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- $XRP’s price reached $2.1991, matching its 2021 peak and aligning with historical patterns from 2017.
- The breakout followed years of consolidation, signaling strength as the cryptocurrency builds momentum for a potential next rally.
- Flipping $2.1991 into support may open the way for $XRP to target higher price levels in the coming months.
$XRP climbed to $2.1991 on December 9, 2024, matching its 2021 high as it mirrored its 2017 price trend. The cryptocurrency demonstrated a symmetrical breakout structure that analysts have linked to its past bullish performance. According to Charting Guy, a respected market analyst, $XRP’s price action is following the same framework seen seven years ago.
Source: Charting guy
The price movement followed a symmetrical triangle consolidation, which is a common indicator of potential upward momentum in the market. $XRP consistently adhered to a long-term ascending trendline that has supported its price since 2018. As a result, traders consider this pattern a strong confirmation of its current bullish structure.
How Historical Patterns Guide $XRP’s Movement
From 2018 to 2024, $XRP moved through a consistent consolidation phase within a symmetrical triangle before a breakout occurred. This type of price structure is often observed when an asset prepares for a major directional move, and in $XRP’s case, it closely matches the 2017 breakout path.
$XRP’s ascending trendline, visible in historical data, acted as a solid support level for its price. It enabled the cryptocurrency to remain within its trajectory even during challenging market conditions. Reclaiming the $2.1991 resistance level was seen as critical for further price increases.
The cryptocurrency’s price surpassed its 2021 high without creating a new all-time high, which analysts believe is a healthy indication of growth. Charting Guy noted that achieving higher highs, as demonstrated here, is a signal for a bullish continuation.
Can $XRP Break Beyond $3 Next?
$XRP’s retest of the $2.1991 level solidifies its importance as a major resistance area for traders watching the asset. Flipping this level into support could signal a potential surge toward $3 or higher.
While optimism builds, current market conditions differ significantly from 2017, requiring investors to proceed with caution. Regulatory uncertainties and liquidity challenges might still affect $XRP’s ability to sustain its momentum.
However, $XRP’s historical alignment with past patterns has caught the attention of analysts and traders alike. The cryptocurrency’s recent movements suggest that the coming months may hold developments.