The price of XRP has finally bottomed against Bitcoin (BTC) after a series of declines, with market analyst CryptoInsightUK pointing to an imminent 88% surge in the XRP/BTC chart.
“We are sitting at the bottom of the XRP/BTC range,” CryptoInsightUK remarked, sharing a chart detailing XRP’s price movements against Bitcoin over a weekly timeframe. Notably, the chart confirms that Bitcoin has largely outperformed XRP since July.
XRP’s Rollercoaster Ride Against BTC
XRP rallied by 59.28% against BTC in a week when it soared to a high of $0.93 upon the pivotal July ruling in the Ripple vs. SEC case.
This upsurge resulted in the XRP/BTC pair soaring to a new yearly high of 0.00002970 on July 13. The last time XRP traded at 0.00002970 BTC was last September.
However, XRP eventually collapsed from this high amid the following price correction. Since then, the token has underperformed compared to BTC.
Interestingly, XRP has recorded 20 weekly losses against BTC out of 22 weeks since mid-July. The altcoin has only witnessed two weekly gains.
The losses have been exacerbated since early November, as Bitcoin breaks above pivotal resistance points while XRP remains relatively stagnant.
As a result, XRP has collapsed to a low of 0.00001425 BTC, marking a 52% drop from the yearly peak and XRP’s lowest price against BTC since March.
XRP Finally Forms a Bottom
At this price, CryptoInsightUK believes XRP has bottomed against the firstborn cryptocurrency. This assertion suggests that XRP will likely stop recording further substantial dips against Bitcoin. The analyst thinks a price reversal could be on the horizon.
One of the factors contributing to this sentiment is the weekly RSI of the XRP/BTC chart. Notably, the RSI dropped to 35.97 at the time of reporting.
This value suggests that XRP is already slipping into an oversold position, hinting at an imminent reversal in price movements.
CryptoInsightUK asserts that this price reversal could see an XRP surge of 88.12% against BTC, leading to an XRP price of 0.00002782 BTC.
Bitcoin’s current price of $43,000 would bring XRP to a value of $1.196 against the dollar. However, it is doubtful for Bitcoin to remain stagnant at the $43,000 territory.
The market analyst posits that the 0.00002782 BTC price would be a major price resistance level for XRP, indicated with a resistance box. He notes that the XRP price could register a further 1,500% surge above BTC once the altcoin breaks above the box.
This rally would bring XRP to 0.00024605 BTC, translating to an XRP price of $10.5 at Bitcoin’s current value around the $43,000 zone.
XRP currently changes hands at 0.00001423 BTC, with its first resistance against a sustained upsurge currently at 0.00001533 BTC.
It bears mentioning that Bitcoin is up 4.28% over the last 24 hours, while XRP only sees a 0.93% increase. However, market watchers like CryptoInsightUK remain optimistic about XRP’s eventual upsurge, as witnessed during the 2018 bull run.