While the Bitcoin nears $100K psychological mark, the market is abuzz with speculation that XRP could break through a crucial resistance level like 2017.
XRP Forms Fractal Pattern
The crypto analyst on X shared his speculation on XRP’s price movement, drawing parallels to its massive breakout in 2017. According to his analysis, it has historically followed a fractal pattern, rising sharply after breaking through critical resistance level.
#xrp #Ripple #GOLD
2017 vs 2024.XRP is gaining support after breaking through the same resistance line and rising again.
It’s so interesting to watch 🙂
🔥🔥🔥 https://t.co/SSLe4YIk7t pic.twitter.com/dTkreLuIHW— (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) November 21, 2024
Back in 2017, the cryptocurrency soared exponentially after colliding with the resistance level at $0.01. The analyst writes, the cryptocurrency is “gaining support after breaking through the same resistance line and rising again”.
The tweet has sparked discussion on social media. One X user highlights XRP’s impressive growth since 2017, saying that its price is now 100x higher than during the last major bull run. They speculated that the cryptocurrency could reach the $7-$8 range by Monday, contingent on continued market momentum.
He further added, “Question is, since it has massive utility, will it continue the fractal pattern and go to $50 then correct for 200 days or are we beyond the speculation phase?”
However, some users have raised eyebrows, questioning the feasibility of such rapid growth given the liquidity constraints in the crypto market.
One user states, “How should there be such a massive amount of liquidity in just a few days? 300 Billion dollar takes time to flow in. Xrp follows btc and rises when btc dominance falls. Btc still rise, so 7 dollar is not around the corner yet. 50 Dollar Not anytime soon.”
At the time of publication, Ripple revolves around $1.10 with over 50% hike in a week. Furthermore, it has also created a consolidation pattern, which is an another bullish sign for the cryptocurrency.
Also Read: Ripple & MCV Unveil “Unlocking Opportunity: XRP Stable at $1
Source: https://www.cryptonewsz.com/will-xrp-repeat-2017-breakout-pattern-hit-7/