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Dark Defender, a notable market analyst, has revealed that $XRP could hit $14.61 if the $XRP/$BTC pair surges to reclaim its 2017 record high while Bitcoin ($BTC) trades at $60,000.
The $XRP/$BTC market pair tracks $XRP’s performance compared to Bitcoin, the leading crypto asset. The pair has continued fluctuating in value, recently witnessing a steady collapse as $XRP underperforms Bitcoin during the current market run.
Notably, data from the $XRP/$BTC monthly chart shows that $XRP has dropped against Bitcoin for seven consecutive months since August 2023. This bearish trend emerged immediately after $XRP outperformed $BTC in July 2023 amid the pivotal ruling in the Ripple vs. SEC case.
$XRP Underperforms $BTC
Interestingly, $XRP has been down 60% against Bitcoin since last August, triggering concerns among $XRP proponents. However, Dark Defender remains confident of $XRP’s future prospects, projecting the altcoin to outperform $BTC as the cycle progresses eventually.
In his latest analysis, Dark Defender confirmed that $XRP had hit its ultimate support against Bitcoin amid the seven-month slump. The support, currently sitting at the 0.00000914 level, aligns with an orange trendline that has demonstrated formidable resilience against steeper declines over the years.
We had the Orange and the Green Arrows on the #$XRP/#$BTC pair.
We reached the Support, Ultimate.
The #Purple Arrow is here.
It will be the awakening of 6 years.
Some can see, & some can't. pic.twitter.com/yyqhwjopiX
— Dark Defender (@DefendDark) March 6, 2024
$XRP has retested the orange trendline, and Dark Defender expects $XRP to start appreciating against Bitcoin from here, leading to a surge in the XRPBTC pair. However, one enthusiast asked the analyst how far $XRP could go if the XRPBTC pair reclaims its all-time high value.
$XRP Could Hit $14.61
Notably, the $XRP/$BTC pair hit an $ATH of 0.00024351 in May 2017, when $XRP recorded a much higher price surge than Bitcoin. At the time, $BTC rallied 127% from $1,188 in March 2017 to a high of $2,698 in May 2017. Meanwhile, $XRP skyrocketed 7,658% within this timeframe.
This resulted in a massive increase for the $XRP/$BTC pair, as it hit a record high of 0.00024351. $XRP changed hands at $0.4345 when the pair hit this value, while Bitcoin traded for $1,784.
Now that Bitcoin has recovered and towered above the $60,000 mark, $XRP would need to trade at a much higher price than the $0.4345 value if it looks to reclaim its $ATH against $BTC. Dark Defender stressed that if $BTC trades at $60,000, $XRP will rise to $14.61 if the pair recovers the 0.00024351 high.
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
However, should Bitcoin skyrocket to the $100,000 level, as projected by certain market veterans, $XRP’s price would surge to $24 if the $XRP/$BTC pair reclaims the 0.00024351 record high. The pair currently trades at 0.00000941, with $XRP changing hands at $0.6168.
Notably, $XRP would need to rally by 2,268% to clinch a $14.61 price from here and by 3,791% to hit $24. While the crypto asset has recorded more substantial price surges in the past, its ability to replicate the previous run is not guaranteed. As a result, investors should remain cautious.