Analyst Links Ripple’s Current Consolidation to 2017 Bull Run Setup: Is a 600x XRP Surge Inevitable?

December 27, 2023

Crypto analyst JD sees interesting parallels between Ripple’s current price action and consolidation pattern versus how XRP traded back in 2017 ahead of its historic bull run.

He recollects how impatience and lack of conviction caused many investors to capitulate out of XRP positions back then after years of muted activity while other altcoins ran higher. Right as sentiment turned overwhelmingly sour, it marked the pivot point for Ripple’s upside breakout.

JD observes a remarkably similar technical setup presently in place. After an emotional few years of bearish sentiment and legal issues, present conditions seem aligned for mean reversion. The analyst jokes that more complaining from “dumb money” holders may signify the catharsis necessary to ignite XRP’s next massive surge.

Drilling into the charts, JD further highlights bullish momentum divergence on XRP’s monthly MACD indicator, similar to back in 2017. As the MACD line crosses back above zero, Ripple tends to commence tremendous moves as it exits extended periods of trading in a range.

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With XRP consolidating constructively for an extended stretch now, the stage appears nearly set from a timing perspective. The capitulatory emotions exhibited by many holders likely offer the ultimate contrarian signal that a reversal looms. If history repeats, all that’s missing is a monthly close above XRP’s multi-year downtrend before fireworks should ensue.

Of course, execution risks abound, but Ripple continues to exhibit evergreen utility and real-world usage despite its legal distractions. Once bullish momentum returns with any finality, FOMO could quickly grip XRP speculators, eyeing the token’s relatively laggard status on the cycle.

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