This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Introduction
A crypto analyst has identified striking similarities between XRP’s current price structure and its 2017 setup that preceded a massive bull run. The comparison comes after XRP experienced one of its most severe price declines in years, dropping dramatically before showing recovery signs. Technical analysts suggest this pattern could signal another major price movement ahead.
Key Points
- XRP's current price structure mirrors its December 2017 setup that preceded a 99% flash crash followed by tens of thousands of percent gains
- Analysts predict short-term recovery followed by another major price flush before potential parabolic movement similar to 2017-2018 cycle
- Long-term Elliott Wave analysis suggests XRP could reach $3.30 initially, with potential targets of $24 in Wave 3 and $34 in Wave 5
Eerie Historical Parallels Emerge
Crypto market expert ‘Guy on the Earth’ has sparked fresh discussions on X social media by highlighting what he describes as an ‘eerie similarity’ between XRP’s current price structure and its December 2017 setup. The analyst’s technical analysis recalls a specific moment in XRP’s history when the cryptocurrency experienced what he characterizes as an ‘alleged rug pull moment from Binance’ that sent its price into a sharp, temporary collapse.
The historical pattern shows a dramatic flash crash that saw XRP drop more than 99% from $0.36 to $0.001 on Binance before experiencing an explosive breakout that took it to record levels above $3.00 in early 2018. This represents one of the most powerful bull runs in XRP’s history, with gains measuring in the tens of thousands of percentage points over just weeks.
The analyst notes that this same structure appears to be forming once again on the XRP chart, coming at a time when XRP faced one of its most drastic price declines in years. Last week, during widespread market liquidations that saw almost all major cryptocurrencies in the red, XRP fell from $0.24 to $0.80, creating conditions that mirror the 2017 setup.
Current Market Dynamics and Sentiment
The recent price action has unfolded against a backdrop of reported exchange behavior that echoes past market conditions. Following the crash, reports from crypto community members revealed that exchanges had allegedly refused retail investors from buying during the dip, adding another layer of similarity to the 2017 scenario.
Despite XRP’s recovery from the severe crash—climbing back to $2.5 at the time of writing—the overall market sentiment remains cautious. This cautious disposition mirrors the uncertainty of late 2017 before the broader market entered its euphoric phase. The analyst specifically acknowledged that the main difference between the current market and that of 2017 is the prevailing market sentiment following recent corrections, which he describes as ‘post-crash fatigue.’
Despite this sentiment difference, the XRP price chart continues to show striking parallels to the earlier cycle. The analyst’s short-term bias suggests a slight recovery followed by another major flush, potentially setting the stage for a repeat of XRP’s parabolic move from eight years ago.
Long-Term Bullish Outlook and Technical Targets
In a separate analysis, crypto market expert XForceGlobal presented a long-term outlook for XRP that maintains bullish expectations on the macro timeframe. His extended Elliott Wave count analysis shows that XRP had formed a multi-year consolidation triangle between 2021 and 2024, following what he identifies as a unique pattern called the ‘Flat route.’
According to XForceGlobal’s analysis, XRP appears to have completed its second corrected leg and is now within the confirmation stage of a renewed uptrend. From a timing standpoint, he highlights that XRP is in a favorable position for continuation, with specific price targets that substantially exceed current levels.
The analyst predicts an initial surge to $3.30, followed by a powerful breakout toward $24 in Wave 3 and a potential peak around $34 in Wave 5. However, he cautions that any sustained drop below $0.6 could invalidate this bullish setup, providing a clear risk parameter for traders monitoring this technical pattern.
Market Implications and Trajectory Scenarios
The convergence of these technical analyses presents multiple scenarios for XRP’s future trajectory. The short-term outlook from ‘Guy on the Earth’ suggests potential volatility ahead, with his prediction of slight recovery followed by another major flush aligning with the pattern observed in 2017 before the massive bull run.
Meanwhile, XForceGlobal’s longer-term perspective provides context for where such a move could ultimately lead, with his $34 target representing significant upside from current levels. Both analyses rely heavily on historical patterns and technical indicators rather than fundamental developments, reflecting the crypto market’s continued emphasis on chart-based trading strategies.
The current situation highlights how technical analysts are watching XRP’s behavior closely for confirmation of whether history will indeed repeat itself. The combination of flash crash similarities, alleged exchange restrictions during dips, and specific technical patterns creates a compelling narrative that has captured the attention of the crypto trading community.
📎 Read the original article on newsbtc.com