A well-known crypto market analyst has suggested that the XRP price could explode from the current level, citing historical context from 2017.
Specifically, market watcher Crypto Kaleo said this to his audience of over 700,000 followers on X despite XRP’s recent struggles. For context, XRP has been a victim of the broader market uncertainties, down more than 15% this month, as it changes hands below the pivotal $2.5 price level.
XRP’s Steeper Decline on Binance
XRP’s recent woes began after the historic Oct. 10 crash, with the altcoin experiencing a larger dip on Binance than on most other exchanges. Notably, during the Oct. 10 drop, XRP collapsed to $1.77 on Coinbase, $1.58 on Bitstamp, and $1.4 on Kraken. However, on Binance, the XRPUSD chart slumped to $0.77, marking a 72.5% crash from its opening price of $2.8 that day.
Specifically, on Dec. 6, 2017, XRP, which opened the day at $0.2340, dropped rapidly to a low of $0.0002 on Binance within minutes. The flash crash resulted in a 99.9% crash from XRP’s daily opening price. However, minutes later, the altcoin recovered from the slump, closing the day at $0.2187
XRP Chart on Binance | Crypto KaleoWhile market commentators discussed several possible reasons behind the event, the most logical explanation was a thin order book on the Binance exchange. Notably, this event occurred five months after Binance launched in July 2017, so the exchange was relatively new, resulting in thin order books for some asset pairs.
“XRP Sends from Here”
Interestingly, shortly after this incident, XRP embarked on an impressive run, eventually rallying to the $3.3 peak in January 2018. While it is difficult to find any connection between the Dec. 6 crash and this run, Kaleo believes history could repeat.
Notably, he suggests that XRP could replicate the same rally it engineered days after the Dec. 6 crash in 2017. Speaking in an updated commentary, Kaleo boldly remarked: “Call me crazy, but I think XRP sends from here.“
His chart confirmed that the October 10 crash on Binance pushed XRP to retest an 8-year-old descending trendline as support. After retesting the support, XRP recovered considerably, indicating strength. In a subsequent disclosure, data from his chart suggested a possible run beyond $3 for the short term.
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