XRP Price Could Blast Off In 18 Days, Here’s Why
October 27 2023 - 3:30AM
NEWSBTC
The crypto community is abuzz with speculation as analysts draw
parallels between the current XRP price movement and the 2017
Bitcoin (BTC) fractal. With several events on the horizon, many are
wondering if the cryptocurrency is on the brink of a significant
breakout. Cryptoinsightuk, a recognized figure in the space,
tweeted yesterday, “XRP Blast off in T-19 days. I’ve seen a lot of
people overlay the 2017 BTC fractal to the present day and to be
honest it is following it VERY closely.” Accompanying the tweet
were images highlighting the similarities between the two price
movements. The 2017 BTC Fractal and XRP’s Current Position The
first image shared by Cryptoinsightuk overlays the 2017 BTC price
movement onto the current XRP price chart. The striking resemblance
between the two has caught the attention of many in the community.
The consolidation phase of the 2017 BTC fractal, which began around
October/November 2020, is being compared to XRP’s current position.
Elaborating on this, Cryptoinsightuk shared a second image,
stating, “The consolidation on the left starts in October/November
2020. If we look at where XRP was at this time; It was right here.”
The image indicates that following this consolidation phase in
2017, BTC experienced a massive 241% expansion at the end of 2020.
However, it’s essential to note that while BTC was experiencing its
bull run in 2017, XRP faced a significant setback. As
Cryptoinsightuk pointed out, “We then crashed HEAVILY because of a
Black swan event (SEC lawsuit was dropped on Ripple), whilst most
other cryptos started their bull markets, breaking their previous
ATHs (All-Time Highs).” Related Reading: XRP Price Confirms Early
Stages Of Bull Market? Data Sheds Light On Recent Rally As NewsBTC
reported, the SEC lawsuit against Ripple Ripple had a profound
impact on the XRP price, causing it to plummet. This event has left
many wondering if the cryptocurrency, after consolidating and three
consecutive victories over the SEC in recent months, is now poised
for a significant breakout. Will History Repeat? The million-dollar
question on everyone’s mind is whether XRP will follow the
trajectory of the 2017 BTC fractal. If it does, we could be looking
at a substantial price surge in the coming weeks. However, as with
all things in the crypto world, nothing is guaranteed.
Cryptoinsightuk’s tweet ends on a speculative note, asking, “Will
history repeat? Or, will XRP outperform after consolidating for
over 5 years?” If history repeats itself, the XRP price could blast
off in as little as 18 days. XRPEuropean chimed in on the
discussion, commenting that there are several potential strong
catalysts which could propel the price to new heights, “Love the
countdown man. Lots going on with the settlement talks by Nov 9,
Ripple Swell and ISO20022 on Nov 19 …. All we need is a Bitcoin
spot ETF approval as well.” Cryptoinsightuk responded with
enthusiasm, stating, “That would be fireworks!” Related Reading:
God Candle Coming For XRP Price? Crypto Analyst Reveals His Target
While the optimism is palpable, some analysts urge caution. JC
Hodler recently tweeted, “BTC fractal does look promising for the
next bull-run to start. But so did the fractal for XRP in 2021 to
take the ATH out & it never happened because of the lawsuit.
Still waiting on the Tether lawsuit that should have an effect on
all coins. Only time will tell.” Will XRP Release Its Stored
Energy? Renowned crypto analyst Egrag has weighed in on the ongoing
discussions about XRP’s price trajectory, offering a bullish
perspective. According to Egrag, a significant upswing in XRP’s
price seems inevitable. “XRP Mega Bounce Is Inevitable – Fib 1.618
($27),” he stated in reference to his 1-month XRP/USD chart. In his
analysis, Egrag compared the previous bull runs of major
cryptocurrencies. “In the previous bull run, BTC skyrocketed by 23x
and ETH went up a whopping 58x!” He used this historical data to
set the stage for XRP’s potential performance, highlighting that
XRP’s journey was unfortunately halted due to the SEC. “However,
the XRP journey hit a roadblock when it was slapped with a lawsuit,
putting a pause on the bull run.” Egrag suggests that once XRP
overcomes its legal challenges, it could unleash significant
pent-up potential. He elaborated that the cryptocurrency, upon
embarking on its next journey, “will release its stored energy,
launching it into the cosmic expanse like a shooting star! A 40X
move is on the horizon, representing a staggering 4000% gain,
perfectly aligning with the Fib 1.618 from the 2017 peak to the
2020 bottom. At press time, XRP traded at $0.5509. Featured image
from Shutterstock, chart from TradingView.com
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