XRP Hits Key Trendline, Third Retest Triggers Bullish Momentum

XRP's price has returned to a critical long-term trendline, according to crypto analyst ChartNerd. The trendline has historically triggered major rallies in previous market cycles.

A comparison of XRP's current technical setup with past cycles reveals strong similarities. The analyst pointed out that each cycle begins with XRP establishing new support, after which its price revisits the trendline multiple times.

The third retest scenario is now underway, according to ChartNerd. In previous cycles, this has marked the beginning of significant upward phases, resulting in outsized gains. The analyst highlighted that XRP could be approaching a similar stage as in previous rallies.

Historical data shows that each cycle's key move happened after XRP completed the third retest of this trendline. This includes a 680x gain in 2017 and rallies of 17x, 6.6x, 1.3x, and 10x, 2.3x, 6.9x in previous cycles.

The projected chart illustrates a possible period of significant upside following the latest retest, but it does not provide an explicit price target. A hypothetical repeat of the 680x move would put XRP's price at $754 if it were to rally from its current level near $1.11. ChartNerd also suggested a more conservative long-term target for XRP at $27.