Widely followed analyst Mickle has found significant grounds to believe a parabolic movement is imminent for XRP, given its performance relative to Bitcoin.
In a recent analysis, Mickle examined the historical trajectory of the XRP/BTC pair. He highlighted that the XRP to Bitcoin ratio has been a reliable indicator for forecasting incoming trends.
Mickle asserted that each time the XRP/BTC hits rock bottom in a cycle, a massive parabolic move follows, with XRP significantly outperforming Bitcoin. He pointed to several instances in the past to support this claim.
XRP Historical Bottom with Bitcoin
The first instance occurred in June 2014 when the XRP/BTC pair dropped to approximately 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.
Meanwhile, another downtrend commenced after that violent rally. XRP/BTC later bottomed around a similar range of 0.000005 in February 2017. By May 2017, the XRP/BTC ratio had risen to above 0.000246 BTC, representing 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. Market observers believe that this recurrence of a low price against Bitcoin indicates that XRP may be on the brink of 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.
Notably, Mickle is not the first analyst to note this pattern in the XRP/BTC pair. In a previous analysis, market watcher Moonshilla acknowledged the presence of a quadruple bottom in the pair.
Despite XRP’s long-standing unimpressive price action, Moonshilla argued that various indicators align to make a compelling case for a massive surge in XRP’s price. He emphasized that the risk-to-reward ratio for XRP is highly favorable, with potential rewards far outweighing the risks.
XRP Potential Target
While Mickle provided no potential target for XRP amid the observation, Moonshilla has suggested an ambitious outlook. Moonshilla believes that, given the alignment of multiple bullish indicators, XRP could potentially reach $100 or more.
He noted that this would place XRP’s market capitalization 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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