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XRP, BTC, ETH, SOL Analysis

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What to know:

  • XRP repeats 2017-like bullish pattern to suggest big gains.
  • BTC's bull failure at $120K raises pullback risks.
  • ETH approaches golden cross against BTC.
  • SOL runs into May high.

This is a daily analysis of top tokens with CME futures by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

XRP: Is it 2017 all over again?

"History doesn't repeat itself, but it often rhymes," American writer Mark Twain said. The enduring adage suggests that rcurring patterns and themes throughout history, rather than exact replicas of past events and applies to the ongoing bull market in XRP.

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The payments-focused cryptocurrency hit lifetime highs above $3.5 early Friday, extending the ascent that began in November following a breakout from a multi-year symmetrical triangle or price squeeze. Since 2018, XRP's price had been coiled tightly within a symmetrical triangle, much like a spring storing energy.

The pattern errily mirrors price action observed a decade ago, when prices consolidated in a symmetrical triangle for years, setting the stage for a humongous rally in 2017.

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