An analysis has been raised that XRP is structurally in a position similar to about 14 years ago when bitcoin traded at $2.

On Jan. 16, blockchain media outlet The Crypto Basic reported that crypto analyst Steph on X said a chart he recently shared shows XRP, now trading in the low $2 range, is at a stage similar to when bitcoin hovered around $2 in 2012. He focused on the point that bitcoin was at the start of a full-fledged upcycle despite global finance's cynicism and rejection at the time.

Steph mentioned that after bitcoin entered the early stage of its 2012 to 2013 upcycle, it surged to about $1,242 in November 2013. He argued XRP could also now be in the opening stretch of a "parabolic expansion". XRP is holding around $2.

He cited as a similarity that XRP, like bitcoin in the past, is also facing market scepticism. He explained that as bitcoin was not trusted then, XRP is now receiving mixed assessments about real-world use and long-term value.

Some XRP supporters have argued that XRP can replace existing systems such as SWIFT in international remittances and payment infrastructure. By contrast, critical views have consistently countered that such expectations are merely an excessive narrative.

Steph said the debate itself is similar to what bitcoin experienced in the past, and he assessed it as one of the backgrounds that could allow XRP to build strong momentum in the future.

Still, the outlook is not an analysis based on clear data or on-chain indicators. The chart Steph presented includes a scenario in which XRP could rise by up to 56,000 percent, but questions have also been raised about feasibility given XRP's current market capitalisation.

Even so, XRP has a precedent of showing strong cycle gains in the past. From February 2017 to January 2018, XRP recorded a surge of about 55,000 percent.

Experts point out that rather than concluding XRP will repeat bitcoin's past trajectory 그대로, it is also necessary to consider that the market environment and asset scale have changed significantly.