XRP's Flashback Moment: A Repeat of 2017?
In a fascinating turn of events, the crypto world is buzzing with talk of XRP's potential to relive its 2017 glory days. But here's the twist: it's not all smooth sailing.
A crypto analyst, 'Guy on the Earth', has brought attention to a striking similarity between XRP's current price behavior and its 2017 trajectory. Back then, XRP experienced a dramatic flash crash on Binance, plummeting from $0.36 to a mere $0.001. However, this was just the beginning of an incredible bull run, with XRP soaring to all-time highs shortly after.
The 2017 Flash Crash: A Rug Pull Moment?
'Guy on the Earth' takes us back to December 2017, when XRP faced what some believe was a deliberate market manipulation, or a 'rug pull', by Binance. This led to a sharp, temporary crash in XRP's price, but it also ignited one of the most powerful bull runs in its history. The analyst's chart reveals a dramatic flash crash, with XRP's price dropping by over 99% before an explosive breakout to record levels above $3.00 in early 2018.
Déjà Vu: XRP's Current Setup
The analyst notes that this same price structure is forming once again on the XRP chart. This comes at a time when XRP has experienced one of its most significant price declines in recent years, falling from $0.24 to $0.80 last week. During this market liquidation, almost all major cryptocurrencies saw red. Following the crash, reports suggest that exchanges allegedly prevented retail investors from buying during the dip, adding to the market's uncertainty.
While XRP has recovered to $2.5 at the time of writing, the overall market sentiment remains cautious, reminiscent of the late 2017 period before the market's euphoric phase. The analyst acknowledges that the main difference between now and then is the post-correction fatigue in the market sentiment.
XRP's Price Chart: A Striking Parallel
Despite the differences, the XRP price chart still shows remarkable parallels to the 2017 cycle. The analyst predicts a short-term recovery, followed by another major price flush, before a potential repeat of XRP's parabolic move from eight years ago. This prediction is based on the technical analysis of XRP's price structure, which suggests a similar pattern to that seen in 2017.
XRP's Long-Term Outlook: Bullish, But With Caution
In a separate analysis, crypto market expert XForceGlobal presents a long-term outlook for XRP, indicating that it remains bullish on the macro timeframe. According to XForceGlobal, XRP has been following a unique pattern called the 'Flat route', which suggests that it has completed its corrected leg and is now in the confirmation stage of a renewed uptrend. The expert predicts an initial surge to $3.30, followed by a powerful breakout towards $24 in Wave 3 and a potential peak around $34 in Wave 5. However, they caution that any sustained drop below $0.6 could invalidate this bullish setup.
And this is the part most people miss: the crypto market is full of uncertainties and potential twists. While the parallels to 2017 are intriguing, the market's sentiment and behavior have evolved. So, will XRP stage a repeat of its 2017 success? Only time will tell. What's your take on this? Feel free to share your thoughts and predictions in the comments!
