The crypto community is abuzz with speculation as analysts draw parallels between the current XRP price movement and the 2017 Bitcoin (BTC) fractal. With several events on the horizon, many are wondering if the cryptocurrency is on the verge of a significant breakout.
Cryptoinsightuk, a recognized figure in the space, tweeted yesterday: “XRP Shoots Up in T-19 Days. I’ve seen a lot of people overlap the BTC fractal from 2017 to this day and to be honest it follows it VERY closely.” The tweet included images highlighting the similarities between the two price movements.
The current position of BTC Fractal and XRP from 2017
The first image shared by Cryptoinsightuk overlays the 2017 BTC price movement over the current XRP price chart. The striking similarity between the two has caught the attention of many in the community. The consolidation phase of the 2017 BTC fractal, which started around October/November 2020, is compared to XRP’s current position.
Building on this, Cryptoinsightuk shared a second image, which read: “The consolidation on the left will start in October/November 2020. Looking at where XRP was at the moment; It was here.” The image indicates that after this consolidation phase in 2017, BTC has experienced a massive expansion of 241% by the end of 2020.
However, it is essential to note that while BTC was on a bull run in 2017, XRP suffered a significant setback. As Cryptoinsightuk noted, “We then crashed SEVERELY due to a Black Swan event (SEC lawsuit was dropped against Ripple), while most other cryptos entered their bull markets and broke their previous ATHs (All-Time Highs).”
As NewsBTC reported, the SEC lawsuit against Ripple Ripple had a profound impact on the XRP price, causing it to plummet. This event has left many wondering if the cryptocurrency, after consolidation and three straight SEC wins in recent months, is now poised for a significant breakout.
Will history repeat itself?
The million dollar question on everyone’s mind is whether XRP will follow the trajectory of the 2017 BTC fractal. If so, we could see a significant price increase in the coming weeks. But as with all things in the crypto world, nothing is guaranteed.
Cryptoinsightuk’s tweet ends on a speculative note, asking: “Will history repeat itself? Or will XRP outperform after more than 5 years of consolidation?” If history repeats itself, the XRP price could skyrocket in just 18 days.
XRPEuropean joined the discussion, noting that there are several potential strong catalysts that could push the price to new heights: “Love the countdown man. There is a lot going on with the November 9 settlement talks, Ripple Swell and ISO20022 on November 19…. All we need is also a Bitcoin spot ETF approval.” Cryptoinsightuk responded enthusiastically, saying: “That would be fireworks!”
While the optimism is palpable, some analysts are urging caution. JC Hodler recently tweeted, “BTC fractal looks promising for the next bull run. But so did the fractal for XRP in 2021 to take out the ATH and it never happened because of the lawsuit. Still waiting for the Tether lawsuit which should affect all coins. Time will tell.”
Will XRP release its stored energy?
Renowned crypto analyst Egrag has done that weighed on the ongoing discussions about XRP’s price trajectory, which provides a bullish perspective. According to Egrag, a significant increase in the price of XRP seems inevitable. “XRP Mega Bounce is inevitable – Fib 1,618 ($27),” he stated referring to his 1-month XRP/USD chart.
In his analysis, Egrag compared the previous bull runs of major cryptocurrencies. “In the previous bull run, BTC shot up 23x and ETH shot up a whopping 58x!” He used this historical data to pave the way for XRP’s potential performance, highlighting that XRP’s journey was unfortunately halted due to the SEC. “However, the XRP journey hit a roadblock when it was hit with a lawsuit, halting the bull run.”
Egrag suggests that once XRP overcomes its legal challenges, it could unleash significant pent-up potential. He explained that when the cryptocurrency embarks on its next journey, it will “release its stored energy and launch it into the cosmic vastness like a shooting star! A 40x move is in store, which equates to a staggering 4000% gain, which perfectly matches the Fib 1,618 from the 2017 peak to the 2020 bottom.
At the time of writing, XRP was trading at $0.5509.
Featured image from Shutterstock, chart from TradingView.com