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The price of XRP rose by 3.47% in the last day, yet the altcoin failed to recover from its bearish performance in the past week. In line with the general crypto market, XRP appears to be stuck in a range-bound market as more speculations arise on the viability of the current crypto bull run.
However, XRP market analysts also remain bullish with recent predictions continuing to back atwo-digit price target for the asset. Related Reading 300 Million XRP On The Move: Ripple Labs Sparks Speculation 21 hours ago How XRP Can Swing Based On XRP/BTC Chart – Analyst
In an X post on January 10, popular XRP analyst Egrag Crypto highlighted several potential bullish scenarios for altcoin based on its performance in relation to Bitcoin.
Earlier in May 2024, Egrag Crypto had stated that XRP and Bitcoin are mixing like the Atlantic and Pacific Oceans with distinct charts and trends yet still interacting significantly with the other.
Based on these interactions as seen in the XRP/BTC chart, price projections for the altcoin are highly bullish. However, introducing a baseline conversion price of Bitcoin at $120,000, there are three possible uptrend scenarios for XRP based on previous price performance.
In a moderate scenario A based on historical data from 2017, Egrag Crypto states XRP could gain by 1,264% pushing the XRP/BTC ratio approximately 0.000107. This circumstance translates into a potential XRP price of $12.
According to historical data from 2017, Egrag highlights a strongly bullish scenario B where XRP’s price could rise by 3,600% resulting in a XRP/BTC ratio around 0.000247 and a market price of $29.
The final scenario C which is more conservative and based on XRP’s performance in 2021 shows a “mere” 500% gain that produces a ratio of 0.000041, resulting in a potential XRP price of $5. Source: Egrag Crypto on X Related Reading Dogecoin Testing Key Demand Zone – Can DOGE Push Above $0.40? 23 hours ago Crypto Expert’s Prediction Points To $27 Target
Based on a mix of all these scenarios, Egrag drops a personal forecast in which the XRP/BTC ratio is expected to first rise to between 0.00007 and 0.00010, indicating a potential price of $8.5 – $12 for the altcoin. Thereafter, the crypto analyst expects a correction before the ratio races to around 0.00014 at which XRP may trade between $17 – $27.
At press time, XRP trades at $2.34 following a 2.78% gain as earlier stated. However, daily trading volume is down by 15.20% and currently valued at $5.35 billion. Meanwhile, the coin’s performance on larger timeframes indicates turbulence in recent weeks as evidenced by losses of 4.65% and 3.69% in the past seven and thirty days respectively. Albeit, with a market cap of $134.74 billion, XRP ranks as the fourth largest crypto asset. XRP trading at $2.3308 on the daily chart | Source: XRPUSDT chart on Tradingview.com Featured image from Blockzeit, chart from Tradingview