CryptoInsightUK, a notable market analyst, recently discussed the potential of XRP to replicate its remarkable 2017 rally, a staggering 61,000% surge it recorded over 280 days.
The analyst took to X today to speak on the current situation of XRP, the hatred surrounding the asset and its possible trajectory. According to him, several people, within and outside the crypto community, hate XRP for some reason.
However, he sees this sustained hatred as a sign that XRP has some sort of value. “Realistically, we know as investors that when a lot of people ‘feel’ a certain way, there is probably value in the asset they feel that way against,” he said.
XRP’s Unique Position in the Market
CryptoInsightUK noted that one distinguishing factor for XRP is its unparalleled legal certainty. In an industry where regulatory uncertainties loom large, XRP stands out as the sole altcoin with a district judge’s verdict affirming its non-security status.
This legal clarity, often underestimated, could position XRP favorably as regulatory scrutiny intensifies across the cryptocurrency space.
He further called attention to the prolonged legal battle between Ripple and the SEC. Notably, questions have emerged in the XRP community about the SEC lawsuit being the factor behind XRP’s underperformance in the previous bull run.
CryptoInsightUK speculated whether this scenario might repeat for other altcoins facing regulatory hurdles in the future. Interestingly, the SEC has roped more altcoins into the securities lawsuit with Binance, Coinbase and Kraken. These assets include Cardano and Solana.
Can XRP Repeat the 61,000% Rally?
Despite the legal clarity that XRP commands, XRP holders are not immune to feelings of disheartenment, CryptoInsightUK said, particularly in the face of volatile price actions.
He noted the unique challenge of holding XRP, characterized by extended periods of sideways movement and value depreciation, followed by sudden and substantial upward spikes.
The analyst called attention to the bull run that XRP recorded in 2017. Notably, XRP witnessed several months of a sustained uptrend from March 2017 until it rallied to the $3.31 all-time high in January 2018.
CryptoInsightUK pointed out that the asset surged 10,000% in 60 days then, and 61,000% in 280 days. However, in a typical fashion, XRP collapsed from the January 2018 all-time high, and the asset has continued to face turbulence.
The analyst posed the question on every investor’s mind: “Can XRP record a similar surge?” He emphasized that a repetition is unlikely due to XRP’s current market cap. Notably, a 61,000% surge at this point would put XRP’s valuation at $20.3 trillion.
XRP Shows Bullish Tendencies
While acknowledging the difficulty of achieving similar percentage gains due to an expanded market cap, CryptoInsightUK acknowledged that the crypto market currently thrives on speculation. He contemplated the potential for real world utility to drive a similar run. However, he remains uncertain of this.
Despite the uncertainty surrounding this phenomenon, the analyst called attention to the fact that XRP shows bullish tendencies. He noted that XRP has been consolidating for three years, and this consolidation usually precedes a surge. Also, the longer the consolidation, the bigger the potential rally.
Another intriguing observation is the historical instances where XRP surpassed ETH in market cap, correlating with movements in the broader market, particularly influenced by Bitcoin (BTC) impulses. This prompts the question: Could XRP replicate this feat, once again influenced by the market leader’s dynamics?
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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