Cryptocurrency

Citing XRP Positive Correlation With Bitcoin, Analyst Predicts 48,025% Surge to $249

Cryptocurrency markets are known for their fast-paced nature, driven by bold forecasts and ambitious price projections. One prediction has recently stirred excitement within the crypto community. It suggests that XRP could experience a remarkable surge, reaching an astounding $249.

What makes this forecast intriguing is its foundation in a correlation with Bitcoin (BTC), the largest crypto by market cap. The prediction came from a pseudonymous crypto analyst, Oaksacorn, on TradingView. Oaksacron is no stranger to bold crypto predictions. This particular projection, however, has garnered exceptional attention.

Read Also: Analyst Predicts 40% XRP Price Drop, Community Reacts

Source: TradingView

Oaksacorn’s methodology revolves around analyzing historical data to establish parallels between the price movements of XRP and Bitcoin (BTC). Oaksacorn’s analysis begins by delving into Bitcoin’s 2015 cycle, a period marked by a substantial price upswing. He suggests that Bitcoin’s current trajectory resembles that of 2015.

The analysis shows that if Bitcoin continues along this path, it could reach $215,000 in one year by September 2024. This surge could also set the stage for a climb to $43 for XRP.

XRP at $249

The highlight of Oaksacorn’s forecast is the extrapolation it presents. If Bitcoin mirrors its 2015 to 2017 cycles, the analyst proposes that the flagship crypto could eventually reach $1,247,000. Extending this projection, the estimate for XRP becomes even more striking—a potential value of $249.

This ascent to $249 would mean an extraordinary 48,025% rally for XRP from its current value of $0.5174. While such a substantial increase naturally triggers skepticism among market participants, it’s essential to remember that the cryptocurrency market is renowned for its rapid price fluctuations. XRP recently experienced a price surge, and everyone is scrambling to find a reason.

Read Also: Analyst Lists 3 Events to Cause Another Massive XRP Price Uptrend, Ripple CTO Recently Hinted at Number 3

It is worth noting that Oaksacorn’s forecast isn’t purely speculative. The analyst employs a custom indicator named the CM Ultimate MA, developed by Chris Moody, a veteran analyst. This indicator uses advanced algorithms and moving averages to assess an asset’s price movements.

A red signal suggests a potential downtrend, while a green sign indicates an upward trajectory. However, there are significant challenges and skepticism surrounding this bold prediction. The cryptocurrency market is highly influenced by factors like market sentiment, regulations, and adoption trends, leading to rapid price fluctuations and making a rally like this difficult.

The captivating forecast is backed by solid technical indicators, Bitcoin’s price history, and behavior. However, investors are urged to take caution due to the inherent volatility in the crypto market.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Recent Posts

RCO Finance’s Token Presale To Enter Bonus Round in No Time, Here’s How You Can Join and Get 1000x Gains

RCO Finance's token presale is the season's opportunity, with impressive growth and profit opportunities. These…

5 hours ago

Projected Price When XRP Reaches Same Market Cap As Bitcoin (BTC)

In a recent tweet, crypto enthusiast CryptoBull highlighted a projection that if XRP were to…

7 hours ago

Explore These Top-Trending Coins! Qubetics Hits $2.3M with a 20% Final Phase Hike on the Horizon; Cardano Surges 49% and Algrand Targets $0.25

Imagine a world where managing digital assets feels as simple as scrolling through your favourite…

8 hours ago

Investors Target New Prop Firm Coin FXGuys ($FXG) For Its Higher Profit Margin Than Ethereum And PEPE

Crypto investors are targeting FXGuys ($FXG), a DeFi prop trading company, after data shows that…

10 hours ago

Next-Gen Gamified Launchpad LaunchPunks Goes Live with Ghosty Cash

Valletta, Malta, 18th November 2024, Chainwire

10 hours ago

Binance Research Says 97% of Meme Coins Have Flopped: 5 Utility Tokens Smart Investors Are Hoarding While Everyone Else ‘Gets Rekt’

Based on a recent Binance Research analysis, meme coins might be a far riskier investment…

13 hours ago