Technical analysts are scrutinizing XRP’s current market position, with some claiming that a significant upswing is on the horizon. This analysis comes amidst a broader market downturn that has impacted various cryptocurrencies, including XRP.
XRP has been hit particularly badly by the market downturn, as it recently dipped below USDC to #7 on the market, and dropped below $0.5. However, the digital asset has recovered slightly, trading at $0.50, with a 1.97% increase over 24 hours to regain the #6 position.
Read Also: Analyst Predicts 94% XRP Price Surge to $1.2. Here’s the Timeline
Despite this discouraging performance, one prominent analyst, JD (@jaydee_757), has drawn comparisons between the current XRP market dynamics and those observed in 2017. This comparison suggests a potential for a remarkable 650x return, propelling XRP’s price to approximately $325.
#XRP – I remember the emotions in 2017 during that 60% crash when "Dumb Money" Capitulated missing out on 650x!
Same emotions from "Dumb Money" now compared to 2017. Once at overbought, take profits w/no emotions!
Retweet/Like for updates!https://t.co/VdlpD9fz4z #XRPArmy…
— JD 🇵🇭 (@jaydee_757) February 1, 2024
Lessons from 2017
JD went into detail on his prediction on TradingView. The analyst urged XRP investors to maintain composure and avoid impulsive selling during these volatile market conditions.
He highlighted the behavior of “Dumb Money” investors in 2017, who panicked and sold their XRP holdings during a 60% price drop. This hasty decision resulted in missing out on a subsequent 650x gain.
JD believes similar emotional responses are unfolding within the XRP market, and investors should learn from the past. He wrote, “We do not want to be the 95% who gets rekt like in 2018 and 2021.”
A Potential Breakout After an Extended Downturn
JD’s analysis points to a four-year capitulation period for XRP, followed by a parabolic surge to its all-time high in 2018. During this capitulation phase, its price dipped as low as $0.005589 but rebounded by 650 times within 11 months.
This historical trend forms the basis for JD’s prediction of a similar 650x gain for XRP in the present scenario. The digital asset is within a 5.5-year capitulation phase, and a bull run is expected soon.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Legal Expert Sparks Debate Over XRP Price Actions
Responsible Trading
JD emphasizes the importance of responsible trading practices and avoiding emotional selling, even if the market experiences temporary setbacks. He suggests that investors base their decisions on technical indicators and fundamental analysis rather than succumbing to fear or greed. Taking profits when an asset becomes overbought and adhering to a well-defined trading strategy are crucial elements of responsible investment behavior.
According to JD, “Stop looking at the short-term dips/rise. Short term is irrelevant for the move that is coming!” It’s worth noting that JD has been hammering this point since last year, and if it comes true, it will solidify his already strong prediction record and change the lives of many XRP holders.
Follow us on Twitter, Facebook, Telegram, and Google News
