The XRP price is now managed to position himself above the psychological level of $0.6, such as the entire cryptocurrency market wobbles into bullish action in the past month. Popular crypto analyst Dark Defender has predicted an interesting price point for XRP, showing that the crypto could reach $14.61 if the XRP/BTC pair hits an all-time high.
XRP could skyrocket by 2,300%
Dark Defender’s recent analysis of XRP’s price trajectory is based on past performance against Bitcoin on the XRP/BTC pair. A deep dive into the XRP/BTC chart shared by the analyst on X reveals that XRP has been underperforming Bitcoin since mid-2023. XRP is down 60%. against Bitcoin since August 2023. Recent market dynamics have further exacerbated the underperformance against Bitcoin as Bitcoin continues to push against various price levels to reaching a new all-time record.
Interestingly, Dark Defender noted that the pair’s price action has now reached a support point that will determine XRP’s price trajectory in the coming months. The so-called support has the characteristics of the formation of higher lows since 2015 and is now at the 0.00000914 level.
The price chart noted a rebound from this support, signaling a breakout of epic proportions to the current high of 0.00024351. The last time a rebound occurred, XRP would outperform Bitcoin by over 5,000% in 2017 and early 2018. “It will be the awakening of six years,” the analyst said.
We had the Orange and the Green Arrows on the #XRP/#BTC couple.
We’ve reached support, Ultimate.
The #Purple Arrow is here.
It will be the awakening of 6 years.
Some can see it, and some can’t. pic.twitter.com/yyqhwjopiX
— Dark Defender (@DefendDark) March 6, 2024
When asked about an XRP price, Dark Defender clarifies that the The XRP/BTC pair only increases when XRP increases in value against BTC. In the scenario that BTC starts moving around the $60,000 price level, a rise in XRP/BTC to the 0.00024351 level would be associated with XRP reaching $14.61. In the scenario that Bitcoin reaches $100,000 and remains around this price level, XRP could trade for over $20 with the same all-time high on the XRP/BTC pair.
With XRP now trading at $0.6205, an increase to $14.61 and $20 would mark an increase of 2,250% and 3,120% respectively from the current price level.
Continued bullish sentiment for XRP price?
Other crypto analysts have predicted bullish price points for XRP in the near future. For example, crypto analyst Jaydee highlighted XRP break out of a six-year trendline that could signal further upside.
In another technical analysis using Elliott Waves theory, Dark Defender predicted that XRP would reach $1 in March, a level it has not reached since May 2021.
XRP price resumes uptrend | Source: XRPUSDT on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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