A crypto market analyst suggested that XRP appears to be forming “one of its most significant multi-year structural patterns to date,” which could lead the altcoin to a rally similar to its 2017 rally.
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An extension like XRP Eyes 2017
On Thursday, market watcher ChartNerd stated that XRP appears to be retracing a setup that could exceed the scale of the formation prior to the breakout of 2017, which led to a massive 68,000% spread during that cycle.
In the video, the analyst explained that altcoin has been developing since 2020, when the price saw its bear market bottom and created an ascending support level that has held for almost six years.
Since then, XRP has resembled its performance prior to 2017, where the cryptocurrency is experiencing significant gains after retesting its ascending support, followed by sharp corrections within descending channels.
As the chart shows, the altcoin saw a 10x move between 2020 and 2021, followed by a bear market in 2022. After the bottom, XRP saw another 2x rally before retesting the trend line for the first time. The price then rose another 6-7 times between late 2024 and mid-2025, leading to a July all-time high (ATH) of $3.65.
Now the cryptocurrency is developing a similar corrective pattern to the previous two retests of the upside support, which could suggest the potential for a 1.992% rally to the double-digit target upon confirmation.
“If XRP follows this pattern through the end of 2026, we could potentially make a third retest here, which we saw in the early cycles before the 2017 spread,” the analyst asserted.
He also added that “if we’re repeating this kind of multi-year cycle from before, just on a larger scale here, then this could be one of the biggest structural phases where XRP is building a base and waiting for a move.”
Consolidation by the end of May?
ChardNerd too divided short-term outlook for XRP based on its performance over the past 11 weeks. He noticed that on the daily time frame, the altcoin is still hovering between major downside resistance and an upside support level, forming a triangle pattern.
So you can see, since we actually formed a base back here in February, we went down to $1.11, created resistance, which came back to create this upside support level at about $1.28. We then saw this fall to around $1.50 and now we have pulled back to the support line again.
Considering this, along with the fact that its RSI levels are oversold on the daily time frame, the analyst believes that XRP could build a base near the upside support before trying to retest the downside resistance.
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Even so, he noted that “since we’re converging in this range and it’s been about 8 to 9, maybe 10 weeks of range-bound price action, it would be likely that we’re still seeing this compression” squeeze into the top of the pattern until at least mid-May, when price is expected to see a directional breakout from the formation.
Ultimately, the market watcher suggested that “as long as we respect the trend line and continue to defend the upside support (…), we are looking for a retest back towards some $1.50s in the short term.”
Featured image from Unsplash.com, chart from TradingView.com
