A crypto analyst has sparked new discussions on X’s social media after pointing out an uncanny similarity between the current XRP Price Structure and Its Setup for 2017. At the time, cryptocurrency had a sudden flash crash on Binance, fell from $0.36 to $0.001 before rising tens of thousands of percent to its all-time high just weeks later.
XRP Mirrors Flash Crash Install from 2017
A new technical analysis by a crypto market expert known as ‘Guy on the Earth’ on X remembers December 2017, when XRP faced a Binance’s alleged carpet-pulling momentsending the price into a sharp, temporary collapse before any of them took hold powerful bull run in its history. Its chart shows a dramatic flash crash that saw the XRP price drop more than 99% from $0.36 to $0.001 before an explosive breakout that took it to record levels above $3.00 in early 2018.
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The analyst notes that the same structure appears to be re-forming on the XRP chart. The setup comes at a time when XRP confronted one of the most drastic price drops in years, from $0.24 to $0.80 last week during a widespread market liquidation which saw almost all major cryptocurrencies in the red. After the crash, reports of crypto members revealed that exchanges had reportedly denied retail investors from buying during the dip.
Although XRP has since recovered from the serious crash, back to $2.5 at the time of writingoverall market sentiment remains cautious, echoing the uncertainty of late 2017 before the broader market entered its euphoric phase. In particular, the analyst recognized that the main difference between the current market and that of 2017 is the prevailing market sentiment after recent corrections – a setting that can be described as post-crash fatigue.
However, the XRP price chart still shows striking parallels to the previous cycle. The analyst notes that his near-term preference is for a mild recovery followed by another big flush, before a possible repeat of XRP’s parabolic move eight years ago.
XRP Macro Outlook Is Still Bullish
In a separate analysis, crypto market expert XForceGlobal says presented a long-term outlook for XRP, with an extended Elliott Wave count that suggests the cryptocurrency remains bullish on the macro timeframe. His chart shows that XRP had formed a multi-year consolidation triangle between 2021 and 2024.
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According to him, XRP follows a unique pattern called the ‘flat route’. XForceGlobal noted that the cryptocurrency appears to have completed its second corrected leg and is now in the confirmation phase of a renewed upward trend. He emphasizes that XRP is in a favorable position for one from a timing perspective continuationHe predicts an initial rise to $3.30, followed by a strong break towards $24 in Wave 3 and a potential peak around $34 in Wave 5. Still, he warns that any sustained decline below $0.6 could negate this bullish setup.
Featured image from Getty Images, chart from Tradingview.com