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XRP is forming the third consecutive weekly bullish candle against Bitcoin, historically signaling a potential aggressive surge of up to 800%.
In a recent update, technical analyst Block Bull highlighted that XRP is at the third green weekly candle in the XRP/BTC chart. This suggests that XRP has been outperforming Bitcoin for the past weeks.
Market data confirms this observation, showing that XRP has successfully closed two weeks in green against BTC since July 8. XRP/BTC started out at 0.00000755 BTC on July 8 but is currently at 0.00000932 BTC, up by 3% in the last 24 hours.
The outperformance is more pronounced when observing the dollar value of both assets since July 8. Based on XRP’s dollar value of $0.4047 on the date, the asset has grown by 53.44% to its current market value of $0.621. Bitcoin surged by 22.54% through the same timeframe from $54,321 to $66,566.
As the XRP/BTC chart forms its third consecutive green candle, Block Bull suggests that the formation can dictate the direction XRP will take in the next few days.
Historical Patterns Suggest Likely 800% Surge in XRP/BTC
The analyst observed that XRP’s current pattern mirrors the early stages of the 2017 bull run, which saw the cryptocurrency experience substantial growth.
The analyst recalled that in 2017, XRP’s bullish breakout unfolded in three distinct stages: a breakout against Bitcoin in the first week, sustained momentum in the second week, and a massive 800% surge in the third week, marked by a giant candle on the chart. Although it retraced, the final candle closed with an approximate 400% gain, per the analysis.
WE ACTUALLY WENT ALOT HIGHER 800% pic.twitter.com/WyDDQw2pyw
— 📈BLOCK BULL📈 (@TheBlockBull) July 22, 2024
Now, looking at the present day on the XRP/BTC chart, he sees an identical pattern emerging. He points to earlier doji candles, which signaled market indecision, now followed by a series of candles reminiscent of the 2017 cycle.
While similar three consecutive weekly green candles have emerged repeatedly in XRP’s history, the analyst believes the current formation is unique. He observes that the width of the current candle bottoms matches that of the breakout candles in 2017.
Based on this striking similarity, he is projecting a potential 800% surge in XRP’s value against Bitcoin in the coming days. An 800% increase in XRP/BTC potentially puts the value at 0.00008388 BTC or $5.58.