In 2023, Ripple (XRP) experienced a significant 100% increase in value, becoming one of the year’s top performers. Despite a lack of momentum, bullish predictions suggest XRP could reach at least $11, circulating within the community.
Technical analysis on a weekly timeframe indicates a discrepancy between the 2017 and 2020 bullish cycles for XRP. The 2017 cycle saw an extraordinary 88,000% rise, while 2020 only saw a 1,800% increase. The all-time high of $3.53 from January remains unchallenged, suggesting that the 2020 cycle might be part of a larger bullish phase or merely a relief rally.
A descending resistance trend line from the all-time high, confirmed five times, parallels the weaker market cycles of Bitcoin (BTC) and Ethereum (ETH). Assuming a similar pattern for XRP, a maximum 1,800% increase from the 2022 cycle’s low could lead to a price of $5.60.
XRP’s price has been rising for 567 days from its lowest point, marking the longest market cycle to date. The cycle began with the lowest weekly RSI value ever recorded for XRP, hinting at a significant bullish outlook if the current cycle is just the beginning of a larger trend or if it’s breaking out of a correction since 2017.
A breakout covering the full length of the triangle could propel XRP to a peak near $20, a 6,700% increase from the low. For this scenario to remain plausible, XRP must break out from the symmetrical triangle and the RSI must surpass the descending resistance trend line. However, numerous horizontal and Fibonacci resistance levels at $1.65, $3, and $9.20 could challenge XRP’s ascent even if it breaks out.