Back in 2017, XRP’s price action saw a sharp pre-euphoria wick to the downside that wiped out 58% of its value. This wipeout was very short, however, as the coin eventually went on a 5,361% surge to new all-time highs. The rally played out over months and saw the XRP price go from around $0.007 to its then all-time high of $3.40 in 2018.
It would seem the most recent price crash has led to the creation of a downside wick that mirrors the 2017 one exactly. After the marketwide crash, the token rebounded from lows around $1.60 to trade above $2.30, pointing to a possible recovery phase that might resemble the start of its 2017 exponential rise.
At the time of writing, XRP is trading at $2.38, down by 22% in a seven-day timeframe. If it follows the 2017 playout to the core, XRP might spend some weeks consolidating around its current price levels before it embarks on this projected rally.
Featured image from Pexels, chart from TradingView
