Simple Textbook Analysis Show XRP Price Could Rally 100% Against Bitcoin

[Cordillerabit]

There’s no doubt XRP saw poor performance in 2019. During that year, the price of the asset against the U.S. dollar fell by 50%, managing to underperform a swath of traditional asset classes, from stocks and bonds to precious metals and commodities.

Because Bitcoin saw a strong 2019, rallying by over 90%, the XRP/BTC pair fell dramatically, even more so than the altcoin’s pair against the dollar and other fiat currencies. One XRP, in fact, is now valued at under 3,000 satoshis — far below all-time highs.

But, a number of analysts recently explained in charts that the cryptocurrency may soon mount a strong comeback against the market leader.

"XRP Against Bitcoin Pair May Soon Burst Higher"

Prominent cryptocurrency trader TraderXO recently noted that the past year of performance for XRP against BTC has been trading in a manner similar to a chart pattern or schematic described by legendary chartist Richard Wyckoff.

The schematic is the Wyckoff Accumulation pattern. It is marked by a steep decline into a range, a number of retests of the range’s resistance and support, then a strong breakout of a similar magnitude of the crash that led into the range.

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