A recent estimate by leading crypto market watcher, Dark Defender, predicts that XRP will surpass Ethereum (ETH) by 5x.
The most recent analysis by Dark Defender uses the Elliot Wave Theory and considers XRP’s price changes relative to Ethereum on a monthly timescale. In addition, the study is a continuation of his past postings on the XRP/ETH market’s present state.
Earlier Analyses
His first study in this series was published in the middle of July when XRP had risen to a high of $0.93 as a result of the lawsuit’s success. According to Dark Defender, the XRP price surge enabled the asset to surpass a five-year resistance that has been acting as a barrier for a long time.
Drawing five Elliott Waves on the weekly chart, the analyst emphasized that XRP had started flipping Ethereum. XRP had already finished the first two waves and was on schedule to finish the third wave, which would result in a significant performance advantage over ETH.
However, according to Dark Defender’s second analysis, which surfaced in August, XRP will decline and back-test the resistance level it broke in July. To offset the gains on July 13, XRP underperformed in August. The asset dropped against ETH throughout this bearish trend.
Furthermore, Dark Defender predicted that before continuing to rise, XRP would retest the previous resistance level and turn it into support. He drew attention to a green signal on the graph and claimed that it shows that over the long term, XRP would continue to gain value relative to ETH.
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XRP to Outperform ETH by 5 Times
In his most recent study, the chartist verified that XRP had finished the back-test versus ETH. Notably, the asset retested the resistance without failure and converted it to a support point.
At this time, Dark Defender believes that XRP will follow the third Elliott Wave, which will cause a sharp increase in value relative to ETH. He predicted that XRP’s growth rate would be five times greater than Ethereum’s. The XRP/ETH pair’s value would rise to 0.001764 as a result.
The asset will only increase five times more than ETH, not that XRP will rise five times on its own. XRP will increase by 10x if ETH climbs by 2x, and by 15x if ETH rises by 3x.
It’s interesting to note that XRP would not surpass ETH in market size regardless of the rate, even if it rose five times faster than ETH. At $2.5 per XRP, a five-fold rise would bring the market capitalization of XRP from $27.4 billion to $137 billion. This still falls short of ETH’s $195 billion valuation.
