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A prominent market analyst suggests the recent $XRP price struggle is only a pause before the next move against Bitcoin.
Notably, the broader crypto market has continued to witness bearish pressure amid consistent selloffs and waning sentiments. This trend has pushed $XRP below the pivotal $3 mark, with the altcoin subsequently losing the support at $2.9 to trade at $2.8 at press time.
$XRP’s Recent Performance Against Bitcoin
Also, $XRP has faced a more bearish spell than Bitcoin, leading to a consistent collapse in the $XRP/$BTC pair. However, market analyst EGRAG Crypto suggests that this only represents a pause for $XRP before its next breakout against Bitcoin.
$XRP Forms Bull Pennant Against Bitcoin
For context, a bull pennant structure typically features an initial explosive run, which represents the flagpole, and an actual flag, which represents consolidation after the initial uptick. This formation indicates that instead of a breakdown, the asset is observing a short break before the next leg up.
With the $XRP/$BTC pair, the flagpole formed when $XRP surged from 0.00000725 $BTC in November 2024 to a high of 0.00003419 $BTC by January 2025. This aligned with the $XRP run from $0.5 to $3.4 within the same period.
After this initial run, the $XRP/$BTC pair retraced as $XRP took a breather, but $XRP’s resilience ensured there was no massive crash to earlier lows, with the pair trading within a range of 0.00003288 and 0.00001928 for eight months. This price action has formed the flag itself, as $XRP establishes strong support around the 0.00002 $BTC mark.
Despite the recent drop, $XRP still holds within the flag, awaiting the next leg up to break out. As a result, EGRAG insists that with this current bearish price action, $XRP is merely “stalling before the move.” Notably, this expected move would push $XRP above the upper trendline of the flag, with a break beyond the 0.786 Fibonacci retracement at 0.00002893 $BTC.
XRPBTC Breakout Target
Following this move, a retracement would likely occur to retest this breakout before a full launch to greater heights. Interestingly, EGRAG has identified three lofty targets for this upward push using Fibonacci extension levels.
Specifically, the first target sits at 0.00007262 $BTC, aligning with the 1.272 Fibonacci extension. At this price, $XRP would trade for $7.87, considering Bitcoin’s current price of $108,500. Meanwhile, the second target lies on the Fib. 1.414 extension, aligning with 0.00009502. This translates to an $XRP price of $10.3 at current $BTC price levels.
For his ultimate target, EGRAG eyes the 1.618 Fibonacci extension, which would put $XRP at 0.0001398 $BTC. The last time the XRPBTC pair traded around this level was in January 2018, when $XRP hit $3.3 as $BTC changed hands at lower prices. Today, with $BTC trading for $108,500, if $XRP hits 0.0001398 $BTC, its price would shoot up to $15.1.