Analyst Prediction: XRP Price Potential if Bitcoin Reaches $200K
An analyst recently discussed the potential price movement of XRP in relation to Bitcoin, suggesting a significant surge in XRPs value based on the XRP/BTC ratio.
Overview of XRP/BTC Ratio Analysis
The analyst highlighted a critical support zone known as the YOLO Band, symbolizing opportunities and risks at this level. This zone has historically been a turning point for market cycles, with the current XRP/BTC ratio testing this area. A close below 0.00000667 is viewed as bearish, while an upward breakout holds substantial potential.
Currently, the XRP/BTC pair is trading around 0.00000777, slightly below the key level of 0.00001, which is seen as a potential launch point for a major price increase. The analyst noted the importance of surpassing this range, describing the needed movement as a megathrust move.
Historical Market Cycles and Future Predictions
The analyst referenced three distinct cycles in XRPs history: Cycle A, Cycle B, and Cycle C. Cycle A featured steady bullish momentum, Cycle B saw a remarkable surge in May 2017, and Cycle C experienced a breakout in May 2021, signaling a strong upward phase.
Comparing the current market setup to these cycles, especially Cycle C, the analyst suggested that XRP/BTC might be primed for another breakout that could drive the ratio to 0.000022 in the near future.
Potential Price Scenarios for XRP
If XRP breaks out of its current descending channel and reaches 0.00017 in the XRP/BTC ratio, the analyst predicts a price target of $12 for XRP if Bitcoin hits $70K. Similarly, at Bitcoin price levels of $100K, $130K, $160K, and $200K, the potential XRP prices could rise to $17, $22, $27, and $34, respectively.
While highlighting the upside potential, the analyst also warned that a failure to hold the 0.00000667 support level could signal bearish momentum and a possible retracement for XRP/BTC.
Become the smartest crypto enthusiast in the room
Get the top 50 crypto definitions you need to know in the industry for free
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
The post Analyst Prediction: XRP Price Potential if Bitcoin Reaches $200K appeared first on Cryptocurrency News & Trading Tips Crypto Blog by Changelly.
Read more: https://changelly.com/blog/analyst-prediction-xrp-price-potential-if-bitcoin-reaches-200k/
Text source: Cryptocurrency News & Trading Tips – Crypto Blog b
