thecryptobasic.com
Notable Ichimoku Cloud analyst Dr. Pastet recently suggested that $XRP may outperform Ethereum ($ETH) during the current crypto bull cycle.
His analysis focused on the $XRP/$ETH, $XRP/$BTC, and $ETH/$BTC pairings. Dr. Pastet’s primary tool, the Ichimoku Cloud, helps highlight trend direction and price momentum.
The commentary suggests a difference in the positions of $XRP and $ETH this cycle. Pastet noted that critical elements in the Ichimoku Cloud, such as the Kijun-sen and Chikou Span, signal stronger prospects for $XRP compared to Ethereum.
For the uninitiated, the Kijun-sen is the baseline, with prices above it showing an uptrend and below it indicating a downtrend. Meanwhile, the Chikou Span (lagging span) suggests bullish momentum when it is above the asset’s price but bearish momentum when it is below.
$XRP/$ETH Showing Uptrend Potential
In his analysis, Dr. Pastet examined the $XRP/$ETH chart through the Ichimoku Cloud. He noted that $XRP is trading within a range, with the Chikou Span and Kijun levels indicating potential stability.
A flat Kijun line suggests that the price will oscillate within this range, using Kijun as a central pivot point. The analyst estimates a conservative upside of around 25% from current levels, even if $XRP simply touches the Kijun level.
However, if it begins oscillating more dynamically, he projects a test of the $0.93 highs from July 2023. Such a scenario could potentially lead to a price movement close to doubling $XRP’s current value, contrasting Ethereum’s trajectory.
$XRP/$BTC and $ETH/$BTC are Favorable for $XRP
Besides the $XRP/$ETH pairing, Dr. Pastet spotlighted the $XRP/$BTC and $ETH/$BTC charts. He pointed out that $ETH/$BTC shows weakness, especially as Ethereum’s Kijun is trending downward, suggesting bearishness.
This descending Kijun implies a loss of momentum for $ETH and raises the risk of a “dead cat bounce.” This is a temporary recovery in a downtrend that doesn’t indicate a reversal. Dr. Pastet expressed skepticism about Ethereum’s ability to stage a sustainable rally and believes that any bounce may quickly encounter resistance.
In contrast, $XRP/$BTC looks more favorable, with a flat Kijun level and Senkou Span B (SSB), which implies stability and range-bound movement.
The flat Kijun and SSB indicate $XRP’s strength against Bitcoin, setting a minimum target of 0.000018 $BTC for $XRP. For context, $XRP currently trades for 0.00000913 $BTC, requiring a 97% increase to reach the 0.000018 $BTC target.
$XRP and Ethereum Sentiments
Besides the technical viewpoint, Dr. Pastet also discussed market sentiments around Ethereum and $XRP. He argues that Ethereum enjoys strong attention from investors who expect it to bottom and then rally, assuming it remains the dominant altcoin.
According to Dr. Pastet, this widespread optimism around $ETH may ultimately work against it, as markets often defy popular expectations.
In contrast, $XRP has faced dismissals and even dislikes from parts of the crypto community due to its legal battle and price stagnation. Dr. Pastet believes this skepticism could lead to a surprising shift in price action.
Notably, when underappreciated crypto assets like $XRP gain traction, they often outperform more hyped assets, creating unexpected gains for those who invest early.
Interestingly, $XRP has continued to outperform Ethereum over the past few days. $XRP had lagged at the start of the ongoing bull phase on Nov. 6 but recently picked up. As a result, $XRP has gained 43% against Ethereum since Nov. 12, now trading at a three-month peak of 0.0002636 $ETH.