XRP Hits Bottom Against Bitcoin: Analyst Predicts 88% Surge

Following a series of declines, XRP has reached a bottom against Bitcoin (BTC). However, CryptoInsightUK, a market analyst, anticipates an imminent 88% surge.

CryptoInsightUK noted, “We are sitting at the bottom of the XRP/BTC range,” while sharing a chart illustrating XRP’s price movements against Bitcoin on a weekly timeframe. Significantly, the chart confirms that Bitcoin has outperformed XRP since July.

XRP: The Journey Against BTC

XRP’s volatile journey against BTC includes a noteworthy rally of 59.28% within a week, reaching a high of $0.93 following a pivotal ruling in the Ripple vs. SEC case in July. This surge propelled the pair to a new yearly high of 0.00002970 on July 13. This marks the first time XRP’s traded at this level since September of the previous year.

Following its peak, the token experienced a significant downturn during the subsequent price correction. Since then, the token has consistently underperformed in comparison to BTC.

Notably, Ripple’s token has seen 20 weekly losses against BTC out of the 22 weeks since mid-July, with only two weeks recording gains. The downtrend has intensified, especially since early November, with Bitcoin surpassing crucial resistance levels while XRP’s struggled to show significant movement.

Consequently, XRP’s plummeted to a low of 0.00001425 BTC. This marks a 52% decline from its yearly peak and represents the lowest price against BTC since March.

XRP’s Potential Rebound: Analyst Predicts Positive Trend Against Bitcoin

XRP’s value against Bitcoin seems to have hit a low point, according to CryptoInsightUK. This suggests that XRP may not see significant drops against Bitcoin in the near future. The analyst believes that the price might turn around soon.

One reason for this optimism is the chart’s weekly Relative Strength Index (RSI), which is currently at 35.97. This number suggests that XRP’s price has fallen significantly and could be ready to go up again.

CryptoInsightUK predicts an 88.12% increase in XRP’s value against BTC, meaning XRP could be worth 0.00002782 BTC. If Bitcoin stays around $43,000, this would make XRP approximately $1.20. However, the analyst acknowledges that Bitcoin’s price could change.

The analyst points out that if XRP can surpass the 0.00002782 BTC level, it might surge even more, reaching 0.00024605 BTC. Today’s Bitcoin price would be around $10.50 for XRP.

Currently, XRP’s trading at 0.00001423 BTC, and its first hurdle for a sustained increase is at 0.00001533 BTC. While Bitcoin has increased by 4.28% in the last 24 hours and XRP only by 0.93%, optimistic market watchers, like CryptoInsightUK, believe that XRP could go up similarly to the 2018 bullish period.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.