Analyst Dark Defender maintains a positive outlook on XRP, explaining his continued belief in the cryptocurrency.

Historical XRP Rally Patterns

Analyst Dark Defender’s recent analysis highlights parallels between XRP’s current market structure and its historic 2017 rally. The 2017 surge was characterized by a clear five-wave impulsive structure, strong RSI momentum, and sustained price action above the Ichimoku Clouds and Exponential Moving Average. These indicators collectively signaled robust buying pressure and a major bull cycle’s formation, shaping XRP's position in crypto history.

A Period of Correction and Consolidation

Following the 2017 rally, XRP entered a corrective phase in 2021, marked by a weaker market structure and a rebound only to around $1.96. Technical indicators, including the RSI, Ichimoku Clouds, and EMA, demonstrated a significant slowdown. The SEC lawsuit further dampened sentiment, delaying any potential for a sustained rally and necessitating a period of rebuilding.

Signs of Renewed Momentum

A crucial breakout occurred on November 10, 2024, when XRP breached long-term resistance, indicating a renewed impulsive structure. XRP's price moved above the Ichimoku Clouds again, with Heikin Ashi candles closing above previous highs and the EMA providing support. Notably, the RSI displayed momentum comparable to the 2017 rally, suggesting a potentially powerful upward wave.

Future Outlook

With the Ripple vs. SEC case resolved and regulatory uncertainty lessened, XRP has a strong foundation for a bullish phase. Market structure, momentum, and sentiment are aligning, indicating a possible return to new all-time highs. This analysis suggests XRP is entering a new era for blockchain-based finance.