- XRP reclaims both 20-day and 50-day SMAs against Bitcoin, echoing trends from its monumental 2017 surge.
- The previous time XRP showcased this pattern, it experienced a massive 15,400% rally within a year.
XRP’s Flashback to 2017 Glory
In the expansive universe of cryptocurrencies, XRP’s recent performance has sent ripples throughout the blockchain community. The cryptocurrency has retraced its steps back to its 2017 glory days by reclaiming the 20-day and 50-day Simple Moving Averages (SMAs) against Bitcoin (BTC). For those unacquainted with the lingo, SMAs help analysts discern potential market trends, making these indicators crucial for predicting possible bullish runs.
Not only this, but it has also wicked back to the 50 SMA to test it as support (if we continue to hold out the month). 🎯
The last time we… pic.twitter.com/d5zjzwcTvm
— Cryptoinsightuk (@Cryptoinsightuk) August 13, 2023
Historic Precedents Setting the Stage?
Despite XRP’s recent slip after its July 13 zenith, eagle-eyed market observers have been spotting bullish signs. Most prominently, the digital asset has managed to recapture its 20-day and 50-day SMAs when measured against BTC, a fact amplified by UK’s Crypto Insight on X (formerly known as Twitter). Through deductive reasoning, this isn’t just a random uptick; it mirrors an intriguing historical trend.
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The XRP vs BTC metric soared to an impressive 0.00002970 in July, a high unmatched since December 2022. Fueling this uptrend was XRP’s commendable performance vis-a-vis Bitcoin, buoyed by its triumph in the SEC lawsuit. And even though XRP witnessed a relative slump by July’s end, its bounce back over the SMAs on a monthly timeline paints a hopeful picture for enthusiasts.
Pricing at $0.00002152, XRP’s current position above both SMAs serves as a potential bellwether for incoming bullish tides. For perspective, the last time XRP showcased this SMA dominance was during March 2017 amidst a stellar 308% rally. It soon catapulted from a mere $0.02140 in April 2017 to a staggering $3.3170 by January 2018, marking a whopping 15,400% growth.
A Deja Vu for XRP Investors?
However, post this meteoric rise, XRP commenced its descent, ducking below the pivotal 20-day and 50-day SMAs in 2019. Yet, as highlighted by Crypto Insight, the present rally sees XRP reclaiming these lost territories. A notable point is XRP’s recent touchback to the 50-day SMA, examining it as potential support, indicating the resurgence of a bullish momentum.
But while the patterns seem reminiscent of the 2017 epic run, Crypto Insight remains judiciously cautious, refraining from exact price predictions. The question on every XRP aficionado’s lips remains: “Is history poised for a repeat?”
With XRP’s current price tag at $0.6339, a repeat of the 2017 rally could catapult it to an eye-watering $98.26. However, it’s imperative to note that past performance, as always in the crypto world, isn’t necessarily a template for future outcomes.
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