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Famous crypto analyst SOMMI recently made a statement about XRP. SOMMI highlighted XRP and made a bold prediction about its potential price future. The analyst drew attention to a past price movement and shared a chart about it in a tweet.
SOMMI’s Bold Claim
According to the XRP chart shared by the analyst, there was a significant drop of 70% from the ATH level reached in 2018, followed by a strong upward trend in 2021. According to the analyst, XRP seems ready to repeat this price trend.
The analyst included the following words along with the shared chart:
During the 2021 bull run, XRP reached the 70% retracement zone from its previous cycle. Basically, most altcoins will target approximately -40% of the previous cycle peak. This could happen while the market is running ahead of 2025 and deceiving us in 2024. Or it could keep us waiting until 2025…
According to the crypto market analyst, XRP may be on the verge of a bull run that could trigger a price increase. However, even if there is a price surge, the analyst added that there will be a significant drop in XRP price afterwards. SOMMI also added that XRP will not be able to reach its ATH in future rallies.
It can be said that SOMMI’s analogy and analysis indicate that XRP is mimicking its price movement in 2018. XRP reached unprecedented rally heights in 2018, reaching a new all-time high. However, a significant value drop followed the bull run that propelled XRP to its ATH.
Is XRP Price Cycle Repeating?
According to SOMMI’s analysis, XRP may repeat a similar pattern. Highlighting a potential timeline for this repetition, SOMMI stated that 2024 seems suitable for such a recurrence. SOMMI also shared with investors that the drop may not occur until 2025, when the expected major bull run of the market is anticipated.
SOMMI’s analysis is not limited to XRP alone. The analyst mentioned that similar movements could occur for most altcoins as well. Finally, at the time of writing this article, according to 21milyon.com data, the XRP price was trading at approximately $0.5176, with a price increase of 1.22% in the last 24 hours.
