Crypto market analyst EGRAG has projected a potential XRP rally to $9.6, following the disclosure of XRP’s largest impulse of 5,200% against Bitcoin (BTC).
CryptoInsightUK, another prominent market analyst, initiated the recent discussion in a post on X. The analyst shared an XRP/BTC chart on the monthly timeframe. CryptoInsightUK essentially analyzed XRP’s performance against Bitcoin over the past few years.
Data from the chart reveals that XRP has largely been underperforming against Bitcoin this year. However, this setup is not unique, as CryptoInsightUK also called attention to a similar structure in the months leading to XRP’s meteoric rise from 2017 to 2018.
XRP/BTC: Historical Data
Notably, XRP recorded a massive slump against BTC from September to November 2015. Within these three months, XRP’s value vs. BTC plummeted 67.5%, with the XRP/BTC pair dropping from 0.00003430 in September 2015 to 0.00001113 in November 2015.
This collapse was mainly due to a drop in XRP’s value rather than a surge in Bitcoin’s price, as BTC only maintained a fair uptrend. However, following the decline, XRP mounted a comeback.
Amid this comeback, the XRP/BTC pair remained stable, caught in an extended consolidation that lasted for months despite BTC recording a more substantial run in the following months. The pair recorded a mild downtrend that showed BTC outperformed XRP but did not observe a substantial decline.
XRP eventually flipped the trend in early 2017, outperforming BTC. Remarkably, XRP gained approximately 5,200% from March 2017 to May 2017, as the XRP/BTC pair soared to an all-time high of 0.00024. The chart witnessed another decline as BTC registered a resurgence.
A Similar Setup
In CryptoInsightUK’s chart, he pointed out a consolidation structure similar to the one in 2016/2017. Nonetheless, this structure appears to be longer, starting from September 2019 up to this month. The analyst confirmed that this setup is more bullish than the one in 2016 to 2017.
CryptoInsightUK also emphasized that the monthly Relative Strength Index (RSI) is moving upward. This indicates the growing strength of the bulls. While CryptoInsightUK failed to give a price prediction, EGRAG replied with a projection.
In his forecast, the analyst considered a Bitcoin price of $40,000. He noted that if XRP surges back to the 0.00024 high of May 2017 and BTC traded at a price of $40,000, this would bring XRP’s price to $9.6.
0.0024 times 40k= 9.6-10$ ?
— EGRAG CRYPTO (@egragcrypto) November 26, 2023
CryptoInsightUK confirmed that this projection was “perfect for the range,” suggesting his affirmation of the price forecast. Currently, the XRP/BTC pair trades for $0.00001626, with XRP changing hands at $0.6026.
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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