Analyst: XRP's Technical Pattern Mirrors Previous 470% Surge

In recent analysis, noted crypto analyst Ali Martinez has spotlighted a potentially pivotal bullish signal for XRP . Martinez emphasized that the SuperTrend indicator on the 12-hour XRP/USDT chart has shifted to a bullish stance. This pattern previously heralded a monumental 470% price surge.

The SuperTrend indicator, a renowned tool in technical analysis created by Olivier Seban, overlays on price charts to help traders discern current market trends. It adapts based on market volatility using the Average True Range (ATR), thus providing explicit buy and sell signals. Calculated with the ATR and a standard multiplier of 3, it delineates a line above or below the price.

A bullish crossover occurs when it drops below the current price, hinting at an upward trend, whereas rising above the price suggests a downward trend.

Martinez pointed to a prior instance where the SuperTrend flipped bullish on XRP's 12-hour chart. This transition was followed by an impressive 470% price increase. This noteworthy reversal took place last November when XRP was valued at roughly $0.50. Post-flip, XRP ascended robustly, shattering critical resistance levels and achieving a peak of $2.90 by December 3, mapping a 470% gain from its prior valuation.

Now, the SuperTrend has flipped bullish once more, indicating a possible repeat of the previous surge. This bullish change coincides with a favorable setup in the weekly chart.

Recently, XRP rebounded off a pivotal support level at $1.96 and now targets a weekly close above the 1.272 Fibonacci extension at $2.42. A strong break past this barrier, with maintained volume, could advance the price toward the 1.618 Fibonacci level at $3.00. If historical trends are replicated, XRP's price target might reach significantly higher levels, potentially approaching $13.80 with a 470% rise.

At the time of writing, XRP stands at $2.44.