The cryptocurrency community is full of speculation, with analysts comparing the current XRP price action to a Bitcoin (BTC) fractal from 2017. With several events on the horizon, many are wondering if the cryptocurrency is on the verge of a major breakout.
Cryptoinsightuk, a well-known figure in the space, tweeted yesterday: “XRP exploding in T-19 days. I’m seeing a lot of people superimposing the BTC fractal from 2017 onto today and to be honest people are watching it pretty closely.” The image accompanying the tweet highlighted the similarities between the two price movements.
2017 BTC Fractal and XRP Current Position
The first image shared by Cryptoinsightuk superimposes the 2017 BTC price action onto the current XRP price chart. The striking resemblance between the two has caught the attention of many on the community. The consolidation phase of the 2017 BTC fractal began around October/November 2020, and we are comparing it to where XRP is currently.
XRP and 2017 BTC fractal | Source: X @Cryptoinsightuk
Elaborating on this, Cryptoinsightuk shared a second image, stating: “The consolidation on the left started in October/November 2020. If we look at where XRP is at this time; it’s right here.” The graph suggests that following a consolidation phase in 2017, BTC experienced a massive 241% expansion by the end of 2020.
XRP 1-day price chart | Source: X @Cryptoinsightuk
However, it’s worth noting that while BTC experienced a bull run in 2017, XRP suffered a major setback. As Cryptoinsightuk noted, “Subsequently, we had a massive drop in share prices due to a black swan event (SEC lawsuit against Ripple was dropped), while most other cryptocurrencies started a bull run, breaking their previous ATHs (all-time highs).”
According to NewsBTC, the SEC’s lawsuit against Ripple had a profound impact on the XRP price, causing it to plummet. The event has left many wondering if the cryptocurrency is now ready for a major breakout after consolidating in recent months and winning three consecutive victories against the U.S. Securities and Exchange Commission (SEC).
Will history repeat itself?
The big question on everyone’s mind is whether XRP will follow the trajectory of the 2017 BTC fractal. If it does, we could see a significant price increase in the coming weeks. However, as with everything in the crypto world, nothing is guaranteed.
Cryptoinsightuk’s tweet ends on a speculative tone, asking, “Will history repeat itself or will XRP outperform after 5+ years of consolidation?” If history repeats itself, XRP price could surge in just 18 days.
XRPEuropean also weighed in on the discussion, commenting that there are several potentially powerful catalysts that could push prices to new heights, “Love the countdown. Settlement talks on Nov 9th, Ripple Swell and ISO20022 on Nov 19th…. All we need is approval for a Bitcoin spot ETF.” Cryptoinsightuk responded enthusiastically, “That would be fireworks!”
While the optimism is palpable, some analysts are urging caution. JC Hodler recently tweeted, “BTC fractal does look promising to kick off the next bull run. But XRP’s fractal in 2021 also knocked out ATHs but never happened due to lawsuits. Still waiting on Tether lawsuit which should have an impact on all tokens. Only time will tell.”
Will XRP release its stored energy?
Well-known cryptocurrency analyst Egrag has joined the ongoing discussion about XRP’s price trajectory and offered a bullish view. According to Egrag, a major rally in XRP’s price seems inevitable. “A big rally in XRP is inevitable – Fib 1.618 ($27),” he said while referencing the 1-month XRP/USD chart.
XRP Price Prediction | Source: X @egragcrypto
In his analysis, Egrag compared previous bull runs in major cryptocurrencies. “During the last bull run, BTC surged 23x and ETH surged 58x!” He used this historical data to lay the foundation for XRP’s potential performance, highlighting that XRP’s journey was unfortunately halted by the SEC. “However, when XRP was hit with a lawsuit, its journey hit a roadblock and the bull run paused.”
Egrag said that once XRP overcomes its legal challenges, it could unleash a huge amount of pent-up potential. He elaborated that the cryptocurrency, when it embarks on its next journey, “will release its stored energy, launching it into the universe like a meteor! A 40x move is coming, which would equate to a staggering 4,000% gain, coinciding perfectly with the Fibonacci 1.618 from the 2017 peak to the 2020 bottom.
At press time, XRP is trading at $0.5509.
