Market analyst Block Bull (@TheBlockBull) has renewed the optimism of XRP investors by predicting a potential 6,000% surge in the XRP/BTC ratio within the next eight weeks. This prediction hinges on a Doji candlestick pattern on the XRP/BTC weekly chart.
Doji candlesticks are characterized by minimal price movement between the open and close, often appearing as a cross shape. In the context of the XRP/BTC chart, the Doji formation signifies indecision within the market. Neither buyers nor sellers could exert significant dominance during the week reflected by the candlestick.
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However, The Block Bull interprets this Doji pattern as a bullish indicator, citing a historical precedent. The analyst points to a previous instance where a Doji candlestick on the XRP/BTC chart foreshadowed a substantial price rally within eight weeks.
Block Bull’s Price Target
If Block Bull’s prediction materializes, the XRP/BTC ratio will surge from 0.00000758 to a staggering 0.00046238. Translating this ratio increase to XRP’s price against the U.S. dollar hinges on Bitcoin’s price stability.
At current prices, XRP would climb to just above $25, a potential 6,000% increase. However, if Bitcoin rises, XRP’s price will climb even higher based on the predicted 0.00046238 ratio.
It’s worth noting that XRP and Bitcoin have exhibited comparable performance over the past week, both experiencing declines due to prevailing bearish market sentiment. However, XRP has displayed a slight degree of outperformance compared to Bitcoin.
Data from CoinMarketCap reveals a 9.35% price decline for XRP over the past week, whereas Bitcoin has dipped by 9.47% during the same timeframe.
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Read Also: Analyst Says XRP Will Reach $250 This Cycle, States Key Factors
The Block Bull’s prediction isn’t an isolated case of optimism for XRP. JD (@jaydee_757), another prominent analyst on X recently analyzed technical patterns on the XRP/BTC chart showing how XRP could surge to 0.00012, placing XRP at $7.22.
Alex Cobb (@AlexCobb_), another prominent crypto analyst, forecasted a potential spike in the XRP/BTC ratio to 0.0006, translating to an XRP price of around $36.
The Doji candlestick formation on the XRP/BTC weekly chart has ignited hope among XRP investors, and many will hold on to Cobb’s 6,000% prediction for the digital asset. Only time will tell if XRP can reach this target.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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