Analyst Cryptobilbuwoo expects XRP to spike against Bitcoin, with such a rally potentially leading to a new all-time high for the altcoin.
He compared XRP’s current trajectory to its behavior in 2017. According to him, the patterns seen now mirror those that led to a substantial surge seven years ago. If these similarities continue, the analyst believes XRP could surpass the $6 mark.
XRP’s March 2017 Pattern
Cryptobilbuwoo shared two charts that detail the movement of the XRP/BTC pair from March 2017 to September 2024. Notably, in March 2017, XRP’s price went through a period of decline before forming a low-low (LL) structure.
During this period, the market entered the pre-bull run phase, with Bitcoin recording a spike, while XRP underperformed. The analyst marked the structure formed with a green zone on the chart. This was a strong accumulation phase, where XRP consolidated largely against Bitcoin.
XRPBTC | Cryptobilbuwoo
However, shortly after the consolidation, XRP recorded an impressive rally against Bitcoin. This led to a breakout from the accumulation phase, pushing XRP to the new all-time high of $3.31 in January 2018.
A Repetition Could Push XRP to $6.15
Cryptobilbuwoo pointed out that a similar structure seems to be forming today. In the 2017 chart, once XRP broke through the resistance levels and began its upward move, the price quickly skyrocketed, indicating strong momentum.
The current 2024 chart shows XRP attempting to break through similar resistance levels. Should this occur, the analyst believes XRP could experience a similar “rise of the phoenix” moment.
Notably, at the time of writing, XRP is experiencing a low-low and rebound phase, which the analyst suggests may signal a massive upward trajectory akin to what happened in 2017.
Interestingly, data from both charts indicates that the stochastic RSI shows an oversold signal during the consolidation phase of 2017 and 2024. This suggests that buyers might regain control soon, setting the stage for another major price surge.
Cryptobilbuwoo believes that when XRP records a spike similar to the one in 2017, the first target is around $6.15. This is approximately 88% of its previous 2017 high.
Accordingly, the analyst suggests this price level would take XRP to a target between 0.0001 and 0.00012 BTC. Given the potential price level of Bitcoin, which the analyst estimates to be between $51,250 and $61,500, this could drive XRP toward even higher levels.
