A crypto analyst says he’s seeing parallels between XRP’s performance this year and its massive rise back in 2017.
The technical trader, known in the industry as Magic, tells his 31,000 followers that XRP’s current chart mirrors its price action back in late 2017. XRP briefly went parabolic at the time, clocking a 1,532% rally from $0.2352 on December 10, 2017 to an all-time high of $3.84 on January 3rd.
XRP hit the high mark two weeks after Bitcoin reached its all-time high of $20,089, according to data from CoinMarketCap.
Magic warns that there’s no guarantee XRP will go parabolic once again, and says anything can happen in the volatile world of crypto.
“This could be the real deal folks. XRP’s chart looks identical to 2017 before the massive rally, and resistance has been thoroughly destroyed. Nothing is guaranteed. Stops are my best friend in times like this.”
XRP has surged 61% since January 1st, moving from $0.1935 to $0.3121 at time of publishing, according to CoinMarketCap.
In addition, the XRP Ledger just logged its biggest single day of daily active address creation, according to the crypto analytics firm Santiment.
“Ripple [XRP] recently saw its largest single day in daily active addresses created in the token’s 6+ year history, according to our Sandata platform. XRP is up 16.3% since this spike last week, only overshadowed due to ETH’s rise.”