The Block Bull, a prominent market analyst, is now foreseeing a staggering 6,000% surge in XRP’s value in the coming weeks, based on a doji candle formation spotted on the XRP/BTC weekly chart.
This assessment comes in the midst of a consolidation phase observed in the XRP/BTC chart. The ratio had previously plunged by 77.7%, dropping from its peak of 0.00002970 last July to a low of 0.00000662 in June of this year. This decline occurred as Bitcoin reached new highs while XRP’s growth remained subdued.
XRP Forms Doji Amid Consolidation Against BTC
However, with the current downtrend in Bitcoin’s surge coming to a halt, the XRP/BTC ratio is now consolidating. Within this consolidation period, the ratio formed a dragonfly doji candlestick on the weekly timeframe.
For those unfamiliar, a doji candlestick appears when an asset’s opening and closing prices are nearly identical, resulting in an extremely small or non-existent body for the candle. In the preceding weekly candle, the XRP/BTC pair opened at 0.00000758 and closed at 0.00000751, thereby forming the doji candle.
Such candlesticks typically signify market indecision, where neither buyers nor sellers exert dominance. However, The Block Bull interprets this as a signal of an imminent price surge, drawing parallels from historical patterns. He emphasized that the last occurrence of a doji candlestick preceded an expected rally in XRP within eight weeks.
A 6,000% Surge Expected Within 8 Weeks
The analyst predicts a monumental 6,000% increase in XRP’s price relative to Bitcoin following the formation of this doji candlestick. Historical data suggests this surge could materialize within an eight-week timeframe. Currently, the XRP/BTC ratio stands at 0.00000758, with XRP trading at $0.4199.
A 6,000% rise in the ratio would propel it to 0.00046238. This would translate to an XRP price of $25.6 assuming Bitcoin’s price remains relatively stable. However, it is improbable for BTC to remain stagnant; any rise in Bitcoin’s value would further elevate XRP’s potential value at a ratio of 0.00046238.
Other analysts have also projected XRP to outperform Bitcoin in the forthcoming months. In the previous month, Alex Cobb anticipated an XRP/BTC spike to 0.0006, which would correspond to an XRP price of $36. Similarly, in March, analyst Dark Defender suggested that XRP could reach $14.61 if the XRP/BTC chart revisits its peak.
Notably, XRP and Bitcoin exhibited comparable performance trends over the past week, both experiencing declines amidst bearish market conditions. However, according to data from CoinMarketCap, XRP marginally outperformed BTC, recording a 12.1% decrease compared to BTC’s 12.58% decline within the same period.
Disclaimer: This article serves informational purposes only and should not be construed as financial advice. The opinions expressed herein reflect the author’s perspective and do not necessarily represent the views of The Crypto Basic. Readers are strongly advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.