A group of three prominent cryptocurrency analysts have identified a potential surge in the price of XRP against Bitcoin, describing it as a “life-changing” opportunity. While Bitcoin has traditionally influenced the broader crypto market, not all altcoins consistently follow its movements. In recent times, XRP has deviated from Bitcoin’s trajectory, resulting in Bitcoin outperforming XRP since July 2023. This has led to a 70% decline in XRP’s price against Bitcoin since July 13, when it reached $0.93 following a favorable ruling in the Ripple vs. SEC case.
As XRP faced a correction from its high of $0.93, its price against Bitcoin continued to decline. Additionally, during the market uptrend between October 2023 and March 2024, Bitcoin rallied significantly more than XRP, further exacerbating XRP’s collapse against the premier cryptocurrency. This underperformance trend has been observed since XRP dropped from its all-time high of $3.31 in January 2018, as confirmed by market analyst EGRAG.
EGRAG emphasized the importance of the 0.00001 BTC resistance level on the XRP/BTC 2-week chart in his analysis. The last time XRP traded above this level was on March 11, reaching a high of 0.00001031 BTC before experiencing a slight drop. However, XRP failed to recover this level since then. EGRAG cautiously remains optimistic about an XRP breakout against BTC until there is a 2-week close above the 0.00001 BTC zone.
Interestingly, EGRAG identified a significant support zone between 0.00004 and 0.00007 BTC, referred to as the YOLO Band. He pointed out that when XRP dropped to this band in 2017, it subsequently experienced a 45% drop against BTC before witnessing a significant price surge that led to its all-time high of $3.31.
EGRAG believes that a similar 45% dip against BTC is about to occur, presenting a life-changing opportunity for investors to buy XRP. However, he clarified that this dip would be a result of Bitcoin skyrocketing rather than XRP collapsing.
Another crypto analyst, JD, made a similar argument using different patterns. JD’s chart shows that XRP has been underperforming BTC since January 2017, forming a symmetrical triangle over the past seven years. Amidst recent steeper declines, XRP has retested the lower trendline of this triangle. JD sees this as a signal for a significant upward push, especially when combined with the formation of a hidden bullish divergence on the XRP/BTC 2-week chart and an imminent crossover of the RSI line above the MA line. JD expects the upcoming move against BTC to be “life changing.”
In a similar vein, 5.0 Trading, a crypto trading account, expressed bullish sentiments, noting that XRP recently surpassed its downtrend against Bitcoin on the daily chart. Over the past two days, XRP has outperformed BTC, with a 9% increase. Currently, the XRP/BTC chart is trading at 0.0000891. 5.0 Trading predicts a fourfold rise for XRP against Bitcoin, as the sustained uptrend helped XRP breach the daily downtrend. XRP is currently trading at $0.5136, remaining stable over the past 24 hours.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.