EGRAG recently engaged in a discussion about the price movement of XRP against Bitcoin, making a prediction about a potential surge in the XRP/BTC ratio that could lead to an ambitious target for XRP.
In the most recent analysis, the market commentator drew attention to a support zone called the “YOLO Band,” which serves as a launching pad for XRP/BTC. The name, derived from “You Only Live Once,” signifies the opportunities and risks associated with this price level.
The YOLO Band, highlighted in yellow on the chart, is an area where previous cycles have experienced turning points. Currently, XRP/BTC is testing this zone, and EGRAG notes that a close below 0.00000667 would be bearish. However, an upward breakout carries significant potential.
Currently, the pair is trading near 0.000008, slightly below the important 0.00001 mark that EGRAG identifies as a potential launch point. XRP previously tested the 0.00001 level in late September but faced strong selling pressure that prevented a breakthrough. According to the analyst, crossing this range would require a substantial surge, referred to as a “megathrust move.”
In an attempt to forecast XRP’s future movements, EGRAG also examined historical market cycles. The analyst refers to three distinct cycles: Cycle A, Cycle B, and Cycle C. Cycle A, which took place from July 2014, featured consecutive bullish candles. Cycle B is notable for a massive green candle known as the “Mega God Candle,” which propelled XRP/BTC to a peak of 0.000245 in May 2017. Cycle C represented a phase where XRP/BTC experienced a sharp rally, with the ratio spiking to 0.00003909 in May 2021.
EGRAG suggests that the current market setup resembles these past cycles, particularly Cycle C, which saw a powerful candle. This implies that XRP/BTC is preparing for another breakout, potentially leading to a ratio of 0.000022 in the near future.
EGRAG’s chart indicates that XRP is currently trading within a descending channel. The analyst believes that once XRP/BTC breaks out of this channel, it could reach 0.00017, signaling a significant price rally for XRP.
If this were to occur, EGRAG outlines the potential price of XRP based on Bitcoin’s value. If Bitcoin reaches $70K while the XRPBTC pair is at 0.00017, XRP could reach $12, setting a new all-time high. Furthermore, if Bitcoin surpasses $70K and achieves a new all-time high at $100K, XRP would reach a price of $17 at the XRPBTC ratio of 0.00017. If BTC reaches $130K, the ratio would push XRP to a $22 price. Similarly, at a Bitcoin price of $160K, XRP would be valued at $27. EGRAG has previously predicted a rise to this price level in previous analyses. Finally, if Bitcoin reaches the recently set target of $200K by Bernstein analysts, the price of XRP would hit $34 at the 0.00017 XRP/BTC ratio.
Despite the potential for upside, EGRAG also warns that a failure to hold the 0.00000667 mark could indicate bearish momentum. A close below this threshold might signal a deeper retracement for XRP/BTC.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
