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).”
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…