A cryptocurrency analyst has put forth a compelling argument, indicating that the price of XRP may be closely following Bitcoin’s historic macro patterns. By examining its multi-year chart formations and market behavior, the analyst suggests that XRP could be on the verge of a significant price surge towards $71 and possibly beyond.
XRP Price Mirrors Bitcoin’s Path Towards $71
Crypto analyst RizeSenpai on TradingView has predicted that XRP could experience a massive spike to $71. At its current market value, this would translate to an astonishing 3,281% increase.
The TradingView expert performed a thorough comparative analysis, highlighting remarkable parallels between Bitcoin’s breakout from its multi-year accumulation range between 2015 and 2017 and XRP’s existing price structure. He notes that XRP’s movements since its listing on Poloniex in 2014 have closely followed Bitcoin’s macro price action, albeit at a slower pace, roughly estimated at 65%.
To illustrate this point, the price chart reflects that Bitcoin experienced a dramatic increase of 5,424% after a period of consolidation between 2013 and 2016, culminating in a breakout in 2017. Similarly, XRP saw a significant rise in 2017 but has been confined to a vast multi-year range for almost six years as of late 2022.
Recently, XRP exited its long-term price range and has been solidifying above its previous all-time high resistance for several months. Given its current price movements, the analyst speculates that the asset could be preparing to reach new breakout levels.
The TradingView analyst has noted the potential for XRP to ascend to a more feasible target of $27 – $30, near the 1.618 Fibonacci Extension level. To support this, he provided a chart juxtaposing Bitcoin’s historical bull market breakout and its performance with XRP’s current breakout and expected price trajectory.
The chart indicates that when BTC broke out, it surged towards the 1.618 Fibonacci level at $61,800 before embarking on a secondary rally that peaked at the 1.902 HOP level. Therefore, RizeSenpai anticipates that if XRP can fully replicate Bitcoin’s trajectory, it could soar to $27 and potentially reach as high as $71, aligning with the 1.902 HOP level.
The Token Set to Surpass $71 and Hit $120
As noted, XRP is currently trading within a multi-year range breakout akin to Bitcoin’s previous cycle. At the time of writing, XRP’s price stands at $2.13, having dropped over 11% in the past month.
Importantly, if the altcoin mimics the breakout momentum seen in Bitcoin’s history, RizeSenpai predicts an explosive 5,400% rise, potentially bringing its price to an ambitious target of $120.94. This implies that the TradingView analyst believes XRP could surpass its earlier projected target of $71 and climb beyond $120.
Further supporting this bullish outlook is the indication of a monthly Moving Average Convergence Divergence (MACD) Hidden Bullish Divergence. This technical signal is frequently associated with the continuation of an uptrend and the potential for upward momentum.
