Understanding Crypto Market Breakouts: XRP’s April 2013 Peak Sparked Major Moves by 2017, Spanning 1,220 Days
The post Understanding Crypto Market Breakouts: XRP’s April 2013 Peak Sparked Major Moves by 2017, Spanning 1,220 Days appeared first on Coinpedia Fintech News
As the new week begins, analysts are closely watching the Bitcoin price chart and the altcoin charts. Recently, the market saw one of the largest volatility spikes ever, comparable to those during the COVID-19 pandemic and the Great Financial Crisis, followed by a volatility crash.
As time progresses, the market approaches the point where it might break out from historical cycles. For instance, XRP’s peak in April 2013 led to major movement by 2017, spanning 1,220 days. Currently, the time frame since the 2018 peak, which lasted 1,198 days until April 14th, is similar. This historical context might help those feeling frustrated by the slow pace of the market.
According to Blockchain Backer, the current situation resembles past market conditions, but the broader economic environment is less favorable right now. He suggests that in the coming weeks, we’ll see if the market starts to show significant positive movement. He notes that while most of the S&P 500 companies are underperforming, a shift in this trend could trigger a broader market rally, which would benefit cryptocurrencies.
He said that recently, there was a huge spike in market volatility, followed by a major drop. This kind of extreme movement has happened before, such as during the 2017 crypto boom, and often leads to big changes in the market. After such drops, assets like Litecoin and XRP have historically experienced major gains.
The analyst also said that while many aspects of the market look similar to past cycles, there’s one key difference: the broader market’s overall health isn’t quite the same as it was during previous bull runs. Specifically, the current market isn’t showing the same level of positive momentum and growth that was seen in earlier cycles.
Despite this, he remains optimistic. The analyst suggests that if the market follows past trends, it could still experience a positive turnaround. He believes that the next few weeks will be crucial because significant market shifts often occur within similar timeframes.
