Crypto Analyst Suggests XRP Price Could Mirror Bitcoin’s Historical Trends, Targeting $71
In an intriguing analysis, a cryptocurrency expert has suggested that the price trajectory of XRP may be tightly correlated with Bitcoin’s historical macro movements. The analyst, known on TradingView as RizeSenpai, forecasts a significant rally for XRP, potentially reaching an ambitious price of $71. A gain of this magnitude from its current price would represent a staggering increase of approximately 3,281%.
Comparative Analysis: XRP vs. Bitcoin
RizeSenpai detailed his outlook with a comprehensive analysis comparing XRP’s current price behavior and multi-year chart patterns to those of Bitcoin during its explosive growth period from 2015 to 2017. He noted that XRP’s price movements have, since its listing on the Poloniex platform in 2014, mirrored Bitcoin’s macro actions, albeit at a more deliberate pace—approximately 65% slower.
Notably, during Bitcoin’s critical breakout phase, the asset saw a drastic price increase of around 5,424% following years of consolidation from 2013 to 2016. Conversely, XRP experienced a notable price surge in 2017 but has been languishing within a broad multi-year trading range for nearly six years until the end of 2022. ## Recent Developments and Future Targets
Recently, XRP has managed to break out of this sprawling price range and has established consolidation above its previous all-time high, stirring hope among bulls regarding the potential for new breakout levels. RizeSenpai highlights that, under the current conditions, XRP might be on the verge of moving toward more substantial price targets, estimating a realistic range of $27 to $30 in the near-term future, aligning with the 1.618 Fibonacci Extension level.
Illustrating his thesis, the TradingView analyst shared a comparison chart highlighting Bitcoin’s previous bull market breakout alongside XRP’s current trajectory. RizeSenpai emphasized that should XRP maintain the momentum to resemble Bitcoin’s breakout, it could reach the predicted $27 mark, with the potential to climb as high as $71, corresponding to the 1.902 HOP level where Bitcoin traditionally faced significant resistance.
The Potential for Exponential Growth
While the current trading price of XRP sits at $2.13—marked by a decline of over 11% in the last month—analysts remain optimistic about its future. RizeSenpai speculates that if XRP indeed replicates Bitcoin’s past breakout momentum, a monumental price increase of roughly 5,400% could propel its value to a lofty target of $120.94. This projection indicates that there may still be room for XRP to exceed the aforementioned target of $71. Adding credence to this bullish outlook, the presence of a monthly Moving Average Convergence Divergence (MACD) Hidden Bullish Divergence provides further evidence of potential upward momentum, often viewed as a signal for continuity in an uptrend.
As the cryptocurrency market continues to draw attention from investors, the interplay between XRP and Bitcoin’s historical patterns remains a topic of keen interest, with many eagerly awaiting to see if history will indeed repeat itself.
Conclusion
The potential for XRP to experience significant growth hinges on its ability to mirror Bitcoin’s previous breakout actions. As trading conditions evolve, investors should stay informed and observe XRP’s market behavior closely, especially in light of the ambitious price targets set forth by industry analysts.
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