A comparison between the trajectory of XRP’s price and Netflix’s stock suggests that XRP still has room for a significant rally, with its exponential growth potentially pushing prices up to $95.
Over the past few years, XRP’s price has struggled due to what many believe to be a deliberate scheme to suppress its value. After an impressive surge of 60,000% to $3.31 in early 2018, XRP failed to recover from the subsequent retracement.
To provide some context, XRP experienced a major correction from its peak of $3.31 in January 2018. By March 2020, the altcoin had dropped by over 96% to a floor price of $0.11.
Despite some recovery, XRP has been unable to reach the $1 mark since dropping below it in December 2021, nearly three years ago. Investors have expressed frustration with XRP’s price movements. However, market observers like EGRAG suggest that patience is key.
In EGRAG’s recent analysis, he compared the price trajectory of XRP to that of Netflix’s stock. Interestingly, a visual representation of the monthly charts for both assets shows that XRP has been following a similar path to Netflix.
Looking at Netflix’s price performance since 2002, it’s worth noting that the stock experienced a series of impressive and disappointing price movements. From October 2002, Netflix saw a significant spike from a low of $0.3464 to a peak of $5.64 in February 2004, marking a massive 1,528% rally in less than two years.
After reaching the top at $5.64, Netflix underwent a major correction, dropping to a low of $1.32 before eventually recovering. However, the stock failed to reclaim its previous high for five years. During this period, Netflix faced consolidation, which raised concerns among investors.
However, when Netflix eventually broke out in December 2008, the resulting price surge led to a massive rally to $43 by July 2011. Since February 2008, Netflix has surged by 18,563%, currently trading at $754.68.
EGRAG’s analysis suggests that XRP is currently following a trajectory similar to Netflix’s. Specifically, comparing the data indicates that XRP’s current price position mirrors Netflix’s price level in February 2008, when doubts arose during an extensive consolidation phase.
To provide further context, XRP witnessed a similar spike to Netflix’s from October 2002 to February 2004 when it rallied from January 2017 to January 2018. XRP also experienced a similar correction to what Netflix went through afterward. Now, XRP is facing a similar consolidation trend.
If XRP continues to track Netflix’s trajectory, its price could experience a rally in the coming months. To put things into perspective, if XRP recorded the same 18,563% rally that Netflix observed since February 2008, it would reach $95.7. However, it’s important to note that this could take years to materialize.
Please note that this content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
