Is XRP about to repeat 2017? This is what happened the last time there was a sudden collapse
A new technical analysis from a cryptocurrency market expert known as 'Guy on the Earth' on X recalls December 2017, when XRP faced an alleged 'rug pull' moment from Binance, which sent its price into a sharp temporary collapse before igniting one of the most powerful bull markets in its history. His chart shows a dramatic sudden collapse that saw the price of XRP drop more than 99% from $0.36 to $0.001 before experiencing an explosive surge that took it to record levels above $3.00 in early 2018.
The analyst notes that this same structure seems to be forming once again on the XRP chart. The setup comes at a time when XRP faced one of its most drastic price drops in years, falling from $0.24 to $0.80 last week during a widespread market sell-off that saw nearly all major cryptocurrencies in the red. Following the collapse, reports from cryptocurrency members revealed that exchanges had allegedly denied retail investors the ability to buy during the drop.
