Can XRP Repeat Its 2017 Rally? Analyst Sees Eerie Similarities

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.