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- XRP has posted a one-month candle pattern similar to late 2017, where it broke out and recorded a 900% rally to set its all-time high.
- The pattern involves a breakout that the bears quickly sniff out before the crypto regains momentum towards the end of the year and shoots.
XRP could record a 900% rally within the next few weeks. This is according to Tony Severino, a technical analyst and the founder of Coin Charts.
Tony took to Twitter to share his analysis, citing a one-month Japanese candlestick similar to the crypto’s market trend in 2017. In the previous run, the candlestick was followed by a meteoric rise that saw the coin notch 900% in gains.
(Courtesy of Tony “The Bull” on X)
The run started in August 2017 when the token started the month at $0.168. It recorded huge gains to end the month over 50% higher. It was followed by a dip in September and a measly 0.92% dip the month after. November reversed the trend as XRP bulls gained an edge over the bears, and in December, it became unstoppable. The coin gained over 500% in December on its way to a new record high in February the following year at $3.84.
Severino sees parallels between this year’s run and the 2017 run. July saw XRP’s best month this year, as it hit $0.72 after Ripple notched a landmark victory in its lawsuit with the SEC. Just like in 2017, the crypto dipped in August and recorded a slight dip the following month.
However, the fortunes changed in October, and the token saw its first monthly gains since July. This redemption has continued. It trades at $0.6577 at press time after gaining 8.5% in the past week and 33% in the past month.
Severino believes that thinning order books and unwinding of shorts are among the factors that could fan the flames of the next bull run for the coin. Fear of missing out (FOMO) could also play a significant role, and with XRP the lowest-priced token in the top five, it could be the best entry token for FOMOing investors.
XRP could also benefit from external forces, especially the Bitcoin halving. Severino expects “everything to peak right before halving.”
Can XRP Sustain the Run?
Despite the projected long-term success of XRP, whales have been revealed to be transferring hundreds of millions of the crypto to exchanges, most probably to sell them off. One whale moved 100 million XRP tokens today.
🚨 🚨 🚨 100,000,000 #XRP (66,074,002 USD) transferred from unknown wallet to unknown wallethttps://t.co/iYD14bUBqg
— Whale Alert (@whale_alert) November 9, 2023
XRP’s most significant strength remains its community, which has stood by the token through all its SEC trials and the continued efforts by Ripple to increase the use cases of the crypto.
As CNF reported, Ripple has partnered with banking giants HSBC and Standard Chartered for digital asset services. The former is building digital asset custody and leveraging infrastructure built by Metaco, a Ripple-owned company.
