XRP Poised for Massive Rally as Analyst Sees Multi-Year Pattern

A crypto market analyst has suggested that XRP's current price action bears resemblance to its 2017 breakout pattern.

The analyst, ChartNerd, stated in a video that XRP has been developing since 2020, when it saw its bear market bottom and created an ascending support level that held for nearly six years. This setup is similar to the one seen before the 2017 expansion, which led to a massive 68,000% increase.

ChartNerd noted that XRP has experienced significant advances after retesting its ascending support, followed by sharp corrections within descending channels. The altcoin recorded a 10x move between 2020 and 2021, followed by the 2022 bear market and a subsequent rally to $3.65 in July.

The analyst believes that XRP is currently developing a similar corrective pattern to previous retests of the ascending support, which could suggest the potential for a 1,992% rally to a double-digit target upon confirmation.