XRP has been underperforming against Bitcoin for quite some time, but recent analyses suggest that this trend may be changing.
According to market analyst EGRAG Crypto, XRP has finally reached a bottom against Bitcoin. This occurrence has triggered optimism among XRP investors who look forward to a potential price surge.
A Look at the XRP/BTC Pair
With an accompanying chart, EGRAG showed the long-term performance of XRP against Bitcoin, stretching back several years.
In his initial analysis, EGRAG highlighted what he called the “Atlantic & Pacific Line,” drawing an analogy to the meeting point of two different oceanic bodies that do not mix. He used this metaphor to describe two distinct targets on the chart.
The lower target, set at 0.00000500 BTC, represented what EGRAG called the bottoming point for XRP in its macro view against Bitcoin. This level marked the lowest point XRP could reach relative to Bitcoin. Notably, from this base, the only direction is upwards.
Meanwhile, the second target was 0.00013000 BTC. EGRAG set this target much higher, corresponding to a previous all-time high for XRP against Bitcoin. The initial analysis suggested that XRP could first drop to the 0.00000500 BTC low before recovering to 0.00013000 BTC.
After the May analysis, XRP continued to drop against Bitcoin, a trend that persisted since Q4 2023. Despite Bitcoin also facing a correction, the sharp collapse of the XRP/BTC ratio since then confirmed that XRP’s rate of decline was much harsher than Bitcoin’s due to greater volatility.
XRP and Bitcoin Targets
In his recent update, EGRAG confirmed the formation of a bottoming structure on the XRP/BTC chart following the drop.
🌊 #XRP / #BTC Atlantic & Pacific Line (UPDATE) 🌍
Check out the post from May 27, 2024!
🔗 Link to Post https://t.co/gdFkGQ8M8WA bottoming structure has formed, and it's only a matter of time until the final explosion! 💥#XRPArmy, STAY STEADY! Q4 will be the ignition stage!… https://t.co/mwWMqJVhHl pic.twitter.com/wHoFcfIGK5
— EGRAG CRYPTO (@egragcrypto) August 29, 2024
He believes this structure indicates that XRP is preparing for a significant upward movement. The analyst suggests that the fourth quarter of the year will be a critical period for XRP. This period could potentially mark the “ignition stage” for this anticipated rally.
He then set ambitious price targets for both Bitcoin and XRP, with the 0.00013000 BTC target in sight. If XRP reaches the upper target of 0.00013000 BTC, and assuming Bitcoin’s price hits certain milestones, XRP could see substantial gains.
For instance, if Bitcoin reaches $80,000, XRP could be valued at around $10.40. This valuation only grows more lucrative with higher Bitcoin prices, potentially reaching as high as $27.3 if Bitcoin itself hits $210,000.
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.
