XRP could be approaching another major turning point, according to a veteran trader who previously anticipated its staggering 700% rally in 2024. DonAlt is once again leaning heavily bullish after identifying a rare market reaction that reminds him of the November 2022 FTX collapse.
Despite the latest crypto market shock surrounding the historic $6.3 billion Binance security incident, Bitcoin and other major assets have shown resilience rather than extending their losses. For the analyst, that unexpected strength is a compelling reason to believe the market could be setting up for another significant recovery.
DonAlt Turns Giga Bullish as Market Resilience Challenges the Bears
For trader DonAlt, it is becoming difficult to remain bearish because the market is showing unexpected resilience despite a major negative catalyst. The U.S. FBI confirmed that North Korea’s TraderTraitor hacking group was behind last week’s theft of over $6 billion from Binance, the world’s largest crypto exchange. Rather than triggering an extended sell-off, the reported Binance security incident has been followed by signs that buyers may be absorbing selling pressure.
Bitcoin showed resilience amid renewed market turbulence, holding near $77,900, while XRP remained relatively steady at around $1.25.
According to DonAlt, the current market behavior echoes what unfolded after the FTX collapse in November 2022. Bitcoin eventually bottomed around $16,000 following the crisis before embarking on a historic recovery that later carried it to $100,000. The analyst appears to see a similar opportunity in the market’s ability to withstand fresh negative headlines without triggering a deeper sell-off.
“Last time the market didn’t properly sell off after a huge event like this was the FTX collapse. When I saw the lack of follow-through, then I got giga bullish. And we subsequently went from 16k to 100k,” the trader posited . “Hard to be bearish here after having been given the same setup yet again.”
Is the Crypto Market Repeating Its November 2022 Playbook?
DonAlt also pointed out that a familiar market setup does not guarantee an identical outcome. Responding to an X user who questioned whether history would repeat itself, the trader stressed that nothing in the market is certain and that trading ultimately comes down to playing the odds.
The pundit explained that he liked the risk-reward opportunity in 2022 and sees a similarly attractive setup today. While the trade could still go against him, he believes taking such opportunities consistently offers a greater chance of making money over time.
The coming weeks could prove decisive in determining whether this bullish outlook holds up. If Bitcoin and other major cryptocurrencies hold up after the Binance incident is fully priced in, it could strengthen the argument that selling pressure has largely been absorbed. Attention may then turn toward tracking the stolen funds as investigators monitor their movement through crypto mixers. However, if prices eventually give way, the current resilience could prove to be only a temporary pause before another wave of selling.
