Blockchain Backer (@BCBacker), a well-known cryptocurrency analyst, recently shared his insights on XRP's potential price trajectory in a new market cycle.
Cryptocurrency analyst Blockchain Backer has shared his insights on XRP's potential price trajectory in a new market cycle. According to his analysis, which combines historical data, Fibonacci extensions, and the XRP-to-Bitcoin ratio, the altcoin could reach between $8 and $10.
"The chart mathematically points toward an 8-10 usd price target for xrp at the next peak," the analyst stated in a recent tweet.
According to Blockchain Backer's analysis, XRP's price movements align with those of past market cycles. According to his calculations, which take into account a Bitcoin cycle top of $127,000 and XRP’s highest point in sats, the cryptocurrency’s price at the next cycle peak could be $10.40.
"If bitcoin reaches 116,800, the expected xrp price is 9.57. The digital asset is currently trading at 2.28, and the projected increase of over 300% aligns with the historical altcoin cycle, making the 8-10 range a reasonable target based on past performance."
However, Blockchain Backer noted that a significant factor in evaluating XRP's potential is its market capitalization.
"We might be able to push the upper limits a bit more if bitcoin goes higher than expected, maybe 200k-300k but I think it's safe to say that we can expect xrp to flow into the 8-10 dollar range at the next cycle peak, unless we see some extreme bitcoin price action," the analyst added.
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