An XRP community figure reveals his anticipation of a yearly surge for XRP, citing similarities in price movements with Bitcoin (BTC).
Bitcoin (BTC), the premier crypto asset, is known for determining the direction of the broader crypto market. While XRP has a history of solo rallies, the asset’s price directions are usually contingent on Bitcoin’s movements.
Citing this pattern, Riz, an XRP community figure, believes XRP is poised for an impressive yearly surge. He made this conclusion while drawing parallels between XRP’s price movements and Bitcoin regarding annual gains.
Riz recently took to X (formerly Twitter) to make these projections, sharing weekly charts of BTC’s price actions. Interestingly, the charts show similar movements in 2013, 2017, 2021 and this year.
XRP Mirrors BTC’s Gains
Data from the charts indicates that Bitcoin typically finds itself in an extensive ascending triangle before staging a massive rally that would result in yearly highs. Accordingly, XRP often follows a similar pattern.
This phenomenon occurred in 2013 when BTC rallied from $3 in November 2011 to a high of $266 in April 2013. This surge came immediately after BTC broke above an ascending triangle it had been caught in. In response, XRP surged to $0.0614 in December 2013.
BTC repeated this trend in 2017 after it broke above a multi-year ascending triangle. The asset eventually rallied to $19,785 in December 2017. XRP mirrored this movement, soaring to its all-time high of $3.3170 in January 2018.
The pattern re-surfaced in 2021, leading to Bitcoin’s all-time high of $68,997 in November 2021. XRP had hit a high of $1.9504 in April 2021, but the selling pressure triggered by the SEC lawsuit, which came up in December 2020, hampered XRP’s growth.
Notably, late 2021 presented a massive bull run, with multiple assets hitting record highs. Some analysts assert that XRP would have also registered a new all-time high that year if the lawsuit hadn’t occurred.
An Uncanny Repetition
Now that XRP has finally claimed regulatory clarity, market watchers expect it to mirror Bitcoin’s movements to the letter. BTC is about to replicate the bullish trends observed in previous years.
Bitcoin is currently trading within an ascending triangle, similar to the pattern in 2013, 2017, and 2021. Analysts believe a breakout from this cagey situation could lead to the next bull run.
Coincidentally, the next Bitcoin halving event is expected in April 2024. According to Riz, the breakout could materialize in 2024 or 2025, eventually resulting in a massive pump. As BTC skyrockets, so does XRP rally.