- CryptoBull suggests XRP may replicate December 2017 rally pattern against Ethereum soon.
- XRPETH pair recently retested support trendline at falling wedge apex on weekly chart.
- The coin gained 11% to $2.69 while ETH rose 9.57% to $4,200 during October 27 recovery.
Market analyst CryptoBull has suggested that while Ethereum appears ready for strong price movement, XRP may deliver superior returns in the near term. The commentary arrives as both assets go through recovery attempts following recent market volatility.
During the October 27 rebound, Ethereum climbed 9.57% to surpass $4,200 while XRP posted an 11% gain reaching $2.69. However, both assets have pulled back from those peaks. ETH currently trades just 1.4% above its October 22 lows, while XRP maintains a 6.1% gain and holds above the critical $2.5 level.
Historical pattern suggests XRP strength
CryptoBull referenced chart data showing XRP declined against Ethereum in late November and early December 2017. The XRPETH pair tested support around 0.00048 twice during that period. This test proved bullish as XRP recovered almost immediately afterward against Ethereum.
Following the support test, Ripple coin soared to new heights in subsequent months. The XRPETH pair jumped to a peak of 0.003850 by late December 2017, coinciding with XRP trading at $2.85. Despite correction from that peak, the pair remained above the support trendline until December 2020.
The XRPETH pair dropped below the trendline in December 2020 when XRP collapsed following the SEC lawsuit against Ripple. The token underperformed relative to ETH during this period, pressuring the pair below key support.
In November 2024, XRP recovered strength, pushing the XRPETH pair back above the trendline for the first time in two years. The pair has remained above this level since then but recently retested the line during the latest market pullback. This retest mirrors the pattern observed in November and December 2017.
Falling wedge formation adds technical support
CryptoBull argues that XRP may be positioned to replicate its December 2017 rally against Ethereum based on these patterns. The analyst highlighted that the recent trendline retest occurred with XRP reaching the apex of a falling wedge against Ethereum. Falling wedge patterns typically break to the upside according to technical analysis principles.
“XRP may outperform in the near future with Ethereum following,” CryptoBull stated, considering these technical indicators. The analyst emphasized that time will determine whether this scenario materializes as projected.