While Bitcoin (BTC) remains the undisputed king of cryptocurrencies, its dominance doesn’t always dictate the fate of altcoins. XRP, a prominent player in the altcoin market, has recently exhibited a trend of deviation from Bitcoin’s movements. This has sparked the interest of several crypto analysts who anticipate a significant upswing for XRP against Bitcoin.
XRP noticeably broke its correlation with Bitcoin in late November 2023. However, this analysis goes deeper than that, as XRP has shown a history of not matching Bitcoin.
Read Also: Top Analyst Identifies Three Things To Precede XRP Parabolic Move
A History of Underperformance
Data suggests a longer-term trend of XRP underperforming compared to Bitcoin. Analyst EGRAG CRYPTO (@egragcrypto) highlights this in a recent analysis, showcasing a chart that reveals this underperformance stretching back to XRP’s all-time high in January 2018. This extended period has seen XRP struggle to keep pace with Bitcoin’s price surges.
EGRAG CRYPTO’s analysis dives deeper into the XRP/BTC trading pair using a 2-week chart. He emphasizes the significance of the 0.00001 BTC level as a key resistance point. The last time XRP surpassed this level was in March 2024, reaching a high of 0.00001031 BTC before a slight decline.
#XRP / #BTC YOLO Band – YOU ONLY LIVE ONCE (UPDATE):
I'm cautiously optimistic about the #XRP / #BTC move unless we close above 0.000010.
Back in 2017, we saw a bounce from the YOLO Band first, followed by a 45% dip, which turned out to be a life-changing buying opportunity.… https://t.co/HtbZnlJeI0 pic.twitter.com/yNxZ2BQPq7
— EGRAG CRYPTO (@egragcrypto) May 1, 2024
A Potential Life-Changing Opportunity
EGRAG CRYPTO expresses optimism regarding a potential XRP breakout against Bitcoin. He suggests that a crucial factor for such a breakout would be XRP decisively closing above the 0.00001 BTC level on the 2-week chart. Interestingly, EGRAG identifies a support zone between 0.00004 BTC and 0.00007 BTC, which he calls the “YOLO Band.”
Here, EGRAG draws a parallel to a similar price dip experienced by XRP in 2017. Back then, a drop into the YOLO Band preceded a significant price surge that culminated in XRP’s all-time high.
The analyst believes a similar scenario could unfold, with a potential 45% decline for XRP against Bitcoin, followed by a substantial upswing. However, he clarifies that this decline would be driven by a surge in the price of Bitcoin (BTC).
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Expert Proves That Increased Supply Is Not Cause of XRP Price Underperformance
Supporting the Bullish Outlook
EGRAG isn’t the only analyst predicting a positive turn for XRP. JD (@jaydee_758), another prominent analyst, utilizes chart patterns to bolster the bullish sentiment. JD’s analysis focuses on a 7-year symmetrical triangle formed on the XRP/BTC chart since January 2017. The recent steeper declines for XRP have resulted in a retest of the triangle’s lower trendline.
JD interprets this retest as a bullish signal, particularly when combined with a hidden bullish divergence and an imminent crossover of the RSI line above the MA line. JD emphasizes that this confluence of factors suggests a potentially “life-changing” move for XRP against Bitcoin. Other analysts have expressed confidence in a surge, and XRP could climb significantly soon.
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