- XRP’s value at that time soared to over $3 from lows of $0.2.
- Crypto analyst Egrag Crypto suggests that XRP may be gearing up for a bull run.
- The analyst said XRP’s price formation resembles the one last seen before its 2017 bull run.
Cryptocurrency analyst and XRP community member Egrag Crypto has pointed out a similarity in XRP’s current price movement that mirrors one seen before its bull rally in 2017.
In the analysis shared on social media platform X (formerly Twitter), Egrag posted a chart that showed XRP’s performance over the years. Comparing the chart and current price action, the analyst observed that the “current curve closely resembles the formation seen in 2017.”
Notably, 2017 earmarked the first major bull rally in XRP’s history. Towards the end of that year, the token embarked on an upward climb that took prices from $0.2 levels to over $3 at the start of 2018.
As noted in the tweet, Egrag opined the current formation could be a sign of an impending run. “Are we gearing up for a parabolic, insane pump, or is a different formation in the cards that will leave us all in awe?”
While reiterating confidence in the token, the analyst implored other XRP community members to hold steadfast. According to the analyst, the best line of action is for holders to buy, keep their assets, and wait for the price to rise.
Meanwhile, the recent analysis underscores growing optimism in the XRP community since the recent launch of spot Bitcoin ETFs in the United States. With cryptocurrency ETF discussions now taking center stage, widespread expectations within the community is that XRP will soon record a similar development.
Elsewhere, CoinMarketCap data shows that XRP continues to linger in the bearish zone. The steep drop in its price came amidst a wider Bitcoin-led dump in the crypto market. At the time of press, the token is exchanging hands at $0.5703 apiece.
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