After a series of declines, the price of XRP has finally bottomed out against Bitcoin (BTC), with market analyst CryptoInsightUK pointing to an impending 88% surge on the XRP/BTC chart.
“We are at the bottom of the XRP/BTC range” CryptoInsightUK noticed, which shares a chart with detailed information on the price movements of XRP versus Bitcoin over a weekly period. In particular, the chart confirms that Bitcoin has performed significantly better than XRP since July.
The roller coaster ride of XRP vs BTC
XRP gained 59.28% against BTC in a week as it rose to a high of $0.93 at the crucial value July ruling in Ripple vs. SEC.
This increase led the XRP/BTC pair to a new annual high of 0.00002970 on July 13th. The last time XRP traded at 0.00002970 BTC was last September.
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However, due to the price correction that followed, XRP eventually broke from this high. Since then, the token has underperformed compared to BTC.
Interestingly, XRP has recorded 20 weekly losses against BTC in 22 weeks since mid-July. The altcoin only recorded two weekly gains.
Losses have deepened since early November as Bitcoin simultaneously broke through key resistance points XRP remains relatively stagnant.
As a result, XRP has collapsed to a low of 0.00001425 BTC, a 52% decline from its yearly high and XRP's lowest price against BTC since March.
XRP is finally bottoming out
At this price, CryptoInsightUK believes that XRP has bottomed out against the first-born cryptocurrency. This claim suggests that XRP is unlikely to see any further significant declines against Bitcoin. The analyst believes that a price reversal could be on the horizon.
XRPBTC 1W chart | CryptoInsightUK
One of the factors contributing to this sentiment is the weekly RSI of the XRP/BTC chart. Notably, the RSI dropped to 35.97 at the time of reporting.
This value suggests that XRP is already sliding into one oversold positionindicating an impending reversal in price movements.
CryptoInsightUK claims that this price reversal could result in an 88.12% increase in XRP against BTC, resulting in an XRP price of 0.00002782 BTC.
The current Bitcoin price of $43,000 would put XRP at $1,196 against the dollar. However, Bitcoin is unlikely to stagnate in the $43,000 area.
The market analyst believes that BTC price of 0.00002782 would be a key price resistance point for XRP, indicated by a resistance box. He points out that XRP price could see another 1,500% increase BTC as soon as the altcoin breaks above the box.
This rally would take XRP to 0.00024605 BTC, which corresponds to an XRP price of $10.5 at the current Bitcoin value around the $43,000 zone.
XRP is currently changing hands at 0.00001423 BTC, with the first resistance to a sustained rise currently at 0.00001533 BTC.
It is worth noting that Bitcoin is up 4.28% in the last 24 hours, while XRP is only up 0.93%. However, market observers such as CryptoInsightUK remain optimistic about XRP's potential rally during the 2018 bull run.
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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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