XRP’s current price trend has caught the attention of analysts, who are drawing comparisons to the 2017 Bitcoin (BTC) fractal. Despite facing setbacks due to an SEC lawsuit, XRP may be poised for a significant breakout.
Cryptoinsightuk, a prominent figure in the cryptocurrency space, has highlighted the similarities between XRP’s recent price fluctuations and the 2017 BTC fractal. By overlaying the two price charts, Cryptoinsightuk demonstrates the striking resemblance between the two patterns. The consolidation phase that began for BTC in October/November 2020 aligns closely with XRP’s current position.
It is important to note that while BTC was on a bullish trajectory in 2017, XRP faced substantial setbacks. The SEC lawsuit against Ripple had a profound impact on XRP’s price, resulting in a sharp decline while other cryptocurrencies surged to new all-time highs. The lawsuit remains a pivotal moment in XRP’s history, and the question now is whether XRP will replicate the trajectory of the 2017 BTC fractal.
Despite the inherent unpredictability of the cryptocurrency market, market participants are optimistic about potential catalysts that could propel XRP’s price to new heights. These catalysts include settlement discussions scheduled for November 9, the Ripple Swell event, and the adoption of ISO20022 on November 19. Additionally, the potential approval of a Bitcoin spot ETF is anticipated to generate significant excitement in the market.
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However, some analysts urge caution. JC Hodler points out that previous expectations of a bullish run for XRP in 2021 did not materialize due to ongoing legal challenges. The outcomes of lawsuits, including those involving Tether, introduce a degree of uncertainty that could impact various cryptocurrencies.
On the other hand, Egrag, a respected cryptocurrency analyst, presents an optimistic outlook for XRP’s future price trajectory. He believes that a substantial upward movement in XRP’s price is inevitable and projects a “Mega Bounce” for XRP, targeting the Fib 1.618 level of $27 on his 1-month XRP/USD chart. By drawing parallels with the previous bull runs of major cryptocurrencies, Egrag notes that BTC witnessed a remarkable 23-fold increase, while ETH experienced a staggering 58-fold rise. He anticipates that once XRP overcomes its legal challenges, it will unleash its pent-up potential and experience a significant surge.
In conclusion, analysts are seeing similarities between XRP’s current price trend and the 2017 Bitcoin fractal, sparking speculation about a potential price surge. While XRP faced setbacks due to an SEC lawsuit, upcoming catalysts and optimistic projections from analysts suggest that a breakout could be on the horizon. However, the inherent unpredictability of the cryptocurrency market should be kept in mind, and caution should always be exercised when making investment decisions.
