Renowned Crypto YouTuber and market analyst, Blockchain Backer, has highlighted a recurring XRP pattern that led to a staggering 1,252% surge in 2017. In his latest analysis of XRP’s price movements in comparison to the broader crypto market, the expert shared insights on the TOTAL/XRPUSD chart. This chart tracks the performance of the total crypto market cap against XRP’s price.
One key observation made by Blockchain Backer is XRP’s consistent underperformance in relation to the overall crypto market. The chart indicates three scenarios: a rise signifies the total crypto market outperforming XRP, a drop indicates XRP surpassing the market, and a steep decline suggests XRP falling faster than the total market cap. Since July 2023, the chart has been on the rise following XRP’s dip from its peak of $0.93.
Despite the ongoing bull market with Bitcoin hitting new all-time highs, XRP has struggled to keep up with the market momentum. The TOTAL/XRPUSD ratio recently crossed the 5 trillion mark, historically a resistance level. However, the recent retest of this resistance, coupled with a bearish divergence in the ratio’s weekly RSI and a bearish flip in its MACD, could signal a potential turnaround for XRP.
Looking back at historical data, similar patterns in 2017 and 2021 preceded significant price spikes for XRP. In 2017, XRP surged by 1,252% from $0.2448 to $3.31, while in 2021, it hit $1.96 in April. With XRP currently trading at $0.4942, there is speculation that another bullish momentum may be on the horizon. The immediate target for XRP is to reclaim and maintain the psychologically significant $0.50 level.
Disclaimer: This article serves for informational purposes only and should not be construed as financial advice. The author’s opinions expressed here do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for financial losses incurred.
