XRP Declines Against BTC: Analyst Explains Why It Is Beneficial For Ripple
Release: 2024/02/27 17:49 Reading: 486
XRP has declined recently against its major trading pair, Bitcoin, frustrating some holders. However, crypto analyst EGRAG Crypto argues that this direction actually sets the stage for XRP’s next bull market against BTC.
Bitcoin Absorbs Market Liquidity For Now
As EGRAG Crypto explains, Bitcoin’s massive $6,000 price surge absorbed a significant amount of capital from the crypto markets – temporarily starving smaller alternative assets like XRP from seeing similar dollar gains. This caused the XRP/BTC ratio to pull back.
“As anticipated, XRP continues to decline against #BTC following the $6000 surge in BTC, which absorbed much of the liquidity,” the analyst tweeted. This phenomenon frequently unfolds during the earlier stages of renewed Bitcoin uptrends.
While disappointing short-term, EGRAG suggests this cleanse sets the foundation to rotate profits back into lagging altcoins later – thus kicking off their bull runs.
Historically Bullish Signs Emerge
Critically, EGRAG spots telltale signals that XRP sits at the early stages of a new advance against Bitcoin based on previous market cycles.
“Possible target: 0.00000793. While this may be frustrating for some, it is actually beneficial for #XRP from a structural perspective. Historically, touching the baseline has signaled the official start of an XRP/BTC bull run.”
Thus, counterintuitively, XRP bouncing off familiar lows represents a hidden bullish development, provided the asset holds this critical support. Upside follow through then becomes likely.
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Show more +Huge Price Targets Materialize if History Repeats
Gazing further ahead, EGRAG isolates three historical XRP bull runs against Bitcoin, then transposes those into potential dollar profits based on different assumed BTC prices. The results illustrate the massive upside if symmetry unfolds again:
“Cycle 1 Target: 0.000115 BTC $70K BTC = $8.05 XRP $100K BTC = $11.50 XRP
Cycle 2 Target: 0.0003 BTC $70K BTC = $21 XRP $100K BTC = $30 XRP”
While past performance never guarantees future results, EGRAG’s analysis presents an intriguing roadmap for the next XRP bull run to potentially materialize if Bitcoin’s uptrend persists. By enduring short term pain, huge gains loom, according to historical patterns.
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The post XRP Declines Against BTC: Analyst Explains Why It Is Beneficial For Ripple appeared first on CaptainAltcoin.
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