According to a recent analysis by top crypto market watcher Dark Defender, XRP sets sail to outperform Ethereum (ETH) by five times.
Dark Defender’s latest analysis leverages the Elliott Wave Theory and considers XRP’s price movements against Ethereum on the monthly timeframe. The analysis is a follow-up to his earlier posts on the current situation of the XRP/ETH market.
Previous Analyses
His first analysis in this series was in mid-July after XRP rallied to the $0.93 high on the back of the lawsuit victory. Dark Defender confirmed that this XRP price spike allowed the asset to break above a long-standing five-year resistance on the XRP/ETH chart.
The analyst emphasized that XRP had begun flipping Ethereum as he drew five Elliott Waves on the weekly chart. XRP had already completed the first two waves and was on track to complete the third wave, which would see it outperform ETH by a large margin.
However, Dark Defender’s second analysis, which came up in August, projected a drop for XRP to see the asset back-test the resistance point it broke in July. XRP underperformed in August, correcting the gains of July 13. Amid this bearish trend, the asset dropped against ETH.
Dark Defender noted that XRP would retest the previous resistance point and flip it into support before rallying further. He called attention to a green signal on the chart, asserting that it indicates that XRP would continue to appreciate against ETH in the long term.
XRP to Outperform ETH by 5x
In the latest analysis, the chartist confirmed that XRP had completed the back-test against ETH. Notably, the asset successfully retested the resistance and turned it into a support point.
Dark Defender believes XRP would now follow the third Elliott Wave, leading to a rapid surge against ETH. According to him, XRP would increase five times more than Ethereum. This would bring the XRP/ETH pair to a value of 0.001764.
This does not mean XRP will rally five times on its own; it only tells the asset will surge five times more than ETH. If ETH rises 2x, XRP will soar by 10x; if ETH surges 3x, XRP will increase by 15x.
Interestingly, regardless of the rate, should XRP soar five times more than ETH, it would still not overtake ETH in the market cap. A five times increase would take XRP’s market cap from $27.4 billion to $137 billion at $2.5 per XRP. This is still below ETH’s $195 billion valuation.
Disclaimer: This content is informational 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 Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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