Very often, historical formations and subsequent performance can be useful tools in determining the future performance of assets such as the XRP price. For this reason, the return of a formation that triggered a previous price rise can be very serious if history were to repeat itself again.
Crypto Analyst Reveals Return of One Million Japanese Candles
Crypto analyst Tony The Bull took to X (formerly Twitter) to share the return of a rare candlestick formation on the XRP price chart. The most interesting part about this candle is how long it has been since it reappeared and what happened last time.
The crypto analyst announced that the Japanese million candle has formed on the XRP price chart, which has not been seen in five years. The last time this candlestick pattern appeared was in 2017, and the result was a 900% increase in the price of XRP.
To further strengthen this position, the analyst explains that “thin order books, unwinding of short positions and FOMO can deal a major blow. » This could mean that it is not only the 1-month Japanese candlestick yield that is very bullish, but there are also other factors that could lead to such a price rise.
If the 1-month candlestick pattern develops again like in 2017, a similar increase could push the price of XRP up to $6. Plus, it could happen as quickly as 2017.
Bullish predictions continue to dominate XRP price even after being rejected above $0.7. Notably, the digital asset has continued to maintain the same trajectory as altcoins in the space following the decline of Bitcoin’s market dominance.
Likewise, the analyst expects XRP to maintain its uptrend until Bitcoin halves. He said this in response to another X user who asked if the cryptocurrency would peak before the halving. “If I take the 70 degree trend angle and project that it only starts when the RSI goes above 70, it should stay in an uptrend until around the halving,” said Tony The Bull . “Basically, I think right before “Everything peaks at the halving,” he added.
Despite the decline, XRP price is still holding above the 50-day and 100-day moving averages. Maintaining both levels suggests that the bulls are still in control and this momentum could serve as a driving force for further upside.