XRP Fractal Evokes Flashback of Crypto Bubble Bitcoin Outperformance
XRP over the last month had some of the strongest week over week performance in the space. The third-ranked altcoin rallied by as much as 45% in one week, outperforming the rest of the entire crypto market.
The asset often referred to as Ripple beating all other altcoins is the perfect underdog story after spending two years as the worst-performing crypto asset bar none. However, according to a potential fractal matching the 2017 crypto bubble, XRP may be about to go on a shocking rally that outperforms Bitcoin by a wide margin.
Ripple’s Recent Recovery Takes Pause, But May Have More To Rally
Bitcoin is booming once again after breaking through resistance at $10,000 and reigniting FOMO across crypto.
After the critical level was taken, the rest of the market followed with major altcoins like Ethereum, XRP, and Chainlink beating out Bitcoin’s returns substantially
Ethereum started the altcoin run, which later helped Chainlink set yet another new price record. XRP in the week following had an over 45% climb in just one week alone, taking the total recovery from the Black Thursday bottom to the current top to over 200%.
Aside from that one week, Ethereum and Chainlink ROI has been much higher. However, a fractal in Ripple could have the asset playing catch up, or potentially outperforming the market again.
XRPBTC 2020 Fractal | Source: TradingView
XRP Fractal Forewarns of Repeat Blast Off Against Bitcoin
A fractal discovered may be a forewarning of an incredible explosion in XRP against Bitcoin.
The fractal, playing out on the XRPBTC trading pair, very closely resembles the price action from the previous bottom in 2017, ahead of Ripple’s 2300% surge against the number one cryptocurrency.
XRPBTC 2017 Fractal | Source: TradingView
This rally eventually took XRP all the way to 24,000 satoshis, and an all-time high price in USD of $3.84 per token.
Related Reading | Why XRP’s Waning Momentum May Be The Calm Before The Storm Surge
Price action is taking place slightly higher than last time around and Bitcoin is trading at a different price in USD. Due to these variations and factors, this fractal may yield different results during this new cycle.
XRPBTC 2017 and 2020 Fractal Compared | Source: TradingView
If it matches, it could take XRPBTC to a new all-time high of 28000 satoshis. What that price ends up being in USD depends on what price Bitcoin is trading at at the time.
For now, visually, the similarities are enough to call for crypto holders to pay closer attention to the altcoin. After such an extended phase of underperformance again the rest of the market, sudden over performance leading to a long term recovery is possible.
A short-term recovery is already underway, and if Ripple follows this same fractal, things could get explosive in the weeks ahead.