Can XRP Repeat Its 2017 Rally? Analyst Sees Eerie Similarities
- Analyst Dark Defender cautions XRP holders as the token lags in the current bull cycle.
- XRP saw a staggering 60,000% increase between early 2017 and 2018.
- The analyst parallels XRP’s current position and the historic 2017 surge, hinting at a possible repeat.
Analyst Dark Defender has cautioned XRP holders who have grown increasingly impatient with the asset’s performance. XRP, unlike other top-ranking tokens, has not seen a significant rally since the start of the current bull cycle in late 2023.
Ripple’s quarterly market reports for Q4 2023 and Q1 2024 confirmed XRP’s underperformance, revealing a mere 7% increase in Q4 2023 followed by a 5% decline by the end of Q1 2024. During the same period, rivals like Bitcoin and BNB reached new all-time highs.
With frustration mounting among XRP holders, reputable market observers urge caution, emphasizing that XRP’s trajectory closely mirrors its 2017 pattern. Notably, XRP traded as low as $0.00639 in January 2017, a price range it had maintained since 2015.
By December 2017, XRP was trading at $0.22. In a remarkable turn of events, XRP experienced an explosive rally that propelled its value to $3.84 by January 2018. This represented a staggering 60,000% increase from its value a year earlier and a 1,650% gain in just four weeks.
Analyst Dark Defender believes a similar scenario may be unfolding in 2024. “Imagine you are in 2017, tired of price fluctuations for years. You sell it for nothing just before XRP hits $3.82,” he said.
The analyst emphasized that on a weekly chart, XRP has once again moved above a key support level. His indicators suggest a potential shift towards an oversold state, similar to previous weeks, which could signal an impending trend reversal.
Moreover, the analyst identified the resistance level for XRP as around $1, suggesting that the path to this price point could become easier once XRP surpasses $0.6640. With XRP currently trading at $0.49, he warned that those selling their XRP holdings might regret their decision if the market experiences a rally akin to the one in 2017.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin Dominance Nears Peak Amid Bearish Divergence
![](https://img.bitgetimg.com/multiLang/image/social/225be8c12831b6325c40d486382b137e1725755405996.jpg)
Top 5 Decentralized Protocols: Unparalleled Innovations in the Crypto Space
![](https://img.bitgetimg.com/multiLang/image/social/5f8d8e8c87ee028496ff318240f8e9dc1725755405787.jpg)
Justin Sun Announces Major Update for Tron (TRX)
Tron (TRX) founder Justin Sun signaled an important change for the altcoin in his statement.
Warren Buffett’s Crypto Gift from Justin Sun Surges 1,000% in Value by 2024
![](https://img.bitgetimg.com/multiLang/image/social/d7215344ad2c6159afe786d833a13f3a1725746405107.jpg)