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 brink of a significant breakout.
Cryptoinsightuk, a recognized figure in the space, tweeted yesterday, “XRP Blast off in T-19 days. I’ve seen a lot of people overlay the 2017 BTC fractal to the present day and to be honest it is following it VERY closely.” Accompanying the tweet were images highlighting the similarities between the two price movements.
The 2017 BTC Fractal and XRP’s Current Position
The first image shared by Cryptoinsightuk overlays the 2017 BTC price movement onto the current XRP price chart. The striking resemblance between the two has caught the attention of many in the community. The consolidation phase of the 2017 BTC fractal, which began around October/November 2020, is being compared to XRP’s current position.
Elaborating on this, Cryptoinsightuk shared a second image, stating, “The consolidation on the left starts in October/November 2020. If we look at where XRP was at this time; It was right here.” The image indicates that following this consolidation phase in 2017, BTC experienced a massive 241% expansion at the end of 2020.
However, it’s essential to note that while BTC was experiencing its bull run in 2017, XRP faced a significant setback. As Cryptoinsightuk pointed out, “We then crashed HEAVILY because of a Black swan event (SEC lawsuit was dropped on Ripple), whilst most other cryptos started their bull markets, breaking 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 consolidating and three consecutive victories over the SEC in recent months, is now poised for a significant breakout.
Will History Repeat?
The million-dollar question on everyone’s mind is whether XRP will follow the trajectory of the 2017 BTC fractal. If it does, we could be looking at a substantial price surge in the coming weeks. However, as with all things in the crypto world, nothing is guaranteed.
Cryptoinsightuk’s tweet ends on a speculative note, asking, “Will history repeat? Or, will XRP outperform after consolidating for over 5 years?” If history repeats itself, the XRP price could blast off in as little as 18 days.
XRPEuropean chimed in on the discussion, commenting that there are several potential strong catalysts which could propel the price to new heights, “Love the countdown man. Lots going on with the settlement talks by Nov 9, Ripple Swell and ISO20022 on Nov 19 …. All we need is a Bitcoin spot ETF approval as well.” Cryptoinsightuk responded with enthusiasm, stating, “That would be fireworks!”
While the optimism is palpable, some analysts urge caution. JC Hodler recently tweeted, “BTC fractal does look promising for the next bull-run to start. But so did the fractal for XRP in 2021 to take the ATH out & it never happened because of the lawsuit. Still waiting on the Tether lawsuit that should have an effect on all coins. Only time will tell.”
Will XRP Release Its Stored Energy?
Renowned crypto analyst Egrag has weighed in on the ongoing discussions about XRP’s price trajectory, offering a bullish perspective. According to Egrag, a significant upswing in XRP’s price seems inevitable. “XRP Mega Bounce Is Inevitable – Fib 1.618 ($27),” he stated in reference 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 skyrocketed by 23x and ETH went up a whopping 58x!” He used this historical data to set the stage 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 slapped with a lawsuit, putting a pause on the bull run.”
Egrag suggests that once XRP overcomes its legal challenges, it could unleash significant pent-up potential. He elaborated that the cryptocurrency, upon embarking on its next journey, “will release its stored energy, launching it into the cosmic expanse like a shooting star! A 40X move is on the horizon, representing a staggering 4000% gain, perfectly aligning with the Fib 1.618 from the 2017 peak to the 2020 bottom.
At press time, XRP traded at $0.5509.
Featured image from Shutterstock, chart from TradingView.com