Analyst: XRP May Reach $14.6 if XRP/BTC Pair Regains All-Time High with Bitcoin at $60K
Renowned market analyst Dark Defender has recently shared insights suggesting that XRP could potentially reach $14.61 if the XRP/BTC pair surges to reclaim its previous record high from 2017 while Bitcoin (BTC) maintains a $60,000 price point.
The XRP/BTC market pair measures the performance of XRP in relation to Bitcoin, the dominant cryptocurrency. Currently, the pair has experienced fluctuations, with XRP underperforming Bitcoin during the ongoing market run.
Interestingly, data from the XRP/BTC monthly chart reveals that XRP has consistently dropped against Bitcoin for seven consecutive months since August 2023. This downward trend emerged after XRP outshined BTC in July 2023, following the significant ruling in the Ripple vs. SEC case.
Despite XRP’s 60% decline against Bitcoin since August, Dark Defender remains optimistic about its future prospects and anticipates that the altcoin will outperform BTC as the market cycle progresses.
In the analyst’s recent analysis, Dark Defender highlighted that XRP has reached its ultimate support against Bitcoin after the seven-month slump. Currently, this support level sits at 0.00000914, aligning with an orange trendline that has consistently demonstrated resilience against sharper declines over the years.
Dark Defender expects XRP to appreciate against Bitcoin from this support level, which would result in an upswing in the XRP/BTC pair. When asked about the potential extent of XRP’s growth if it reclaims its all-time high value against BTC, Dark Defender indicated that XRP could reach $14.61.
It is worth noting that the XRP/BTC pair achieved an all-time high of 0.00024351 in May 2017, during which XRP experienced a much greater surge in price compared to Bitcoin. At that time, BTC rallied 127% from $1,188 in March 2017 to a high of $2,698 in May 2017, while XRP skyrocketed by an astonishing 7,658% within the same timeframe.
Consequently, the XRP/BTC pair reached a record high of 0.00024351, with XRP trading at $0.4345 and Bitcoin at $1,784.
Now that Bitcoin has recovered and surpassed the $60,000 mark, XRP would need to trade at a significantly higher price than $0.4345 if it aims to reclaim its all-time high against BTC. Dark Defender emphasized that if BTC maintains a price of $60,000, XRP’s value would rise to $14.61 once the pair recovers the 0.00024351 high.
However, if Bitcoin were to surge to $100,000, as projected by some market veterans, XRP’s price would soar to $24 if the XRP/BTC pair successfully reclaims the 0.00024351 record high. Currently, the pair is trading at 0.00000941, with XRP exchanging hands at $0.6168.
Notably, XRP would need to rally by 2,268% to attain a price of $14.61 from its current level, and by 3,791% to reach $24. While XRP has experienced substantial price surges in the past, duplicating its previous performance is not guaranteed. Consequently, investors should approach the situation with caution.