XRP Price Poised for Breakout Against Bitcoin (BTC), Analysts Predict

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.

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.

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).

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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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.