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XRP price bull

XRP Price Prediction: 1M Japanese Candlestick That Led To 900% Surge Has Returned

Best Owie
by Best Owie
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Quite often, historical formations and subsequent performances can be useful tools that help to determine the future trajectory for assets like the XRP price. This is why when a formation that triggered a previous surge in price returns, it can be a big deal in cases where history was to repeat itself again.

Crypto Analyst Reveals Return Of 1M Japanese Candlestick

Crypto Analyst Tony The Bull took to X (formerly Twitter) to share the return of a rare candlestick formation on the XRP price chart. The most interesting part of this candlestick is how long ago since it reappeared and what happened the last time.

Related Reading: Mystery Behind Ethereum ICO Wallet With $470 Million Has Finally Been Solved

The crypto analyst revealed that the XRP price chart has seen the formation of the 1M Japanese Candlestick, something that has not been seen in five years. The last time that this candlestick formation appeared was back in 2017, and the result was a 900% surge in the XRP price.

XRP Price

Source: Tony The Bull on X

Adding further to this position, the analyst explains that “Thin order books, unwinding of shorts, and FOMO can pack a powerful punch.” This could mean that not only is the return of the 1M Japanese Candlestick very bullish, but other factors exist that could drive such a price rally.

If the 1M Japanese Candlestick formation does play out once again the way it did back in 2017, then a similar surge could put the XRP price as high as $6. Also, it could happen just as fast as it did in 2017. “Imagine if it happened that fast when everyone thinks they have months to years to accumulate #XRP,” the analyst said.

XRP price chart from Tradingview.com

XRP price remains high | Source: XRPUSD on Tradingview.com

Bullish Predictions All Around For XRP Price

Bullish predictions continue to dominate the XRP price even after being rejected from above $0.7. Mainly, the digital asset has continued to maintain the same progression as altcoins in the space after Bitcoin’s dominance over the market fell.

Related Reading: WAVES Return To Glory: Crypto Analyst Charts 2400% Growth Trajectory To $49

In the same vein, the analyst expects XRP to hold its bullishness leading up to the Bitcoin halving. He said this in response to another X user who questions if the cryptocurrency will peak before the halving. “If I take the 70-degree trend angle and project it only beginning when the RSI passed above 70, it should remain in a bullish impulse until right around the halving,” Tony The Bull said. “Basically I think everything peaks right before the halving,” he added.

Despite the drawdown, the XRP price is still maintaining its hold above the 50-day and 100-day moving averages. Holding both of these levels suggests that bulls are still in control and this momentum could serve as a driver for further upside.

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from X.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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