Market analyst The Block Bull recently predicted the next direction for XRP, citing historical data from the 2020/2021 cycle.
His market commentary comes at a time when XRP is currently consolidating between $1.0061 and $1.19 following a drop from the recent $1.26 peak on Nov. 16. Amid this consolidation, investors wonder if the next direction will be up or down.
Drawing comparisons from the 2020/2021 cycle and incorporating elements from the 2017/2018 cycle, The Block Bull presented a path for XRP’s next moves. Currently, XRP trades at $1.11, but opinions around its next direction remain contested.
XRP Might Follow the 2021 Fractal
In his latest analysis, The Block Bull used fractals, patterns from historical price movements, to forecast XRP’s trajectory. According to him, while history doesn’t exactly repeat, it often rhymes.
This is obvious in the way certain price actions mimic earlier cycles to mark important highs and lows. He aligned XRP’s current price movements with the 2020/2021 cycle and suggested that the token might follow a similar path, albeit with variations.
On the hourly and weekly timeframes, XRP appears to be forming a pattern with three distinct peaks. The analyst noted the importance of observing these peaks on smaller timeframes, as they tend to inform movements on the macro chart.
Based on these patterns, he predicts XRP could reach $1.18 to $1.20 in the coming days. If the token successfully breaches these levels, the next target could be $1.96. The Block Bull expects XRP to aim for the $1.96 target next week, by Nov. 24.
He based this prediction on historical analysis. During the 2020/2021 cycle, XRP experienced a similar trajectory. However, he warns that after touching $1.96, the market may witness a sharp capitulation, potentially driving XRP’s price down to $0.50 before a major breakout occurs.
Elements from the 2017/2018 Cycle
The Block Bull highlights that the current market cycle is not just following the 2020/2021 session, but a hybrid of the 2017/2018 and 2020/2021 cycles, allowing XRP to push beyond the $1.96 peak of the 2021 season.
While the 2020/2021 fractal provides immediate guidance, he adds movements from the broader trends of the 2017/2018 supercycle. This suggests that XRP is building toward a long-term bullish move after moving through consolidation and corrections.
He also called attention to a seven-year symmetrical triangle on the macro timeframe, which further supports the idea that XRP adds some elements from the 2017/2018 cycle. The buildup within this pattern indicates an impending breakout.
The Block Bull urged investors to focus on XRP’s short-term movements, particularly whether it surpasses the $1.18 to $1.20 range. Breaking this level could trigger a rally to $1.96.
However, investors should also prepare for a potential correction after this rally. The dip to $0.50 would present a buying opportunity before XRP embarks on its next bullish run, which could surpass the 2021 peak of $1.96.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
