Top Analyst Says XRP Bull Rally Has Barely Started Why He Envisions 2017-Style Price Boom Coming
XRP began soaring after Donald Trumps election win last month, but the cryptos climb turned into a rocketship ride after Securities and Exchange Commission (SEC) Chair Gary Gensler announced that he will resign effective January 20, 2025.
The Ripple-linked token reclaimed its early 2018 highs amid speculation that regulatory clarity is coming and that it will open the door to U.S.-listed spot XRP exchange-traded funds (ETFs).
A widely-followed analyst recently commented about XRPs price action, arguing that its rally is just getting started. The analyst pseudonymously known as CryptoWZRD compared XRPs current performance to its parabolic rally in 2017, forecasting a repeat of the surge in the near future.
Could XRP Mirror 2017 Rally?
CryptoWZRD took to X to share a chart that shows XRPs trend of forming long-term symmetrical triangle patterns, where resistance levels are flipped into robust support. This pattern can be seen in the historical price performance from 2017, which is similar to the present setup.
The accompanying chart shows that XRP witnessed an explosive breakout from a multi-year consolidation phase. The crypto then saw a 40% pullback in the first week of April 2017 after surging by over 280% in March of that year.
Notably, the downtrend continued until late April, with XRP recouping all losses and skyrocketing in May of the same year. The asset continued rising until it hit its current all-time high of $3.40 in January 2018.
Im sorry if you think its over, its barely begun. It cannot get any simpler.. a 2017 style big boom is coming for $XRP, CryptoWZRD wrote in his post.
Market Developments Spark Bullish Market Sentiment
A flurry of market participants anticipates a major market rally ahead for XRP, given a series of bullish developments in the Ripple ecosystem. For context, the market expects a more lenient regulatory environment for cryptocurrencies after Donald Trumps election victory.
The Securities and Exchange Commission (SEC) sued Ripple for alleged securities violations, leaving XRP with an uncertain future in the United States. However, the forthcoming regime change has bolstered investors confidence that XRP will encounter fewer challenges ahead, and could be adopted for spot ETFs.
Moreover, some crypto commentators have said that Ripples upcoming RLUSD stablecoin launch will create several tailwinds for XRP, mainly because it will provide the San Francisco-based blockchain payments firm with a less volatile asset to deepen its remittance and settlement services.
At press time, XRP remains about 28.2% down from its $3.40 record high, but again, its closer than it has been in roughly seven years.
Text source: ZyCrypto
