XRP is making waves in the cryptocurrency market as it forms its third consecutive weekly bullish candle against Bitcoin. This pattern has caught the attention of technical analysts, with some predicting a potential 800% surge in XRP’s value against Bitcoin.
Since July 8, XRP has consistently outperformed Bitcoin. While Bitcoin has seen a respectable 22.54% increase in value, XRP has surged by an impressive 53.44%. This outperformance is reflected in the XRP/BTC pair, which has climbed from 0.00000755 BTC to 0.00000932 BTC in just two weeks.
Technical analyst Block Bull has drawn a striking parallel between XRP’s current price action and its performance during the 2017 bull run. He points out that XRP’s three consecutive weekly green candles mirror the initial stages of the 2017 rally, which culminated in a massive 800% surge against Bitcoin.
Although past performance is not indicative of future results, the similarity in chart patterns has sparked excitement among XRP investors. If history repeats itself, XRP could potentially reach a value of 0.00008388 BTC or $5.58 against Bitcoin.
Also Read: Kraken Completes Mt. Gox Distribution, Defying Bitcoin Sell-Off Predictions
While this prediction is based on technical analysis and historical patterns, it’s essential to approach it with caution. The cryptocurrency market is highly volatile, and past performance is not a guarantee of future results.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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