2024-11-1 15:39 |
Despite XRP displaying lackluster performance over the past seven or so years, analysts are now suggesting that XRP might outshine Ethereum (ETH) and Bitcoin (BTC) in the upcoming market cycle.
Notably, XRP, the seventh-largest crypto asset by market capitalization, has faced a relatively volatile period since December 2020, when the U.S. Securities and Exchange Commission (SEC) instituted a lawsuit against Ripple, alleging that the sale of XRP constituted the sale of unregistered securities. This legal battle caused the cryptocurrency to drop sharply and enter an extended period of consolidation.
And despite Ripple’s recent victories against the SEC and the much-anticipated settlement earlier this month, XRP has continued to exhibit weakness, marked by low volatility and a price that remains teetering around the 200-day Exponential Moving Average (EMA).
Nevertheless, some analysts are still optimistic about XRP’s future despite these challenges. Recently, an analyst known by the pseudonym ‘Anymox’ tweeted that XRP could outperform ETH in this market cycle and potentially even surpass BTC. Highlighting a chart that shows a seven-year-long consolidation pattern, Anymox predicted that XRP could soar to around $120 in the upcoming cycle, representing a staggering 20,589% increase from its current levels.
Another analyst, ‘Protechtor,’ identified a completed five-wave pattern following the post the SEC lawsuit XRP rally earlier this month, suggesting that the asset might outperform BTC on a relative basis. Notably, the pundit acknowledged the possibility of short-term corrections against the primary uptrend but emphasized that XRP’s overall trajectory remains upward.
Analyst “Doctor Profit” also weighed in, predicting that XRP will outperform ETH, BTC, and Solana (SOL) in the next cycle, with ETH expected to outperform BTC and SOL. This sentiment aligns with the broader belief that altcoins, including XRP, might be on the verge of a significant upswing relative to Bitcoin as the market enters a new phase.
That said, Ethereum (ETH) continued to exhibit weakness on Monday after encountering a rejection of around $2,800. Notably, the potential for further decline persists if ETH cannot sustain its current level, with analyst ‘Cryptobullet’ suggesting that while the 0.618 Fibonacci level is presently holding the body of the weekly candle and the 0.5 Fib level catching the wick, a break below the multi-year support range $2,500-$2,100 could send prices lower. However, the pundit noted that consolidation around the Fibonacci level and MA100 might be necessary for a few weeks before any potential upside.
On the other hand, Bitcoin (BTC) continued to face its challenges, with the price now trapped within an expanding triangle pattern. On Monday, analyst ‘Moustache’ noted similarities between this pattern and the one seen in 2020 before the 2021 bull run. According to the pundit, despite the current constraints, the pattern suggests a bullish potential, provided that the red area of the chart holds.
According to CoinMarketCap, XRP traded at $0.51 at press time, reflecting a 0.07% surge over the past 24 hours.
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