Analyst Foresees XRP Surge Against BTC, Aiming for XRP Above $6
In a recent analysis, cryptocurrency analyst Cryptobilbuwoo predicts a potential spike in XRP’s value compared to Bitcoin, which could result in a new all-time high for the altcoin. Drawing comparisons to XRP’s behavior in 2017, the analyst believes that the current patterns resemble those that led to a significant surge seven years ago. If these similarities hold true, Cryptobilbuwoo speculates that XRP could surpass the $6 mark.
Cryptobilbuwoo shared two charts illustrating the movement of the XRP/BTC pair from March 2017 to September 2024. In March 2017, XRP experienced a period of decline before forming a low-low (LL) structure. This phase marked a strong accumulation period, during which XRP consolidated against Bitcoin. Following the consolidation, XRP witnessed an impressive rally against Bitcoin, breaking out of the accumulation phase and reaching a new all-time high of $3.31 in January 2018.
The analyst notes that a similar structure appears to be forming currently. On the 2017 chart, once XRP broke through resistance levels and began its upward movement, the price soared rapidly, indicating robust momentum. The current 2024 chart shows XRP attempting to break through similar resistance levels, leading Cryptobilbuwoo to believe that XRP could experience a comparable “rise of the phoenix” moment.
Interestingly, the present chart indicates that XRP is currently in a phase of consolidation and rebound, which may signal a substantial upward trajectory akin to the one observed in 2017. Additionally, data from both charts reveals that the stochastic RSI shows an oversold signal during the consolidation phase of both 2017 and 2024. This suggests that buyers may soon regain control, potentially setting the stage for another significant price surge.
Cryptobilbuwoo predicts that if XRP experiences a spike similar to the one in 2017, the first target would be around $6.15, approximately 88% of its previous high in 2017. The analyst suggests that this price level would correspond to a target between 0.0001 and 0.00012 BTC. Considering the potential price range for Bitcoin, estimated by the analyst to be between $51,250 and $61,500, XRP could potentially reach even higher levels.