XRP might have one of the few bullish charts in the crypto market right now, according to crypto trading platform Sistine Research, which predicts XRP will outperform Bitcoin (BTC) with a rally to $1.5.
Sistine Research disclosed this in a recent post on X, calling attention to the weekly XRP chart. The chart features the formation of a broadening pattern which began in May 2022 and has persisted until now.
Data confirms that XRP broke above a multi-year descending trendline when it rallied in July. However, amid the correction, the asset retested the trendline but has hedged against any drops below it.
The trading platform predicts further declines for XRP to the lower ends of the $0.40 mark, followed by a rapid surge. Their projection sees XRP rallying to the $1.5 price territory. Reclaiming this price point would necessitate a 204% increase for XRP from the current price of $0.4928.
A Deeper Dive
However, this bullish prediction was met with skepticism from the broader crypto community. Sistine Research dived deeper in a subsequent post to drive home the point, comparing XRP’s movements with charts from Bitcoin and Dogecoin.
According to the trading platform, the broadening wedge formed by XRP suggests that the asset is witnessing an upward accumulation pattern. They noted that this shows an increasing willingness among buyers to continue pumping demand at higher prices.
Notably, the chart features two XRP price surges this year: the rally to $0.5848 in March and the spike to $0.93 in July. Sistine Research pointed out that the July rally, representing the most recent surge, is higher than the March rally.
According to them, the fact that the latest rally is bigger indicates that the bulls are willing to keep procuring XRP at higher prices as they push the price up. In addition, sellers are waiting for the price to go up before selling instead of selling at lower prices.
XRP Compared to BTC and DOGE
They contrasted XRP’s current situation with Bitcoin’s performance in 2018. Interestingly, Bitcoin observed lower highs and a series of similar lows, forming a descending triangle. BTC eventually broke below the support of the lower trendline.
Pristine Research emphasized that the bulls kept getting weaker in Bitcoin’s 2018 chart, resulting in the lower highs. Additionally, they stressed that sellers willingly sold at lower prices upon any slight price rise, signaling a lack of confidence.
Besides the 2018 movements, Bitcoin’s current price action still falls short compared to XRP, according to Pristine Research. The platform highlighted the XRP/BTC chart, suggesting an imminent breakout for XRP to the highs of 2018. However, the possibility of a downward slope remains.
Furthermore, the platform asserted that barring fundamentals, XRP’s current chart remains bullish, especially compared to other assets, such as Dogecoin. Notably, the Dogecoin chart indicates a trend of buyer exhaustion.
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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