Analyst Report: XRP Pattern Repeat Predicted to Spark Massive Price Surge
Crypto analyst Blockchain Backer has drawn attention to a historical XRP pattern that led to a 1,252% rally in 2017. In a recent analysis, On his official X account, he highlighted the TOTAL/XRPUSD chart, which tracks the performance of the total crypto market cap against XRP’s price.
The chart indicates three scenarios: the total crypto market is rising while XRP is dropping, XRP is increasing but the total market cap is surging faster, or XRP is falling at a higher rate than the total crypto market cap.
Since July 2023, the chart has shown an increase, signifying XRP’s persistent underperformance compared to the overall market. This underperformance intensified as XRP collapsed from its $0.93 high in July 2023, amidst a bullish market that saw Bitcoin secure a new all-time high.
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XRP Might Go Bullish
However, the recent surge in the TOTAL/XRPUSD ratio, which surpassed the historically extreme 5 trillion mark, suggests a possible turnaround in XRP’s underperformance. Analysts noted a bearish divergence and a bearish flip in the ratio’s weekly RSI and MACD indicators, indicating a potential end to the rise in the ratio.
Historically, when these metrics reached similar levels in 2017 and 2021, XRP outperformed the crypto market, culminating in a massive price spike. In 2017, XRP surged by 1,252% from $0.2448 to an all-time high of $3.31, and a similar rally occurred in 2021 when XRP spiked to $1.96 in April of that year.
Currently trading at $0.4942, XRP aims to reclaim and sustain above the psychologically important $0.50 level, with the potential for another repetition of bullish momentum based on historical patterns.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
