Top Analyst Says XRP 61,000% Rise in 280 Days in 2017 May Not Repeat

A prominent crypto analyst with X username Cryptoinsightuk recently elaborated on the intriguing position of XRP in the crypto market while highlighting the digital asset’s unlikelihood of reengineering a 61,000% surge to another all-time high.

Before commenting on XRP’s potential bullish outlook, the analyst acknowledged the widespread disapproval towards XRP in the crypto community. Meanwhile, he suggested that such negative sentiment proves that XRP is a crypto project of value.

In parallel, the analyst highlighted XRP’s distinctive position in the crypto sphere. He reiterated that XRP is the only token with legal clarity, citing a U.S. court ruling that XRP is not a security. Emphatically, he claimed that this legal certainty, especially when regulatory scrutiny intensifies, positions XRP favorably in the market.

“Does a similar fate await many other altcoins,” Cryptoinsightuk asked rhetorically.

A lot of people hate $XRP for one reason or another.

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.

With that being said, $XRP is in a unique position.

Like it or not,… pic.twitter.com/BQBC873CIa

— Cryptoinsightuk (@Cryptoinsightuk) November 24, 2023

61,000% Gain in 280 days Unlikely to Repeat

Meanwhile, a key aspect of Cryptoinsightuk’s analysis focused on the emotional aspect of holding XRP. He noted that many long-term holders expressed frustration amid extended periods of sideways movement and depreciation. 

As a response, the analyst argued that XRP’s historical pattern involves extended consolidation phases followed by explosive upward movements. He cited the 2017/2018 case where XRP saw remarkable gains of 61,000% in 280 days to an all-time high.

Meanwhile, he doubted the possibility of XRP replicating such a daring percentage gain in the coming bull run. Yet, he consented that the crypto market is a speculative sphere; therefore, the prospect of a 61,000% surge resurfacing cannot be ruled out.

Furthermore, despite acknowledging the difficulty of predicting whether such astronomical gains could happen again, Cryptoinsightuk drew attention to XRP’s three years of consolidation relative to other cryptocurrencies. 

Specifically, he invoked technical analysis principles suggesting that expansion typically follows consolidation. He added that the longer the consolidation period, the higher the potential for expansion.

XRP Has Outpaced ETH Previously

Moreover, XRP’s historical market cap overtaking Ethereum (ETH) was another intriguing aspect highlighted in the analysis. The analyst claimed that XRP has surpassed ETH’s market share multiple times. 

Moreover, he suggested that at some point in the past, XRP’s valuation even reached close to a 20% share in the total market cap of the entire crypto space. He concluded his commentary on XRP with a thought-provoking note:

“Does this mean it can happen again? I don’t know; only time will tell.”