A recent analysis indicates that XRP may replicate its successful rise as seen in 2017. Patterns on charts suggest potential opportunities for the altcoin.
Fractal Pattern of XRP
An analyst on X presented a fractal pattern on the XRP/BTC chart that closely resembles the explosive growth of 2017. This pattern has successfully projected local highs earlier this year. Currently, it suggests that XRP may be entering a parabolic phase characteristic of late 2017.
Current Market Situation
After a mid-year consolidation and a breakout in August, this pattern may hint at increased interest in XRP relative to Bitcoin in the coming months. Although the fractal does not provide precise price targets, its technical alignment with past movements has drawn renewed attention to the token.
Analysts' Predictions
Analyst Matt Hughes noted that both the XRP/BTC and XRP/USD pairs are testing critical levels on the weekly Ichimoku Cloud, approaching the upper boundary of the cloud, which is often seen as a resistance level. Breaking this level could signal a bullish breakout. With bullish momentum building, market watchers believe XRP may outperform Bitcoin in the near term.
In conclusion, the observed fractal patterns and technical indicators create a basis for optimism regarding XRP's future. Analysts continue to closely monitor the token's movements in the market, anticipating potential significant changes.
