Crypto Analyst Identifies ‘Point Of Control’ That Could See A Repeat Of 2017
Crypto analyst Dark Defender has highlighted an important indicator that could cause the XRP price to repeat its legendary price move from 2017. The analyst joins several other analysts who have suggested that XRP could replicate its price gains from that bull run.
How XRP Price Could Replicate 2017 Price Gains
Dark Defender claimed in an X (formerly Twitter) post that XRP’s current pattern is identical to the 2014-2017 pattern and will remain so unless the $0.3917 “Point of Control” is not protected. The analyst explained that this Point of Control (POC) refers to the price level where most trades have taken place since 2014.
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Therefore, with XRP maintaining this POC since 2014, the crypto token could replicate its historic price gain from 2017, when it rose by 61,000% in 280 days. In another X post, Dark Defender also claimed that XRP’s current pattern was identical to the 2013-2017 pattern he had previously highlighted. Considering this, he stated, “It will be an absolute art to see $5.85 and above.”
Dark Defender also highlighted another indicator that shows XRP’s bullish prospects. He noted that the crypto token’s daily and weekly Relative Strength Index (RSI) is at “the bottom and oversold.” He added that the monthly RSI is at the same level as March 2020 and November 2022.
Crypto analyst Mikybull Crypto also stated that XRP might replicate its 2017 rally, given the current price action path the crypto token is following. He predicted that the crypt token could rise above $4 if this were to happen. Mikybull Crypto added that he was confident about this scenario playing out for XRP because the sentiment around the crypto token is bleak.
Meanwhile, crypto analyst Javon Marks also alluded to XRP’s price gain when he recently predicted that the crypto token could witness a 39,000% price rally and rise to $200. He made this prediction based on his Full Logarithmic Follow-Through indicator, which he noted was supported by historical data.
XRP To Still Rise To As High As $18.22
In his most recent X post, Dark Defender again predicted that XRP could rise as high as $18.22. He stated that the crypto had hit the latest Fibonacci support of $0.3917 (also the POC) of the 5 Elliot Waves, with a target of $1.88, $5.85, and $18.22 now in sight. He warned that any movement below $0.3917 could alter the structure he has been observing.
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Meanwhile, the crypto analyst mentioned that a bullish reversal is on the cards for XRP, alluding to the fact that the crypto token’s weekly RSI hit the lowest points, thereby signaling that XRP is an oversold area.
At the time of writing, XRP is trading at around $0.42, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
