XRP is exhibiting a familiar bullish pattern that some market observers believe could pave the way for another major rally, echoing the cryptocurrency’s historic surge in 2017. Crypto analyst Cleo Schmidt compared XRP’s current chart movements to the price action that preceded the asset’s previous 70,000% climb.
Analyst draws parallels with 2017 rally
Schmidt pointed out that XRP is now tracing a long-term ascending trendline, connecting successive major lows over several years. She highlighted a series of retests of this support level, labeling them as “Creation,” “1st Retest,” “2nd Retest,” and the current “3rd Retest.”
According to Schmidt, this ongoing pattern closely mirrors the setup seen just before the explosive rally in 2017. She believes that the cryptocurrency is effectively “replicating the exact same trendline seen in 2017,” and has suggested that a similar breakout could follow if the market respects this support.
The analyst described the ongoing price structure as XRP “repeating history,” linking the formation to what she characterized as the first step toward another expansion phase.
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AAPLXRP is replicating the exact same trendline seen in 2017, with the current setup echoing the period before the explosive 70,000% rally. The chart structures each retest point and underscores the formation of a possible stronger upward move if the trendline holds.
Price scenarios and key resistance points
Schmidt outlined several scenarios that could play out in the coming months. In the initial stage between August and September, she projected XRP might move from approximately $1.10 to $0.97, followed by a rally toward $1.80. For the later stage, spanning November to December, she identified a potential climb from $1.80 to $2.70, then further to $3.20.
Her most optimistic outlook extends into January and February of the following year, where she speculated that XRP could proceed from $3.20 up to $6.50, eventually reaching as high as $13.00. Schmidt emphasized that these forecasts are contingent on XRP maintaining the integrity of its long-term trendline and that they represent possible trajectories rather than guaranteed price points.
She considers the third retest to be a pivotal juncture. If XRP decisively confirms support at this level, Schmidt anticipates that the expansion phase could begin, echoing the sustained upward move seen in prior market cycles.
Market monitoring and strategic tools
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Schmidt’s chart labels the ongoing movement as the third major retest, with the pattern suggesting that a confirmed bounce at this level may lead to strong upward momentum, in line with past recovery cycles.
