A market analyst expects XRP to outperform Bitcoin in a surge to an XRPBTC ratio of 0.0006040, which aligns with XRP price at $36 if BTC remains fairly stable.
Alex Cobb, a market commentator and prominent member of the XRP community, drew the public’s attention to this expert opinion. Notably, the analysis was provided by Cryptobilbuwoo, a notable chartist who has maintained that XRP could perform impressively during the ongoing bull market.
#XRP will repeat
Faces will be melted
Few…. pic.twitter.com/PyvbRNOfBu
— Cobb (@AlexCobb_) June 25, 2024
In this report, the analyst identified market trends on the weekly XRPBTC chart that point to an imminent breakout. Notably, the XRPBTC chart tracks XRP’s price performance against Bitcoin. When the ratio rises, it indicates that XRP is performing better than Bitcoin. However, if the ratio drops, it shows that Bitcoin is performing better than XRP.
XRP’s Rollercoaster Ride Against Bitcoin
This ratio observed an impressive spike in the week leading to July 16, 2023. This was due to the XRP price surge to $0.93 on July 13 in the wake of Judge Analisa Torres’ ruling. The ratio rose to a two-year peak of 0.00002970 before witnessing a sharp drop.
As XRP corrected the July 13 gains in the following months, this ratio continued to decline. Market data confirms that XRP has declined by 74.11% against Bitcoin since its peak in July 2023. Consequently, the XRPBTC ratio has now collapsed to 0.00000768.
However, Cryptobilbuwoo believes a recovery for XRP is imminent, citing historical trends. Notably, he identified a confluence of patterns on the weekly chart that eventually led to XRP’s surge in 2017. These patterns involved a downtrend in the XRPBTC ratio, followed by a massive spike, a subsequent correction, and then a second spike.
Specifically, the XRPBTC ratio recorded a steep decline to hit a low of 0.00000476 in March 2017. It then recovered as XRP outperformed BTC, surging 5,055% to 0.0002454 in May 2017. The ratio saw a massive correction after this, and then spiked again to 0.000229 in January 2018 when XRP hit an ATH of $3.31.
XRP Could Target $36
This series of price movements came up after a bullish divergence and bearish divergence popped up on the weekly chart. Interestingly, the chart has now witnessed this series of divergence patterns amid the current market conditions.
The repetition of the patterns coincided with the ongoing drop in the XRPBTC ratio, a trend observed in 2017. Cryptobilbuwoo now projects a breakout from this downtrend and then a subsequent correction. Projecting a repeat of the 2017 pattern, he expects a second spike to take the XRPBTC ratio to 0.0006040.
Bitcoin currently trades for $60,600 at the reporting time. If it maintains this price, an XRPBTC ratio of 0.0006040 would lead to an XRP price of $36.6. However, Bitcoin is likely to trade at a higher value then. This would in turn result in a much greater price for XRP at the XRPBTC ratio of 0.0006040.
Interestingly, market analyst Tylie Eric also predicted XRP to reach $36, arguing that the token has ticked all boxes to hit this level. Meanwhile, XRP has continued to battle the bears below the $0.50 price. However, with its Commodity Channel Index (CCI) currently at -116, XRP could be oversold and primed for a recovery.
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