Analyst Sees XRP Soaring Against Altcoin Market as Pullback on 200W MA Completes

XRP might be on the verge of outperforming the rest of the altcoin market, according to top analyst Blockchain Backer, citing data from a previous analysis of XRP’s movements.

Blockchain Backer’s recent analysis compared the price movements of the rest of the altcoin market against XRP. The latest report builds on his previous post regarding this setup, as the chart successfully hit the initial targets set.

Initial Analysis 

The initial analysis came up in August when XRP started correcting the rally observed on July 13. However, despite XRP’s persistent declines, the rest of the altcoin market witnessed a steeper drop, collapsing more than XRP.

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As a result, XRP continued to outperform the rest of the altcoin market. This led to the OTHERS/XRPUSD chart breaking below the 200-week moving average in August for the first time in history. Notably, the “OTHERS” ticker refers to the top 125 cryptocurrencies, except for Bitcoin (BTC). 

The OTHERS/XRPUSD pair compares the performance of the top 125 cryptos (except BTC) against XRP. The fact that this pair broke below the 200W MA showed that XRP had performed better than the top 125 crypto assets.

However, Blockchain Backer predicted that this drop below the 200W MA would be temporary, as he expects a pullback. According to him, this pullback would occur over weeks. The pullback would see the rest of the market return to the 200W MA against XRP.

Nonetheless, Blockchain Backer’s setup forecasts that XRP would then skyrocket further above the rest of the market after the pullback. The initial analysis suggested that this pullback would precede a rally from XRP, leading to a more significant drop in the OTHERS/XRPUSD pair.

Latest Analysis

In his latest analysis, Blockchain Backer confirmed that the projected pullback is complete. Notably, during the pullback, the OTHERS/XRPUSD pair soared toward the 200W MA, showing that the top 125 crypto outperformed XRP.

The analyst stressed that the pullback is complete, and XRP is set to stage a momentous rally against the rest of the market. However, he failed to set a specific target. At a value of 232.7 billion, the OTHERS/XRPUSD pair is still below the 200W SMA, which currently sits at 240.8 billion.

Moreover, Blockchain Backer also pointed out that the TOTAL3/XRPUSD pair exhibits the same trend. This pattern adds weight to the analyst’s projection. The TOTAL3 ticker measures the market cap of the top 125 cryptocurrencies, excluding BTC and ETH. 

Meanwhile, XRP has reclaimed the $0.52 price threshold, currently trading for $0.5208. The asset is up 7.90% over the past week in an attempt to recover last month’s losses. XRP is also up 1.21% against BTC in the last 24 hours.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.


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About the Author: Daniel