Blockchain Backer, a prominent Crypto YouTuber and market analyst, has highlighted a recurring XRP pattern that led to a remarkable 1,252% surge in 2017. This observation was shared in his latest analysis of XRP’s price movements in comparison to the broader cryptocurrency market. The analysis featured the TOTAL/XRPUSD chart, which tracks the total crypto market cap against XRP’s price.
The chart indicates XRP’s consistent underperformance in three scenarios: when the total crypto market rises while XRP falls, when XRP rises but the market cap surges faster, or when XRP falls at a higher rate than the total market cap. The chart has been on the rise since July 2023 when XRP dropped from its peak of $0.93 on July 13, 2023.
During the current bull market, where Bitcoin has achieved a new all-time high, XRP has not been able to keep up with the rest of the market. The TOTAL/XRPUSD ratio recently surpassed the historically significant 5 trillion mark, indicating a potential shift in XRP’s underperformance. The resistance at this level suggests a possible bullish flip for XRP. A bearish divergence in the ratio’s weekly RSI and a bearish flip in the MACD further support this theory.
The combination of these indicators suggests that XRP may soon outperform the market, leading to a decline in the TOTAL/XRPUSD ratio. Blockchain Backer highlighted similar patterns in 2017 and 2021 when XRP rallied against the market. In those instances, XRP recorded significant price spikes, such as the 1,252% surge from $0.2448 in December 2017 to $3.31 in January 2018.
A similar rally occurred in 2021 when XRP reached $1.96 in April. With history potentially repeating itself, XRP is poised for another bullish momentum. Currently trading at $0.4942, up 0.28% in the last 24 hours, XRP aims to reclaim and maintain the psychologically important $0.50 level.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not necessarily reflect The Crypto Basic’s views. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.