The Block Bull, a prominent market analyst, has recently forecasted a remarkable 6,000% surge for XRP in the near term, driven by the appearance of a doji candle formation on the XRP/BTC weekly chart.
This prediction comes amidst ongoing consolidation within the XRP/BTC ratio. Since last July’s peak of 0.00002970, the ratio had plunged by 77.7% to its recent low of 0.00000662 in June. This decline was attributed to Bitcoin’s continued rise, contrasting with XRP’s slower growth.
XRP Forms Doji Candle During Consolidation with BTC
Yet, with Bitcoin’s upward momentum now stalling, the XRP/BTC ratio has entered a consolidation phase. During this period, a dragonfly doji candlestick has materialized on the weekly timeframe.
For those unfamiliar, a doji candlestick occurs when an asset’s opening and closing prices are nearly identical, resulting in a minimal or non-existent body. In the last weekly candle, the XRP/BTC pair opened at 0.00000758 and closed at 0.00000751, forming the doji candle.
Typically signaling market indecision, as neither buyers nor sellers dominate, The Block Bull interprets this as a precursor to a potential surge, drawing on historical patterns. The analyst highlights that the last occurrence of such a doji candle preceded a substantial rally for XRP over an eight-week period.
Anticipating a 6,000% Surge in 8 Weeks
Based on this analysis, The Block Bull predicts a dramatic 6,000% increase in XRP’s value relative to Bitcoin following the doji candle formation, potentially within the next eight weeks. Currently, the XRP/BTC ratio stands at 0.00000758, with XRP trading at $0.4199.
A 6,000% rise in the ratio would propel it to 0.00046238, suggesting an XRP price of $25.6, assuming Bitcoin’s price remains stable. However, any significant movement in Bitcoin’s price would likely amplify XRP’s gains further.
Other analysts have also weighed in, forecasting XRP to outperform Bitcoin in the coming months. Alex Cobb recently projected an XRP/BTC spike to 0.0006, equating to a potential XRP price of $36. Similarly, in March, Dark Defender suggested XRP could reach $14.61 if the XRP/BTC ratio reaches its historical highs.
Despite recent bearish pressures affecting both XRP and Bitcoin, data from CoinMarketCap indicates XRP has marginally outperformed BTC, with XRP decreasing by 12.1% compared to BTC’s 12.58% drop over the past week.
Disclaimer: This article provides information and not financial advice. The views expressed are the author’s own and do not necessarily represent those of The Crypto Basic. Readers should conduct their own research before making investment decisions. The Crypto Basic bears no responsibility for financial losses incurred.