XRP, the native token of RippleNet, has been on a rollercoaster ride against Bitcoin (BTC) in recent years. However, a prominent analyst is predicting a significant turnaround for XRP, with a potential price surge to $36.
Alex Cobb, a well-respected figure in the coin community, highlighted the analysis from Cryptobilbuwoo, a technical analyst known for his bullish stance on XRP during the current bull market. Cryptobilbuwoo’s prediction hinges on the XRP/BTC ratio, which measures coin performance relative to Bitcoin.
The analyst identified a pattern on the weekly XRP/BTC chart that suggests an imminent breakout. This ratio, which spiked in July 2023 following a surge in the XRP price, has since fallen dramatically. However, Cryptobilbuwoo believes a reversal is on the horizon, citing historical trends.
Echoes of 2017: A Bullish Pattern Emerges
The analyst draws parallels between the current XRP/BTC chart and the one observed in 2017, a period marked by a significant coin price increase. Back then, the ratio witnessed a sharp decline followed by a surge, a correction, and another spike. This pattern appears to be repeating itself now, with the XRP/BTC ratio currently experiencing a downtrend.
Cryptobilbuwoo expects a breakout from this downtrend, followed by a correction similar to the one observed in 2017. Projecting a repeat of the historical pattern, he anticipates a second spike that would push the XRP/BTC ratio to 0.0006040.
Translating the Ratio to a Price Target
At the time of writing, Bitcoin is trading around $60,600. If Bitcoin maintains this price, an XRP/BTC ratio of 0.0006040 would translate to a coin price of $36.60. However, with Bitcoin likely to appreciate further, the actual coin price could be considerably higher at that ratio.
This prediction aligns with other bullish forecasts for the coin. Analyst Tylie Eric also predicts a surge to $36, suggesting the coin is nearing a breakout. Despite currently trading below $0.50, XRP’s oversold status based on the Commodity Channel Index (CCI) could indicate a potential rebound.
Eyes on the Horizon
While the future remains uncertain, Cryptobilbuwoo’s analysis offers a compelling case for a significant coin price increase. XRP’s ability to outperform Bitcoin and reach the projected price target will depend on various market factors. However, the analyst’s insights provide a valuable perspective for coin investors and enthusiasts, keeping their eyes on a potential breakout on the horizon.
