The Block Bull, a market analyst, now expects XRP to record a 6,000% pump in a few weeks on the back of a doji candle formation on the XRP/BTC weekly chart.
This assertion comes amid the consolidation observed on the XRP/BTC chart. The ratio had dropped 77.7% from the high of 0.00002970 last July to a low of 0.00000662 in June this year. This was due to Bitcoin recording higher highs, while XRP saw stunted growth.
XRP Forms Doji Amid Consolidation Against BTC
However, with the current downtrend, Bitcoin’s upsurge has halted, leading to a consolidation for the XRP/BTC ratio. Amid this consolidation, the ratio formed a dragonfly Doji candlestick on the weekly timeframe.
For the uninitiated, a Doji candlestick occurs when an asset’s opening and closing prices are almost equal. The body of such a candle is extremely small or non-existent. In the previous weekly candle, the XRP/BTC pair opened at 0.00000758 and closed at 0.00000751. This led to the formation of the Doji candle.
Such a candlestick typically indicates indecision in the market, as neither buyers nor sellers could gain control. However, The Block Bull sees it as an indication of an imminent price pump, citing history. He stressed that the last time the Doji candlestick occurred, XRP secured the expected rally in eight weeks.
#XRP Also forming a doji candle on the weekly signalling indecision against Bitcoin.
Historically $XRP rallied the full measured move within 8 weeks last time this occured!!!
Measured move is 6000%!!!!! pic.twitter.com/WDLn1vQ9kX
— 📈BLOCK BULL📈 (@TheBlockBull) July 6, 2024
A 6,000% Pump Within 8 Weeks
The analyst predicts a 6,000% increase in XRP’s price against Bitcoin following the formation of this Doji candlestick. Historical data suggests this could occur within eight weeks. Notably, the XRP/BTC ratio currently sits at 0.00000758, with XRP changing hands at $0.4199.
A 6,000% increase in the ratio would push it to 0.00046238. This value translates to an XRP price of $25.6 supposing Bitcoin’s price remains fairly stable. However, it is highly unlikely for BTC to not record any price growth within this period. If Bitcoin increases, XRP’s value at an XRP/BTC ratio of 0.00046238 would be much higher.
Other analysts have also predicted XRP to outperform BTC in the coming months. Last month, Alex Cobb projected an XRP/BTC spike to 0.0006, translating to an XRP price of $36. In March, analyst Dark Defender asserted that XRP could reach $14.61 if the XRP/BTC chart hits its record high.
Notably, XRP and Bitcoin have recorded similar performances over the past week, both witnessing declines amid bearish pressure. However, XRP has slightly outperformed BTC, data from CoinMarketCap confirms. XRP is down 12.1% in the last week, while BTC has dropped 12.58% within the same period.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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