EGRAG recently discussed XRP price action against Bitcoin, predicting a surge to an XRP/BTC ratio that could lead to an ambitious XRP target.
In the latest
analysis
, the market commentator drew attention to a support zone he calls the “YOLO Band,” which currently acts as a launchpad for
XRP/BTC
. The name, short for “You Only Live Once,” indicates the opportunities and risks within this price level.
The YOLO Band, which EGRAG highlighted in yellow in the chart, is an area where past cycles have faced turning points. XRP/BTC is currently testing this zone, with EGRAG pointing out that a close below 0.00000667 would be bearish. However, an upside breakout holds massive potential.
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XRPBTC 1M Chart | EGRAG Crypto
At present, the pair sits near 0.000008, currently trading at 0.00000777. This is below the important 0.00001 mark that EGRAG refers to as a potential launch point.
XRP
tested the 0.00001 level in late September, but heavy selling pressure prevented a break above it. According to the analyst, this price region is important, as crossing the range requires a massive surge, described as a “megathrust move.”
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XRP Historical Context: Cycles A, B, and C
EGRAG also called attention to historical market cycles in his attempt to forecast XRP’s future moves. He references three distinct cycles in the chart, namely Cycle A, Cycle B and Cycle C.
Notably, Cycle A, which ran from July 2014, featured consecutive bullish candles. Meanwhile, Cycle B is notable for what EGRAG described as the “Mega God Candle,” a massive green candle that pushed XRP/BTC to a peak of 0.000245 in May 2017.
Lastly, the market analyst noted that Cycle C represented a phase that saw a substantial breakthrough, where
XRP/BTC experienced
a sharp rally, with the ratio spiking to 0.00003909 in May 2021.
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EGRAG suggested that the current market setup resembles these past cycles, particularly Cycle C, which saw a powerful candle. The implication is that XRP/BTC is preparing for another breakout. This breakout could eventually lead to 0.000022 in the near term.
XRP Price if Bitcoin Hits $200K
EGRAG’s chart shows that XRP currently trades within a descending channel. The analyst believes that once XRP/BTC breaks out of this channel, it will likely reach 0.00017, which would signal an epic price rally for XRP.
Should this occur, EGRAG outlined what XRP price could skyrocket to based on
Bitcoin’s potential value.
If Bitcoin reclaims the $70K level while the XRPBTC pair is at 0.00017, XRP could hit $12, marking a new all-time high.
Meanwhile, if the firstborn crypto breaches the $70K region and claims a new
all-time high at $100K
, then XRP would reach a price of $17 at the XRPBTC ratio of 0.00017. However, if BTC clinches $130K, the ratio would push XRP to a $22 price.
Also, at a Bitcoin price of $160K BTC, XRP’s price would be $27. EGRAG has
repeatedly predicted
a rise to this price level in previous analyses. Finally, if Bitcoin reaches the $200K target
recently set by Bernstein analysts
, the XRP price will hit $34 at the 0.00017 XRP/BTC ratio.
Despite the upside potential, EGRAG also warns that failure to hold the 0.00000667 mark could indicate bearish momentum. A close below this threshold might signal a deeper retracement for XRP/BTC.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
