XRP To Repeat Its 2017 Playbook? Analyst Forecasts | Crypto News
While XRP retests a essential assist space, some analysts have prompt that the altcoin is making ready for a huge enlargement in the approaching months, as a potential pattern reversal begins to kind and its 2017 method repeats.
XRP Gears Up For Massive Expansion
On Friday, XRP reached a 12-day low, falling to the $2.02 space before bouncing. Notably, the cryptocurrency has been trading within the $2.05-$2.35 space for practically two weeks, transferring between the mid and decrease zones of this price vary for most of this period.
Amid its current efficiency, Sjuul from AltCryptoGems famous that the altcoin “is starting to look better, especially after that bullish market structure break with a fresh higher high.” The analyst highlighted that the cryptocurrency has been persistently trending decrease since August, solely printing decrease lows and decrease highs.
However, it has damaged out of this construction and recorded a larger high for the first time in months after the start-of-the-year rally, setting the stage for a potential reversal. “Now, we have to maintain this bullish structure at any cost and form a higher low on the next dip,” Sjuul warned.
Meanwhile, market observer ChartNerd pointed to a putting similarity between XRP’s 2017 playbook and its current efficiency. In an X post, the analyst affirmed that the altcoin is repeating its 2016-2017 method, which led to a huge rally toward its earlier all-time high (ATH).
At the time, XRP noticed a textbook multi-year symmetrical triangle formation breakout, adopted by a multi-month ABC consolidation before its 1,500% mark-up. This time, the cryptocurrency has repeated a related symmetrical triangle sample breakout, and it’s at present in Wave C of its ABC consolidation period.
To the analyst, a deeper Wave C retracement is feasible if the multi-month $1.80 assist is misplaced. Nonetheless, he added that “cycle formula repetition signals XRP is gearing up for expansion towards $8/$13/$27,” which might be a 300%-1,250% increase from the current ranges.
Q1 Close To Define XRP’s Future
Despite his bullish forecast, ChartNerd also shared an important warning for the next two months. According to the analyst, “XRP has just over 2 months to invalidate this 3M bearish Heikin-Ashi candle formation,” or it is going to risk a huge correction.
In a video analysis, he explained that, in the past, whenever the altcoin noticed huge rallies adopted by a crimson bearish candle on the three-month timeframe, it will “normally indicate the start of a downtrend or a macro consolidation period.”
In 2014, XRP noticed a bearish candle print in the three-month timeframe after a outstanding pump, which was adopted by a correction and consolidation “for quite a couple of years,” he explained.
“The same happened again in 2018. We had this massive rally for XRP, and as soon as we printed a three-month bearish candle in the Heikin-Ashi Candle formation, (…) we entered into the bear market,” ChartNerd continued.
Similarly, the cryptocurrency repeated the same efficiency in 2021. Now, XRP is beginning to kind a crimson candle in this timeframe and has roughly 2 months and 16 days to close the quarter on a optimistic be aware.
“We have until March before this candle closes. (…) So, what we don’t want to see is this full-bodied three-month Heikin-Ashi Candle, because if we see it, this is where we are likely to see a deeper correction for the next six to nine and even 12 months,” the analyst concluded.
As of this writing, XRP is trading at $2.05, a 1.7% decline in the weekly timeframe.
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