According to Harry, XRP has seen the end of its bearish correction period and is now set on a path that could hit the highs witnessed in 2017.
XRP may be on the verge of a breakout similar to what was observed in 2017, as Harry, a notable community chartist, recently called attention to a pattern observed in XRP price movements. According to Harry, this same
pattern played out back in 2017, and its repetition this year could see XRP hit the $3 price target again.
$XRP fan’s – Look lively, particularly swing trader’s who might potentially risk getting priced out, forewarned is forearmed. Dec 2017 all over again x pic.
Harry conducted this analysis while considering the XRP chart on a monthly time frame. Per data from the chart, XRP registered an impressive surge in February 2016, hitting a high of $0.1 before facing a correction that saw it close that month for $0.0081. Harry called this surge “Wave 1,” while he termed the correction period “Wave 2.”
As part of the “Wave 2” period, XRP faced a bearish consolidation for 12 months. XRP then staged a rally that extended for three months, leading to a compounded gain of 773%, as XRP rose to a high of $0.43 in May 2017. Harry dubbed the period of the rally “Wave 3.”
XRP is about to Kickstart Wave 3
The veteran chartist pointed out that this pattern is currently repeating itself. Notably, “Wave 1,” which marked the initial price surge, started in April 2020, leading to a surge to $1.96 in April 2021. Following this surge, XRP faced a series of bearish corrections tagged A, B, and C on the chart. This correction is marked “Wave 2.”
The “Wave 2” correction slowed down in June 2022, having battered XRP to a low of $0.33. The correction paved the way for consolidation between $0.33 and $0.58. However, taking certain market behaviors into account, Harry opined that Wave 3 is about to begin.
He pointed out that XRP has used April to sustain the gains made in March. The asset is looking to retain these gains so as to leverage the price point as support for a rally in May. Harry noted that these patterns are typical of bullish formations, asserting that when Wave 3 begins, it could last for a long time, ultimately resulting in a $3 price point.
According to him, the emergence of positive reports surrounding the broader crypto market or XRP could trigger further extension of Wave 3. One such report is a favorable ruling in the Ripple vs. SEC case.
Responding to the recent analysis, Yassin Mobarak, crypto enthusiast and founder of Dizer Capital, expressed his firm belief in Harry’s forecasts. “When Harry speaks, I listen,” he remarked.
Notably, as recently reported by The Crypto Basic, analyst Egrag asserted that XRP might be gearing up for a breakout as its 100 MA is looking to cross the 200 and 300 MAs. Meanwhile, XRP is changing hands at $0.4651, down 2.51% in the past 24 hours.
This article was originally published by CryptoNews.