Ripple’s XRP, the native token of the XRP Ledger, has been on a rollercoaster ride throughout 2023 and 2024. Currently trading below $0.50, some analysts see a potential technical breakout and subsequent price surge on the horizon.
Cryptobilbuwoo highlights a recurring pattern on the XRPBTC chart, particularly the one observed in 2017. This pattern involved a downtrend in the ratio, followed by a surge, a correction, and another significant increase. In March 2017, the XRPBTC ratio reached a low, and subsequently, XRP significantly outperformed Bitcoin, with the ratio climbing over 5,000%. This was followed by a correction and another rise in the ratio coinciding with XRP reaching its all-time high of $3.31 in January 2018.
Cryptobilbuwoo, a prominent crypto analyst, believes historical trends on the XRP/Bitcoin (XRPBTC) weekly chart suggest a potential price explosion for XRP. This ratio reflects XRP’s performance relative to Bitcoin. When the ratio increases, it signifies XRP is outperforming Bitcoin.
Intriguingly, the XRPBTC chart currently exhibits a similar sequence of technical indicators observed in 2017. Cryptobilbuwoo anticipates a breakout from this downtrend, followed by a correction similar to the historical pattern. Projecting a parallel to the 2017 price movement, he expects a subsequent surge that could propel the XRPBTC ratio to a level that, considering Bitcoin’s current price, could translate to an XRP price of approximately $36.6.
Supporting this bullish outlook is market analyst Tylie Eric. Eric argues that XRP has met the technical conditions to reach $36. Notably, the Commodity Channel Index (CCI) suggests XRP might be oversold, potentially priming it for a price rebound.
Also Read: XRP Ledger poised for 1000s% surge? Analyst touts Speed, Partnerships & Post-Lawsuit Boom
While the cryptocurrency market remains volatile, technical analysis suggests a potential breakout for XRP. Analysts point to historical chart patterns and oversold indicators as evidence for a possible price surge. If these predictions materialize, XRP could experience a significant increase in the coming months.
However, it’s crucial to remember that cryptocurrency markets are inherently unpredictable, and investors should always conduct thorough research before making any financial decisions.
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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