases. In 2017, XRP rose by over 43,000%, but in 2021, it only increased by 1,000%.
Hence, if XRP is going to skyrocket to $450 in the coming 2025 bull run, the lawsuit will have to be resolved before then. The lawsuit is still ongoing as the U.S. SEC and Ripple agreed to continue the legal fight in the Second Circuit Court of Appeals.
The post XRP Price Could Rocket 143% Due To This Historic Signal appeared first on CoinGape.
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