The price of Ripple-affiliated cryptocurrency XRP looks ready to rally toward $14 if a technical setup similar to that in 2017 plays out. Should history repeat with a successful breakout higher, XRP will enjoy an over 548% rally from current levels, according to one widely-followed analyst. XRP Current Technical Setup Mirrors The 2017 Price Action XRP has been stuck below the $3 mark since the beginning of February. A fog of uncertainty continues to hang over risk assets, including cryptocurrencies, amid ongoing tensions in the Middle East. Nevertheless, a popular crypto analyst-cum-trader argues that the payments-focused on cryptocurrency could witness a strong rebound from the current level if it mirrors its previous upsurge from 2017. Mikybull noted in a June 16 post on X that XRP’s price performance in the three-week time frame seems to follow a 2017 pattern where a breakout from a bull pennant sparked a more than 1,200% jump to its current record highs of around $3.40. Bull pennants are bullish continuation patterns that form as the price consolidates in a triangle-like range after a strong upside move. In other words, they resolve after the price breaks out in the direction of its previous uptrend. On the weekly chart, XRP has been trending inside a similar technical structure. “I have seen this movie before. 2017 rally vibes coming up,” the analyst postulated. Theoretically, a bull pennant breakout raises the price by as much as the size of the previous uptrend. Therefore, XRP’s bull pennant breakout can propel the price toward the elusive $14 threshold. That would mean a 548% price rally. Bullish Fundamentals XRP’s bullish technical setup receives further cues from fundamental data, including speculation around a spot XRP ETF. As ZyCrypto reported earlier, the Purpose XRP ETF, with the ticker XRPP, is scheduled to start trading on the Toronto Stock Exchange on June 18. Meanwhile, similar spot funds await approval from the U.S. Securities and Exchange Commission, which recently gave the regulatory nod to three XRP futures-based ETFs. The number of whale wallets holding huge amounts of XRP has notably surged to an all-time high, signaling strong confidence in the cryptocurrency’s future price prospects. “There are now over 2,700 whale & shark wallets holding at least 1M XRP for the first time in the asset’s 12-plus-year history,” crypto analysis firm Santiment said in a post on X. In addition, the number of active XRP addresses has averaged over 295,000 per day over the past week, dramatically higher than the average of 35,000-40,000 over the last three months.
