XRP Fuse Lit To Explode As Price Move Continues Mirroring Historic 2017 Bull Run

• More technical analysts are throwing out the possibility of XRP price skyrocketing soon.
• The trend indicates that the result wouldn’t only be a short-term squeeze but a breakout toward a scenario mirroring the token’s 2017 bull run.

Like several other technical analysts, the pseudonymous Maxi on X has drawn parallelism on XRP’s behavior from these events. Zooming out the charts, the analyst highlighted that the token is rehashing the same pattern it exhibited prior to its 2018 ATH at $3.84.

XRP Price Squeezing in a Converging Triangle

In May 2017, XRP gained momentum from a $0.05 low to a $0.43 high before pulling back the next month. The token’s price dipped to $0.11, but it turned out that it was already forming a converging triangle as its volatility steadily narrowed.

The compressing support and resistance points eventually led to a breakout in December 2017 as the digital asset spiked to $2.85. It carried over the momentum to a $3.84 record-high in January 2018.

ADVERTISEMENTInterestingly, the same trend is becoming more evident. XRP notably broke out from a sub-dollar price in November last year to nearly matching its all-time high (ATH) last January. From there, it underwent a correction all the way to $1.64 in April and holding just above $2 this month.

Like its 2017 play, the XRP price has already begun cruising within the confines of a converging triangle. If its value continues to cruise within the pattern, there’s a huge probability that it could surpass its $3.84 ATH. For Maxi, history repeating itself could lead to prices going “insanely parabolic.”

Maxi’s bold prediction is currently echoed by many others within the crypto community, including the popular Egrag Crypto. The latter suggested that the repeat of the 2017 affair could propel the XRP price between a conservative estimate of $15 and an optimistic approximation of $40.

ADVERTISEMENT## Ripple and Regulatory Reinforcements Coming In

Despite the reassuring trend, it has been tested and proven that narratives often overwhelm technical charts. Fortunately, both are syncing up, aligning to an overall bullish outlook.

A growing number of institutions are now embracing the XRP Ledger (XRPL) powered solutions of Ripple for cross-border payments and real-world asset (RWA) tokenization. On top of these, Ripple has recently applied for a national banking charter with the Office of the Comptroller of the Currency (OCC) and a Federal Reserve Master Account.

XRP is undoubtedly gaining significant momentum after surviving its regulatory hurdles in the US. It is now gradually positioning itself to shake up the foundations of finance as Ripple aims to capture 14% of SWIFT’s volume in global payment settlements.

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