XRP’s Bullish Indicator Could Propel Price to $21.5, Analyst Predicts

A recent analysis reveals a significant bullish signal on XRP’s three-week chart, suggesting that the cryptocurrency could be on the brink of a major price increase. Analyst CW points to a green candlestick formation that may indicate the start of a stronger uptrend, potentially leading XRP to retest its all-time high and possibly soar to $21.5.

Key Takeaways

A green candle on XRP’s three-week chart might indicate the start of a new uptrend.
Analyst CW suggests initial resistance around $1.4 needs to be overcome for a rally to commence.
If the cycle analysis holds, XRP could rise to retest its all-time high of $3.65 before aiming for $21.5.
Key price levels are identified: TP1 at $3.65 and TP2 at Fibonacci extension level of $21.5.

New Uptrend Alert on XRP’s 3-Week Chart

Recent technical analysis of XRP's price on the three-week candlestick chart points to a notable development: a green candle has appeared, signaling that XRP is trading just above $1.38.

Crypto analyst CW has highlighted this bullish candlestick pattern on the XRP/USD 3W chart, suggesting it could mark the beginning of a significant uptrend. According to CW’s analysis, this signal hints at a forthcoming surge in price, potentially aiming for a retest of the all-time high and even targeting a remarkable $21.5 in the long term.

XRP
Source: Chart from CW on X

It is essential to mention that a price rally has yet to begin, and XRP must first establish a solid break above the $1.4 mark. Currently, momentum indicators have not confirmed a full-scale uptrend, but CW believes that bullish reversal signs are on the horizon.

The sub-indicators observed are consistent with a momentum oscillator that has alternated between oversold and overbought conditions, as illustrated in the chart below. This oscillator has historically shown blue dots at every significant low for XRP since 2014, including the price bottoms before the 2017 and 2021 uptrends. A new blue dot appears to be forming now.

Cycle Analysis Implies Potential for $21.5

Accompanying the analysis is a chart detailing two cycle structures, divided into four distinct phases. The first cycle encapsulated Phase 1 (initial markup), Phase 2 (major correction), Phase 3 (long-term consolidation inside a symmetrical triangle), and Phase 4 (a breakout).

Currently, XRP's cycle seems to mirror this sequence closely. Phase 2 correlates to the decline observed post-2021 bear market, Phase 3 represents the prolonged price consolidation from 2022 to 2024, and the initial climb to $3.65 symbolizes the first part of Phase 4 in this new cycle.

From this standpoint, XRP is still unfolding Phase 4, forecasted to exceed previous price movements significantly, despite being down approximately 62% from its all-time high. The analysis suggests that before considering potential double-digit prices, XRP must first reclaim the surrounding area of its previous record of $3.65.

Ultimately, CW projects a cycle peak at $21.5, anchoring this forecast to the Fibonacci 6.618 extension level, marked as TP2 on the chart, with the all-time high region forming TP1.

XRP
XRP trading at $1.37 on the 1D chart | Source: XRPUSDT on Tradingview.com