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HomeCryptocurrencyAnalyst Hints at Potential 600x XRP Rally, Citing 2017 Market Cycle

Analyst Hints at Potential 600x XRP Rally, Citing 2017 Market Cycle

In a post on X, Market analyst JD drew attention to a trend in XRP that could cause investors to miss out on its next price surge. He likened the current situation to the 2017 market cycle when XRP underperformed before a massive resurgence sent it to its all-time high.

Historical evidence backs up JD’s conclusions as the broader market showed indications of the 2017 bull market. The market showed a significant price increase, with Bitcoin (BTC) and most other assets experiencing higher highs despite the periodic monthly falls.

Read Also: ChatGPT Predicts How High XRP Price Would Rise In 2024

During the initial phase of the bull market in September 2016, Bitcoin experienced a substantial surge, recording a remarkable 58% increase by December 2016. In contrast, XRP demonstrated a more modest 11% uptick during the same period.

In early 2017, XRP encountered a setback, witnessing a decline from January to February. On the other hand, Bitcoin continued its ascent with a 22% rise.

Analyzing this period, JD showed a chart that revealed XRP’s price drops coinciding with the cryptocurrency already trading below a four-year downtrend. This market dynamic contributed to a challenging environment for XRP, leading to its underperformance in the early stages of the 2017 bull market.

Instead of seeing the low prices as an opportunity to get in early, as an analyst recently pointed out, some market participants opted to sell their XRP holdings, seeking alternative crypto assets with favorable performance.

According to JD, investors who sold their XRP holdings too early were simply “dumb money” who let their impatience and dissatisfaction get the best of them. They missed out on an opportunity to profit from the cryptocurrency’s explosive surge in price, which eventually led to an extraordinary 600x increase.

Read Also: XRP Price Primed for Parabolic Surge as Analyst Spots 1000% Golden Cross: Details

This surge peaked in January 2018, when XRP hit an all-time high of $3.84. JD argues that history is likely to repeat itself in the current market cycle and that those who remain resilient and patient in the face of initial challenges will reap significant rewards.


XRP Lags Behind in Market Rally

It is worth noting that XRP has been significantly underperforming compared to other cryptocurrencies like Bitcoin (BTC) and Solana (SOL) since the start of the recent bull run. Despite being up by over $0.1 since October, XRP’s gains have been lower than expected, leading to being flipped by Solana (SOL) based on market cap.

This achievement has caused substantial complaints among XRP investors, with some considering selling their holdings. According to JD, if this trend continues, there will likely be a capitulation of the XRP market similar to what was seen in 2017.

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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