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- The price of XRP is expected to imitate Bitcoin in the long term; this is bullish for XRP as prices are
- XRP outperforms competitor altcoins this weekend.
Bitcoin is the most valued cryptocurrency by market cap, and as the leading cryptocurrency in the market, the asset plays a significant role in how other digital currencies function.
While Bitcoin does not entirely control the movement and patterns of other altcoins, its position influences price movements to a large extent. This has been an historically consistent occurrence, as altcoins are known to follow Bitcoin’s trend patterns. Some assets also surge and decline depending on Bitcoin’s present price performance.
In a bid to understand how this could influence the price of XRP, a prominent figure in the XRP market took to the X platform, to highlight how XRP moves in tandem with Bitcoin’s price, and the potential price point XRP could attain in the long term.
Notably, Riz, a key XRP player, is looking to highlight the data showing XRP’s performance and its correlation with Bitcoin over the years. In a weekly chart shared by the XRP proponent, a similar pattern in price movement was spotted in the years 2013, 2017 and 2021. Interestingly, the pattern also repeated itself this year.
As depicted in the above chart, Bitcoin has a pattern of typically moving into a long standing ascending triangle. After this comes a strong rally that later sends prices to new all-time highs. This same pattern is imitated by Ripple’s XRP.
In 2013, Bitcoin broke out of an ascending triangle earlier in the year, and surged from its price of $3 to a high of $266. The rally kicked off in November of 2011 and continued into 2013.
Ripple (XRP) clears off hourly losses, takes in mild weekend gains
Similarly, XRP rallied in December of 2013, surging to a high of $0.0614. The same pattern was recorded in 2017, as the asset surged above the $19,780 price level in December of 2017. XRP would go on to imitate this pattern, as it surged to a high of $3.3170 in January of 2018.
Meanwhile, at the time of this report, XRP is trading in the green zone. The altcoin is one of many that has successfully managed to clear hourly losses after the week’s long bloodbath.
At press time, XRP is trading at a price of $0.52. The altcoin has performed decently over the week, and has raked in hourly gains of 2.04% at this time.
It is still worth noting that XRP is still on a recovery path, as other key metrics show a downward trend. At report time, trading volume and market cap are down by 13% and 0.06% respectively.
Notably, Ripple (XRP), Ethereum (ETH) and Binance Coin (BNB) are the only assets out of the top ten most valued cryptocurrencies that are raking in mild gains at this time. Behind XRP, is the USD coin (USDC), and Cardano (ADA). Both competitor altcoins are nursing losses from the previous hour.
