Dark Defender, a well-known market analyst, has revealed that XRP could reach $14.61 if the XRP/BTC pair rises back to its 2017 record high, while Bitcoin (BTC) trades at $60,000.
The XRP/BTC market pair tracks the performance of XRP compared to Bitcoin, the leading crypto asset. The pair's value continued to fluctuate and recently experienced a steady decline XRP performs worse than Bitcoin during the current market run.
Notably, data from the XRP/BTC monthly chart shows that XRP has fallen against Bitcoin for seven consecutive months since August 2023. This bearish trend occurred immediately after XRP surpassed BTC in July 2023 decisive judgment in the case of Ripple vs. SEC.
XRP performs worse than BTC
Interestingly, XRP has fallen 60% against Bitcoin since last August, sparking concerns among XRP proponents. However, Dark Defender remains confident about XRP's future prospects and expects the altcoin to outperform BTC as the cycle continues.
In its latest analysis, Dark Defender confirmed that XRP had reached its ultimate support against Bitcoin amid the seven-month slump. Support, currently at 0.00000914, coincides with an orange trendline that has shown impressive resilience to steeper declines over the years.
We had the orange and green arrows on the #XRP/#BTC pair.
We have reached support ultimate.
The #PurpleArrow is here.
It will be the awakening of 6 years.
Some can see, others cannot. pic.twitter.com/yyqhwjopiX
— Dark Defender (@DefendDark) March 6, 2024
XRP has retested the orange trendline and Dark Defender expects XRP to gain value against Bitcoin from here, leading to an increase the XRPBTC pair. However, one enthusiast asked the analyst how far XRP could go if the XRPBTC pair reclaims its all-time high.
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XRP could reach $14.61
Notably, the XRP/BTC pair reached a new high of 0.00024351 in May 2017, when XRP experienced a much higher price increase Bitcoin. At that time, BTC rose 127% from $1,188 in March 2017 to a high of $2,698 in May 2017. Meanwhile, XRP shot up 7,658% during that period.
This led to a massive increase in the XRP/BTC pair, which reached a record high of 0.00024351. XRP was changing hands at $0.4345 when the pair reached that level, while Bitcoin was trading at $1,784.
With Bitcoin now having recovered and surpassed $60,000, XRP would need to trade at a much higher price than the $0.4345 level if it wants to reclaim its ATH against BTC. Dark Defender emphasized that if BTC trades at $60,000, XRP will rise to $14.61 if the pair hits the high of 0.00024351.
Great question.
Let's assume that BTC starts a horizontal move around 60,000 and XRP rises and reaches the previous high of 0.00024351 at the #XRP/#BTC level.
Then, XRP price could reach $14.61 if BTC stays at the same level. XRP could reach levels above $20 with the same ATH pair if…
— Dark Defender (@DefendDark) March 6, 2024
However, if Bitcoin rises to $100,000 as some market veterans have predicted, the price of XRP would rise to $24 as the XRP/BTC pair reclaims the record high of 0.00024351. The pair is currently trading at 0.00000941 with XRP changing hands at $0.6168.
Specifically, XRP would need to rise 2,268% to reach a price of $14.61 from here and 3,791% to reach $24. Although the crypto asset has seen larger price increases in the past, its ability to replicate the previous rise is not guaranteed. Therefore, investors should remain cautious.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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