SOMMI, a renowned crypto analyst, recently took to the X app, making a bold prediction about XRP price movements. Citing a historical model, the crypto analyst made an analogy using an XRP market cap on the daily time frame, which he shared in addition to his tweet.
According to the shared chart, XRP struggled to hit new highs in 2021 after crashing 70% from its 2018 all-time high. The analyst said XRP is poised to replicate this price trend pattern.
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Captioning a chart for illustration, the analyst wrote, “During 2021 bull, XRP hit its 70% retracement zone from its previous cycle. Basically, most altcoin targets will be around -40% off its previous cycle top. This might happen in 2024 as the market front-runs 2025 and scams us. Or, it might make us wait to 2025…”
SOMMI’s Bold Assertion
According to the crypto market analyst, XRP could be on the verge of witnessing a spontaneous bull run that would spike its value. However, he noted that the surge will be accompanied by a significant drop in the asset’s price, adding that XRP will fail to meet its previous highs in subsequent rallies.
SOMMI’s analogy and analysis could be said to replicate XRP’s price movement in 2018. XRP registered an unprecedented rally in 2018, resulting in a new and current all-time high. However, the bull run that catalyzed XRP to its ATH was followed by a marked drop in value.
In 2021, after XRP gathered momentum, it elicited another rally that could not equal the levels attained in the previous bull run. It managed to achieve a $1.8 price high in April 2021.
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Is XRP Price Cycle Repetition Imminent?
According to SOMMI’s seemingly audacious claims, XRP looks poised to repeat a similar pattern described above. He said XRP could soon spike to new price highs. However, like previous cycles, he noted that it might struggle to reclaim its all-time high. Also, he stated that a significant drop in value would accompany any upcoming rise.
Hinting at a potential timeline for his analysis, SOMMI noted that 2024 appears feasible for such repetition. He said the market is trying to take advantage of 2025 expected price movements, adding that there are possibilities the drop might not happen until 2025.
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Altcoins Could Follow Similar Pattern
SOMMI’s analysis was not restricted to only XRP. The mart analyst noted that most altcoins would replicate similar patterns. Describing what the declines would be for the altcoins, he remarked that a 40% drop from previous price highs remains feasible.
Meanwhile, at the time of writing, XRP is changing hands at approximately $0.5176, reflecting a 1.22% price increase in the past 24 hours, according to CoinMarketCap.
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