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.
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.
XRP is outperforming the altcoin market.
FOR THE FIRST TIME in history, XRP shattered the 200-week moving average vs the Altcoin Market.
Instead of being measured in dollars, here is the altcoin market measured in XRP.
As discussed a pullback for weeks, pullback. Nearly there. pic.twitter.com/GPyU3VT4ev
— Blockchain Backer (@BCBacker) August 15, 2023
– Advertisement –
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.
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.
We looked for this pullback with the altcoins vs XRP and the 200-week moving average.
Altcoins measured in XRP, rather than USD, broke 200-week moving average.
Back test reached… Time for XRP to prove it.
— Blockchain Backer (@BCBacker) September 19, 2023
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.