- 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.
