XRP Primed for Historic 2017 Replay? A Look Back at the Flash Crash That Fueled a Massive Rally
Recent analyses across the crypto sphere are stirring excitement, with some experts pointing to an uncanny resemblance between XRP's current price structure and its explosive 2017 trajectory. This striking parallel has investors wondering if the digital asset is on the cusp of repeating history, following a similar pattern of dramatic volatility preceding a monumental surge.
Echoes of 2017: Flash Crash Precedes Parabolic Surge
A prominent crypto market expert, known as "Guy on the Earth," highlighted eerie similarities to December 2017. Back then, XRP experienced a sudden and severe "flash crash" on Binance, plummeting over 99% from $0.36 to an astonishing $0.001. This capitulation, however, served as the catalyst for one of XRP's most powerful bull runs, propelling its price to all-time highs above $3.00 in early 2018 within weeks. Intriguingly, XRP recently faced one of its most drastic price declines in years, dropping significantly amidst a widespread market liquidation. While XRP has since shown some recovery, reaching around $2.5 at the time of writing, the market sentiment remains cautious, mirroring the uncertainty that preceded its last euphoric phase. The analyst suggests a short-term recovery, potentially followed by another "flush," before a possible repeat of XRP's historic parabolic ascent.
Bullish Macro Outlook and Ambitious Price Targets
Adding to the bullish narrative, crypto market expert XForceGlobal presented a long-term Elliott Wave count, asserting that XRP maintains a fundamentally bullish macro outlook. His analysis indicates that XRP has completed a multi-year consolidation triangle spanning from 2021 to 2024, now poised for a renewed uptrend. XForceGlobal identifies a "Flat route" pattern, suggesting XRP has finished its second corrective leg and is entering a confirmation stage for a significant upward move. He projects an initial surge to $3.30, followed by a powerful breakout towards $24 in what he terms "Wave 3," and a potential peak around $34 in "Wave 5." However, he provides a crucial caveat: a sustained drop below $0.6 could invalidate this optimistic forecast, emphasizing the importance of closely monitoring key support levels.
