Market analyst Steph suggests that without exception, all XRP holders will become millionaires, citing a historical bullish move from 2017.
The latest commentary comes amid the ongoing market turbulence that has triggered a pullback in asset prices. Notably, XRP itself has been one of the biggest victims, crashing massively to a new yearly low of $1.76 on Monday, Feb. 3, before witnessing a quick rebound above $2.
Despite the rebound, XRP is still suffering losses over the past week, with a 22% decline. However, market analysts like Steph believe the recent pullback is a natural market occurrence and does not impact XRP’s long-term bullish potential.
XRP Still Has More Growth Room, Aligning with 2017 Run
Steph implied this in his latest market analysis, sharing a monthly chart to drive home his point. On the chart, the market analyst pointed to XRP’s price movements during the 2017/2018 bull run, the most referenced period in XRP history.
For context, XRP underperformed at the start of the bull run then, which began in Q4 2016. However, from early 2017, the asset witnessed a massive turnaround, registering three consecutive bullish monthly candles from March to May 2017. Within this timeframe, XRP soared by a whopping 802%.
XRP 1M Chart | Steph is Crypto
Steph suggests that the asset is following a similar price trajectory in the ongoing bull run. Notably, XRP has also witnessed a similar price appreciation over the past few months, soaring 568% from $0.5089 in November 2024 to a peak price of $3.4 in January 2025.
According to Steph, so far, XRP has only registered half of its potential upsurge, reminiscent of the rally recorded in 2017. The market analyst is confident that a second uptrend is on the horizon, which could allow XRP to fully trace the path from its 2017/2018 bull run.
Steph believes this event would eventually make “all XRP holders” millionaires, without any exceptions. Notably, data from the XRP Rich List resource shows that the majority of XRP holders, about 2.499 million, hold between 20 and 500 tokens.
XRP Rich List
For a 20 XRP bag to be worth $1 million, XRP would need to hit $50,000 per token. Whereas, the asset’s price would have to reach $2,000 per token for a 500 XRP balance to be worth $1 million. However, Steph’s commentary is likely a symbolic iteration of how much XRP’s rally would impact investors’ holdings, but this remains uncertain.
Has the 2017 Fractal Broken?
Meanwhile, a closer look at the analyst’s chart shows that XRP appears to be deviating slightly from the 2017 path due to the recent correction that saw it collapse below $3. Interestingly, another market watcher Dom suggested this in a previous report, asserting that XRP is no longer following the 2017 fractal.
$XRP
In my opinion, 2017 is now irrelevant
I see many trying to pinpoint comparison to 2017 still, I think it’s a waste of time
The fractal has broken. We are in a new era and game now…
Sometime the rear view helps, but not anymore IMO pic.twitter.com/03ePoONaNV
— Dom (@traderview2) February 4, 2025
Now, it remains to be seen if the asset will correct itself to align with the 2017 trajectory in the coming weeks or if it has indeed created a new path. Nonetheless, even if the latter plays out, this does not validate XRP’s potential for further upside. At press time, XRP changes hands at $2.44, down 3.95% over the last 24 hours.
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