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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.