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Could Ripple (XRP) Mirror 2017 Rally, See 72,000% Gain Again?
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Market Musing-g

Could Ripple (XRP) Mirror 2017 Rally, See 72,000% Gain Again?

Thecoinrepublic.com
By Thecoinrepublic.com
Created 2 months ago, last updated 1 month ago
5 mins read
Could Ripple (XRP) Mirror 2017 Rally, See 72,000% Gain Again?

The Ripple (XRP) consolidation phase is showing signs of a potential breakout, and analysts are drawing comparisons to its historic 2017 performance.

As the price steadily climbs, traders are positioning for significant price action, with the symmetrical triangle pattern suggesting a sharp move ahead. If the pattern plays out, XRP price could see a repeat of the dramatic price surge similar to 2017’s 72,000% gain.

XRP Price shows a similar structure to 2017

What CryptoBull explains most clearly is a major similarity between XRP’s 2017 price action vs its structure today. During this time, Ripple XRP gained an astounding 72,000%, powered by a heartfelt stage that accompanied a degree of consolidation.

Similar consolidation happened also in the current price, but with greater duration, which may lead to a similar breakout in the following months.

Source: X

A symmetrical triangle is a typical technical formation and frequently occurs prior to significant price moves. Should XRP price continue its trend like in 2017, a breakout from this consolidation may trigger yet another price surge.

Tokenized Access to Abrdn’s $3.8 Billion Liquidity Fund.

Archax in conjunction with Ripple, has announced the launch of the first tokenized money market fund on the XRP Ledger (XRPL).

This ground-breaking initiative brings tokenized access to the $3.8 billion US dollar Liquidity Fund, a global investment of abrdn plc. Through the integration of real-world assets into blockchain technology, this project, allows improvements in operational efficiencies and the view that tokenized assets can be a viable institutional gateway.

Source: X

It represents a significant milestone, this collaboration, towards the broader widespread acceptance of tokenized real-world assets throughout the financial sector, enabling better liquidity, more transparency, and access to assets that otherwise could not be traded.

Additionally, this use case also provides further evidence for how XRPL can be used as a blockchain platform for the management and transaction of real-world financial products. This lays a foundation for broader institutional use and larger blockchain integration into traditional finance.

Rising Open Interest Signals Growing Bullish Sentiment

In recent weeks in particular, XRP price has surged, accompanied by a broad rise in open interest. Open interest for XRP has spiked since late October, with price increasing from just under $0.50 to $1.40. In other words, it signals heightened market participation and more trading activity in XRP futures.

Initially, in the start of 2024, open interest began to grow gradually but became pretty stagnant through mid-2024.

Source: Coinglass

While price did well, a clear uptick in open interest took place around Ripple (XRP) price increase in late October and early November, suggesting the emergence of institutional and retail interest in XRP as the price neared its recent highs.

An increase in long positions taken in hopes of future price gains is represented by this surge of open interest, particularly in the last month. The price movement of XRP price seems to be increasingly bullish, as the open interest is showing that more traders are currently active in the futures market.

Concerning the rise in open interest, however, the relatively low early-year price to open interest ratio indicates that market participants were more cautious and speculative.

Ripple (XRP) Triangle Pattern Shows Bullish Breakout

An A/D indicator with a positive reading indicates an increase in buying pressure and should fuel an upward breakout. The volume delta also marks large volume spikes, indicating that market players are toying with a breakout in the not too distant future.

On the 4-hour chart, we see a symmetrical triangle that formed after a period of consolidation. XRP price is moving at a time when this indicates a market at a crossroads and that a breakout is imminent.

Source: Tradingview

The symmetrical triangle is currently lined by upper resistance at $1.43 and lower support at $1.33. Breakout from the triangle is imminent, as XRP price gets close to the apex of the triangle.

A break above $1.43 should continue the uptrend, with the next resistance target at $1.60 and a chance to break upwards towards $2.00. However, a break below $1.33 may open the door for a drop to $1.10.

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