Analyst Sees 100% Rise for XRP Against Bitcoin, Identifies Trend to Watch on XRP/BTC Chart

In a recent post on X, CryptoInsightUK, a prominent market analyst, pointed out a crucial trend for XRP holders to monitor closely on the XRP/BTC chart for the next XRP price upsurge.

CryptoInsightUK focused the attention of his latest analysis on the XRP chart against Bitcoin, where specific indicators have been instrumental in indicating a potential surge in XRP’s price.

The analyst highlighted a grey zone on the weekly chart, which has signaled a bottom for the XRP/BTC pair. On the last two occasions when XRP entered this zone against BTC, and simultaneously, the weekly RSI hovered around the 33 value, it marked the bottom for the XRP/BTC pair. 

The grey zone sits at the 0.00001384 price territory. Notably, XRP has slipped back into this area, which could be an indicator of a bottom against Bitcoin. The historical correlation has led the analyst to propose a potential 100% rise for XRP against BTC amid the recent slip.

However, CryptoInsightUK’s analysis presents a cautious tone. The analyst acknowledges that while past instances have seen a significant rise, it is not an absolute signal. There have been instances where XRP observed more declines against BTC. 

Data from the accompanying chart suggests that this occurred in 2017 and 2021. In these scenarios of further dips, once XRP found its bottom against Bitcoin, the asset engineered a massive price surge. It rallied to $3.31 in January 2018 and $1.96 in April 2021.

Possibility of an XRP Break Below

However, the analyst expressed doubt about a break below the area unless there’s a substantial price surge in Bitcoin due to pivotal developments such as a potential approval of a spot ETF. This could lead to liquidity flooding the market. He urges investors to brace for impact if such an event occurs.

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Nonetheless, if such an upsurge in Bitcoin’s price does not occur, CryptoInsightUK expects altcoins to record massive price upticks in the near future, possibly accompanied by a positive move in XRP. 

Despite this looming trend, the analyst emphasized the historical tendency of XRP to initially lag the broader crypto market, with a reminder that the crypto token typically moves last but at an accelerated pace.

He advised market participants to look out for signs of discontent and complaints among investors regarding XRP’s price action, as it might be an indication that a significant move for XRP is approaching. Notably, XRP has witnessed a series of criticisms due to its recent underperformance.

The cryptocurrency currently trades for $0.5617 following a massive 9% drop in one hour today. Volatility has surged to its highest level in months, leading to $14.75 million in long liquidations, the highest intraday value in over four months, per data from Coinglass.

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• Source: https://thecryptobasic.com/2024/01/04/analyst-sees-100-rise-for-xrp-against-bitcoin-identifies-trend-to-watch-on-xrp-btc-chart/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-sees-100-rise-for-xrp-against-bitcoin-identifies-trend-to-watch-on-xrp-btc-chart