Key Points
- An analyst predicts XRP could outperform Bitcoin and might rise as high as 100% if it crosses a particular resistance.
- Bitcoin’s dominance dropped and the analysis indicates that XRP might bounce to $0.70.
An analyst has predicted a potential surge in the value of XRP, suggesting it could even outperform Bitcoin (BTC). The prediction comes from CrediBULL Crypto, an analyst who has identified a bullish divergence in favor of XRP.
Analyst’s Observations
The analyst based his prediction on the Higher Time Frame (HTF) demand zone, a key area that indicates a high probability of demand or supply and can help identify critical support and resistance zones. He noted that the altcoin had formed a lower base TF and that the HTF region was larger, leading him to suggest that XRP might rise 15% to 20% against Bitcoin at the narrowest.
The analyst also suggested that a 100% jump versus Bitcoin is not impossible, stating, “Assuming BTC has found a local bottom here (which will be the case if local lows hold), XRP should perform much better than BTC on the rebound.”
Current Market Performance
At the time of writing, both XRP and Bitcoin had experienced significant downturns. Bitcoin’s price dropped to $63,727, while the value of XRP declined to $0.59. However, the performances of the last 24 hours indicated that XRP might have better strength to weather the turmoil the market might bring.
The analysis also showed a strong correlation between Bitcoin and the Ripple native token. For XRP to outperform Bitcoin, the cryptocurrencies’ trend would have to decouple, and Bitcoin’s dominance would have to shrink.
In the last 24 hours, Bitcoin’s dominance fell from 54.21% to 53.63%. If this ratio slides below the 50% average, then XRP might have a chance of outperforming the coin.
On the on-chain side of things, the sentiment traders had about XRP was checked. According to Santiment, the Weighted Sentiment around XRP dropped into the negative region, implying that comments about the token on social media platforms were bearish.
However, recent history showed that the sentiment could be good for XRP. For example, the Weighted Sentiment dropped to -1.525 on the 1st of March. At that time XRP’s price was $0.59. Two days later, the value jumped to $0.64. A similar scenario occurred between the 10th and 11th of March, indicating that the sentiment might drop lower, but the price of the token could be in tune to rebound as high as $0.70 in the short term.
