XRP is poised for a parabolic move against Bitcoin, according to analyst Mickle. Through an analysis of the historical trajectory of the XRP/BTC pair, Mickle has noticed a consistent pattern wherein XRP outperforms Bitcoin after hitting a bottom. He highlighted a few instances in the past to support this claim, such as the significant gains XRP made against Bitcoin in 2014, 2017, and during the 2020 bearish cycle.
Recently, XRP hit a new bottom against Bitcoin in June 2021. Market observers believe that this recurrence of a low price indicates that XRP may be on the verge of another explosive gain, similar to previous instances. On the weekly timeframe, XRP has been consistently showing positive movement against BTC since hitting the bottom, currently up 5% over the past day.
This pattern in the XRP/BTC pair has not gone unnoticed, as other analysts have also identified it. Market watcher Moonshilla has recognized a quadruple bottom in the pair and argues that various indicators point to a significant surge in XRP’s price. Moonshilla believes that XRP could potentially reach $100 or more, presenting a highly favorable risk-to-reward ratio.
While Mickle did not provide a specific target for XRP, Moonshilla’s ambitious outlook suggests that XRP’s market capitalization could reach around $6.5 trillion. In comparison, Bitcoin would need to increase by six times, reaching around $350,000, to maintain its position without being overtaken by XRP.