XRP's Major Cycle Indicates Potential Resurgence of the 2017 Explosive Price Surge
In the world of cryptocurrencies, excitement is building as two new exchange-traded funds (ETFs) tied to XRP and Dogecoin are set to debut on the Cboe BZX Exchange on September 18. These new ETFs, with tickers XRPR and DOJE, offer traditional investors another avenue to access these digital assets.
The launch of these ETFs comes at a time when technical analysts are drawing parallels between XRP's current market structure and its 2017 cycle. During that period, XRP experienced a remarkable rally, moving from fractions of a cent to over $3, due to a series of stages including accumulation, breakout, re-accumulation, parabolic distribution, and a drop.
If this cycle were to repeat, analysts project a rally into distribution, with potential projections above $5-$7. Some analysts, like EtherNasyonaL, even suggest a longer extension could push the price to $9. Fibonacci extensions are marked at $3.9 and $5.6 in the current analysis, with further projections toward $6-$7 by mid-November.
EGRAG CRYPTO has shared a fractal-based view of XRP/USDT on the 5-day timeframe, applying a yellow fractal from an earlier breakout to the current move to project possible price action. The analysis shows XRP trading inside a rising channel, supported by upward-sloping averages.
James Seyffart, Bloomberg Intelligence analyst, explains that these new ETFs will hold spot XRP directly and other spot XRP ETFs from around the world to get their exposure. The new ETFs allow for the use of derivatives if needed, though that is not the main design.
As XRP gains attention in traditional markets, the new ETFs provide a more familiar investment vehicle for those who may be hesitant to dive directly into the cryptocurrency market. With the potential for another strong rally on the horizon, these new ETFs could offer a unique opportunity for investors.
However, it is important to note that the names of the persons or groups who released these new ETFs for XRP and Dogecoin on US exchanges on September 18, 2021, are currently not publicly available in the available search results. As always, potential investors should conduct thorough research and consult with financial advisors before making any investment decisions.
