A market analyst believes the current XRP uptrend is still in its early stages, predicting a massive explosion as XRP follows its 2017 trajectory.
XRP has defied broader market challenges with an impressive performance. The asset rose 283% in November alone and maintained momentum into December despite the ongoing market pullback.
After surging in November, some market observers have speculated that the bullish momentum might fade as consolidation builds. However, XRP has since defied expectations, maintaining strength and still posting a 19% gain in December.
Notably, this comes amid subdued growth from Bitcoin (BTC), which is up 3.55% this month, and Ethereum (ETH), with a 5.68% increase within the same timeframe.
Prominent market analyst CryptoWZRD recently discussed XRP’s performance, suggesting that its upward trajectory is far from over. The analyst compared XRP’s current price action to its explosive rally in 2017, predicting a similar outcome.
XRP Repeating 2017 Performance
The chart from CryptoWZRD reveals XRP’s tendency to form long-term symmetrical triangle patterns, where resistance levels eventually flip to support. This trend is visible in the historical price movements from 2017, which mirror the current setup.
According to the chart, in 2017, XRP experienced a dramatic breakout from a multi-year consolidation. Following a 284% surge in March 2017, the asset retraced temporarily, collapsing by 44% in the first week of April 2017.
The bearish performance persisted until the last week of April 2017, with XRP eventually recovering massively. By May of the same year, XRP had launched into an extended rally, eventually reaching an all-time high (ATH) of $3.3 by January 2018.
XRP’s Uptrend Just Beginning
According to CryptoWZRD, this fractal pattern is repeating in 2024. Interestingly, after a similar 283% increase in November, XRP is now facing bearish pressure in December, but it appears to be demonstrating better resilience than it did in the first week of April 2017.
CryptoWZRD pointed out that XRP has already flipped its previous resistance into new support. Drawing parallels to the 2017 run, he noted that the current rally has only just begun and hinted at the potential for XRP to achieve new ATHs in the coming months.
“I’m sorry if you think it’s over, it’s barely begun,” the market analyst remarked. For context, most analysts believe the broader bull market, as led by Bitcoin, is still in its early stages and could extend until Q4 2025.
If XRP continues to follow its 2017 fractal, the asset could enter a sustained bullish phase, with massive upside potential. Some analysts believe the top for this bull run could come in at $11, while others expect a more substantial target of $27.
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.
