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A notable analyst expects the $XRP price to reach a two-digit figure if the altcoin recaptures its 2017 peak against Bitcoin.
The crypto market appears to be in a recovery phase, with $XRP capitalizing on the ongoing rebound to reclaim pivotal support levels. After dropping to a low of $1.28 on Tuesday, $XRP has since recovered the $1.3 and $1.4 psychological levels, now looking to solidify its position above $1.5.
$XRP Breaches Descending Trendline Against Bitcoin
Amid this push, the altcoin has sustained its upsurge against Bitcoin, a trend that began since Nov. 12, according to market data. Notably, this bullish trend has triggered optimism that $XRP could outperform $BTC in this bull run, with analyst CryptoBull predicting an ambitious price target if it can reclaim its 2017 $BTC peak.
Data confirms that $XRP had performed poorly against Bitcoin since January 2018, when it retraced from the $3.31 all-time high. The XRPBTC chart shows a descending trendline suggesting that $XRP prices against Bitcoin plummeted rapidly over the past seven years.
An attempt to breach this trendline occurred last July, but $XRP was unsuccessful due to the drop from the $0.93 high at the time. Now, $XRP appears to have breached the trendline, having gained by a massive 111% against Bitcoin in November alone.
However, $XRP must close this month above the trendline to confirm the breakout. Meanwhile, despite the latest uptick, CryptoBull believes $XRP still has further uptrend against Bitcoin. According to his latest analysis, the $XRP market is still in the early phase of its bull run.
$XRP Price Could Hit $20 if $XRP Reclaims 2017 $BTC Top
For context, despite the recent rally over Bitcoin, $XRP still trades at a meager 0.00001544 $BTC, miles below the peak price in early 2017. This is due to Bitcoin also witnessing an uptrend that recently saw it knock at the $100,000 price region.
CryptoBull expects $XRP to continue in its uptrend until it reclaims the early 2017 peak. Notably, this peak stands at 0.0002454 $BTC, a value $XRP attained in May 2017 after months of underperformance. At its current price, $XRP is still at least 1,500% away from this top.
If the altcoin records a similar rally to what the market witnessed in early 2017, CryptoBull’s analysis suggests that a push to the 0.0002454 $BTC peak could bring $XRP price to at least $20. Notably, with Bitcoin now trading for $95,800, a value of 0.00002454 $BTC translates to $23 for the $XRP price in dollar terms.
Interestingly, the 2017 $XRP price rally also began with a massive 308% gain against Bitcoin in March 2017. The $XRP price sustained this push over the next three months. A repetition would see $XRP outperform $BTC in December 2024 and January 2025. At press time, $XRP trades for $1.47, up 7% in the last 24 hours.