XRP Price Traces Bitcoin Path To Reach $71

A crypto analyst has presented a compelling case, suggesting that the XRP price may be closely mirroring Bitcoin's historical macro action.

Crypto analyst at TradingView, RizeSenpai, has presented a compelling case suggesting that the XRP price may be closely mirroring Bitcoin’s historical macro action.

XRP Price Could Hit $71 As It Follows Bitcoin Path

The analyst has forecasted that XRP could be massively on its way up to $71. To put this in perspective, at its current market price, this would represent an astounding 3,281% increase.

As part of his analysis, he drew striking similarities between Bitcoin’s breakout from its multi-year accumulation range in 2015-2017 and XRP’s current price structure.

According to the analyst, since its listing on Poloniex in 2014, XRP's movements have closely mirrored Bitcoin's macro price action but at a slower rate, which he estimated to be at 65%.

For emphasis, the price chart shows that after consolidating between 2013 and 2016 and finally breaking out in 2017, the BTC price experienced a sharp surge of 5,424%.

Similarly, XRP had a big rise in 2017 but has since been trading in a large multi-year range for nearly six years as of the end of 2022.

Recently, XRP broke out of its long-term price range and has been consolidating above its old all-time high resistance for several months. Considering its current price action, the analyst assumes that the asset may be attempting to move toward new breakout levels.

According to the TradingView analyst, the cryptocurrency could surge toward more realistic targets of $27 – $30, which is near the 1.618 Fibonacci Extension level. For reference, he shared a chart comparing Bitcoin’s past bull market breakout and performance with XRP’s current breakout and future price action.

The chart reveals that when BTC broke out, it surged toward the 1.618 Fibonacci level at $61,800 before initiating a secondary run that topped at the 1.902 HOP level.

As a result, if XRP can completely mirror Bitcoin’s performance, then RizeSenpai predicts that it could skyrocket to $27, potentially reaching as high as $71, where the 1.902 HOP level lies.

Token To Explode Above $71 To $120

As mentioned earlier, XRP is still trading within a multi-year range breakout similar to Bitcoin’s in its past cycle.

At the time of writing, XRP’s price sits at $2.13, having declined by more than 11% over the last month.

Importantly, if the altcoin replicates the breakout momentum previously seen in Bitcoin, then RizeSenpai predicts an explosive 5,400% increase, pushing its price to a very ambitious target of $120.94.

This suggests that the TradingView analyst believes that XRP could exceed its previously projected target of $71 and climb past $120.

Adding to the weight of this bullish forecast is the presence of a monthly MACD Hidden Bullish Divergence, which is often associated with an uptrend continuation and potential upside momentum.