According to analysts, expect a 530% XRP price breakthrough to $14 if this occurs

Over the past month, the price of XRP has fluctuated between $2.05 and $2.40, weekly consolidation in a bull pennant. 

According to a number of analysts, the current technical setup is similar to the price activity in 2017 before a huge breakout to all-time highs.

The price of XRP anticipates a 530% surge into double digits

Since February 1, the price of XRP has been steadily declining below $3.00. However, economists contend that if it makes a breakout like it did in 2017, it may see a significant recovery from the current level.

The three-week price movement of XRP appears to be following a 2017 playbook, according to cryptocurrency researcher Mikybull Crypto, in which a breakout from a bull pennant resulted in an upward advance of more than 1,300% to all-time highs at $3.40.

In a post on X on June 17, the analyst stated, "I have seen this movie before."

On a weekly basis, the altcoin's price activity follows a similar pattern.

When the market moves sharply upward (the flagpole), stops, and then consolidates in a small symmetrical triangle (the pennant), a bull pennant is a bullish continuation setup.

Usually, bull pennants conclude when the price crosses the triangle's resistance line and increases by the height of the prior upswing. This sets a price objective of $14 for XRP, which is 530% higher than the current price.

Based on Fibonacci extensions, Elliott wave analysis, and chart fractals, these analyses support earlier forecasts that XRP would hit $27. If a spot XRP ETF is legalized in the US, according to some, the price of XRP may increase by 1,100% to $25. 

The price of XRP needs to recover a 200-day SMA

With the relative strength index (RSI) rising to 52 at the time of writing from oversold circumstances at 29, XRP has the ability to continue higher as part of a recovery that started on April 10.

The 50-day simple moving average (SMA) at $2.27 is the resistance that XRP bulls are aiming to break.

The altcoin's bullish argument depends on converting the resistance between $2.65 and $2.37 (the 200-day SMA) into fresh support.

A return to $3.00 or the seven-year high above $3.31 will be possible if this level is closed above, as it will indicate another escape break above the 50-day SMA.

As sourced from Cointelegraph, XRP might soar beyond $3.00 if resistance at $2.65 is broken, starting a long-term rebound.