XRP Prediction: Chart Is Identical To 2017 Before The Massive 1,532% Rally
In 2020, XRP has seen some pretty impressive price moves. The coin was even able to surpass $0,33,, which made the XRP army of fans and Ripple enthusiasts more than happy.
In 2019, XRP did not make any exciting price moves, and Ripple was blamed for this poor performance at some point.
Anyway, today, the crypto market seems to be under a pretty significant correction with Bitcoin and the altcoins trading in the red.
At the moment of writing this article, XRP is also trading in the red and the coin is priced at $0.28.
Parallels between XRP in 2020 and 2017
A crypto analyst said that he sees parallels between XRP’s performance from this year and the massive rise back in 2017.
The technical trader is known as Magic, and he said that XRP’s current chart mirrors the price action from back in late 2017.
According to the online publication the Daily Hodl, back then, “XRP briefly went parabolic at the time, clocking a 1,532% rally from $0.2352 on December 10, 2017 to an all-time high of $3.84 on January 3rd.”
It’s also worth noting that XRP hit the high mark a couple of weeks after BTC reached its all-time high of $20,089, according to data from CoinMarketCap.
Magic warned that there’s no guarantee that Ripple‘s coin will go parabolic once again.
This could be the real deal folks. XRP's chart looks identical to 2017 before the massive rally, and resistance has been thoroughly destroyed. Nothing is guaranteed. Stops are my best friend in times like this.
— MAGIC (@MagicPoopCannon) February 13, 2020
He made sure to highlight the fact that anything can happen in the volatile world of digital assets.
“This could be the real deal folks. XRP’s chart looks identical to 2017 before the massive rally, and resistance has been thoroughly destroyed. Nothing is guaranteed.”
People have various reactions to his tweet.
Somoene said: “You’re always wrong so I expect new lows. You’re the perfect countertrade.”
Another follower posted: “As bears retreat, so does major resistance with their fake sell walls that will mirror the Berlin wall.”
A Twitter user asked, “So we are not overbought? I am confused. Would love to see a chart on BTC and your thoughts on it. Doubt if BTC gets slammed any other alt wouldn’t be in the same boat, along with XRP.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.