As Bitcoin approaches a new all-time high, other cryptos are expected to follow suit. Popular crypto analyst Dark Defender maintains a bullish stance on XRP rally against Bitcoin.
He says XRP’s price could hit $14.61 if the XRP/BTC pair returns to its 2017 record high if Bitcoin stays at $60,000.
Great question.
Let’s assume BTC starts horizontal move around 60k and XRP appreciates and touches the previous top level of 0.00024351 at #XRP / #BTC level.
Then XRP price could reach $14.61 if BTC stays the same level. XRP could hit $20 plus levels with the same ATH pair if…
— Dark Defender (@DefendDark) March 6, 2024
Dark Defender Bullish On XRP’s Prospects Despite Its Underperformance
Notably, the XRP/BTC pair follows XRP’s performance compared to Bitcoin, the number one crypto asset. However, the pair continues to fluctuate with a steady decline as XRP posts modest gains despite the ongoing bull run.
According to Dark Defender, the XRP/BTC 30-day chart shows that XRP has declined against Bitcoin for 7 consecutive months since last August. This was after its rally in July 2023 following Judge Torres’ ruling in the Ripple/SEC lawsuit. Despite this underperformance, Dark Defender maintains a bullish stance.
According to the analyst, XRP has touched the ultimate support level against Bitcoin during its seven-month slump.
I’ve been clutching onto my $XRP for six years DD, where 99% was dedicated to this single asset. The moment I chose to diversify, I let go of 5% to jump into $portal during its presale, and now that’s worth more than my $XRP holdings. I plan to continue holding, but honestly,…
— Husky (@HuskyAce2021) March 6, 2024
The crypto currently sits at the 0.00000914 support level, aligning with the orange trendline that has prevented further decline over the years. According to Dark Defender, XRP has revisited the orange trendline, and its value will likely start rising against Bitcoin.
Historically, the XRP/BTC pair rose to an all-time high of 0.00024351 in May 2017, when XRP recorded higher gains than BTC. During the run to the ATH, Bitcoin rallied 127% from $1,188 in March 2017 to a high of $2,698 by May 2017.
XRP also gained 7.7% during this period, leading to a spike for the XRP/BTC pair, which attained a record high of 0.00024351.
Currently, Bitcoin has crossed the $60,000 mark and is approaching a new high, prompting Dark Defender’s optimistic views. When asked what the price of XRP could be if the XRP/BTC pair reclaims its 2017 all-time high X user, Dark Defender said it could reach $14.61. The condition for this ascent is that Bitcoin maintains the $60,000 mark.
The analysis also believes XRP could rise to $24 if Bitcoin reaches $100,000. However, XRP is trading at the $0.63 price level and will require a price surge of 2,268% to attain the touted $14.61 level and over 3,700% to reach $24.
XRP 3-Month Chart Shows Possible Breakout Pattern
XRP on the three-month chart looks set to repeat its breakout pattern during the 2021 rally. The $0.25 support level has prevented further decline for the asset as it attempts to rally above the $2.00 resistance level.
Currently, the RSI indicator is 54.69 in the neutral zone and approaching the buy zone.
This implies buyers have entered the market without sufficient momentum to force a significant rally. The MACD indicator is above its signal line, which is bullish. The fading red Histogram bars confirm a possible recovery ahead.
Therefore, XRP will likely break above $2 in the coming weeks and possibly re-test its all-time high of $3.40.
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