XRP (XRP) Set for Parabolic Rise as XRP/BTC Ratio Hits Quadruple Bottom, Analyst Claims
Widely followed analyst Mickle has found significant grounds to believe a parabolic movement is imminent for XRP, given its performance relative to Bitcoin.
According to widely followed analyst Mickle, XRP is showing signs that could lead to a parabolic price move relative to Bitcoin (BTC).
In a recent analysis, Mickle examined the historical trajectory of the XRP/BTC pair, highlighting that the XRP to Bitcoin ratio has been a useful indicator for predicting upcoming trends.
He noted that each time the XRP/BTC pair bottoms out in a cycle, a massive parabolic move follows, with XRP notably outperforming Bitcoin. To support this claim, Mickle pointed to several instances in the past.
XRP Historical Bottom with Bitcoin
The first instance occurred in June 2014 when the XRP/BTC pair dropped to about 0.00000430 BTC. By December of the same year, the pair had surged to 0.00009155 BTC. This marked a gain of over 2,020% for XRP against Bitcoin in just six months.
Following that violent rally, another downtrend commenced, with XRP/BTC later bottoming around a similar range of 0.000005 in February 2017. By May 2017, the XRP/BTC ratio had risen to above 0.000246 BTC, indicating a growth of over 4,500% against Bitcoin.
A similar pattern re-occurred during the 2020 bearish cycle, with XRP once again outperforming Bitcoin a few months after hitting a low.
XRP Set for Parabolic Rise
A new bottom was recently observed in June of this year when the XRP/BTC pair dropped to 0.00000671 BTC. According to market observers, this recurrence of a low price against Bitcoin suggests that XRP might be poised for another explosive gain, similar to the previous three instances.
On the weekly timeframe, XRP has been pulling consistent greenish candles against BTC since this bottom. The XRP/BTC pair is currently at 0.00001013 BTC, up by 5% over the past day.
It's important to note that Mickle is not the first analyst to observe this pattern in the XRP/BTC pair. In a previous analysis, market watcher Moonshilla highlighted the presence of a quadruple bottom in the pair.
Despite XRP’s long-standing lackluster price action, Moonshilla argued that several indicators align to present a strong case for a massive surge in XRP’s price. He highlighted that the risk-to-reward ratio for XRP is highly favorable, with potential rewards far outweighing the risks.
XRP Potential Target
While Mickle did not provide a potential target for XRP in his observation, Moonshilla has suggested an ambitious outlook. Moonshilla argues that XRP could potentially reach $100 or more, considering the alignment of multiple bullish indicators.
He noted that this would place XRP’s market capitalization at around $6.5 trillion. For comparison, he mentioned that Bitcoin would need to achieve a 6x increase, reaching around $350,000, to maintain its position without being overtaken by XRP.
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