- Ether Nasyona compares current XRP action to 2017 pre-bull cycle pattern.
- Token dropped from $3.66 July high to $1.25 before recovering to $2.40 level.
- Analysts predict double-digit targets with CryptoWZRD citing triangle formation.
Analyst Ether Nasyona has cautioned against dismissing XRP despite ongoing bearish price trends. The researcher drew comparisons between current market conditions and the token’s 2017 pre-bull cycle setup that preceded explosive gains.
In 2017, XRP faced rejection at its 2013 all-time high before retracing to retest the 2014 peak. This level transformed into a strong demand zone where accumulation occurred, setting the foundation for XRP’s surge from fractions of a cent to over $3 within months.
Current price action shows similar characteristics according to Nasyona’s analysis. XRP reached $3.66 in July, slightly exceeding its 2018 peak, before declining to $1.25 on October 10. This level sits just below the 2021 peak, functioning as a demand region.
Consolidation labeled as accumulation phase
The token rebounded to $2.40 within hours of the October 10 drop, demonstrating buying interest at lower levels. Current consolidation represents a “power accumulation phase” rather than weakness, according to Nasyona’s interpretation.
The analyst emphasized that short-term market fluctuations should not distract from the overall bullish trajectory. “Short-term fluctuations, panic, or euphoria… it’s all just noise,” Nasyona stated, urging investors to focus on longer-term patterns.
Historical chart patterns hold promise for patient holders according to the analysis. Nasyona warned skeptics against underestimating XRP’s long-term potential, though specific price targets were not provided for the anticipated bull run.
Reference to 2017 patterns suggests strong double-digit price levels could materialize if history repeats. Most analysts agree XRP will eventually break the $10 mark despite disagreement over the relevance of the 2017 comparison.
Technical analyst CryptoWZRD expressed strong conviction that XRP approaches the end of prolonged sideways trading. The analyst noted 75 days of consolidation within a tightening triangle pattern at a critical juncture.
“XRP always rewards the patient,” CryptoWZRD advised holders. The statement reinforces the theme that current weakness represents opportunity rather than cause for concern among long-term investors.
Extended targets reach $27 projection
ChartNerd outlined more ambitious targets, projecting XRP could surge as high as $27. This analyst compared XRP’s extended consolidation period to Amazon’s decade-long base formation before its breakout.
The 2021 peak zone has acted as a demand region where long-term holders accumulated additional positions. This behavior mirrors the 2017 accumulation phase that preceded the previous major rally.
Source: https://thenewscrypto.com/analyst-urges-patience-as-xrp-mirrors-pre-bull-cycle-accumulation-phase/