Can XRP Replicate The BNB Price Rise To $1,300 ATH? Analyst Shows The Odds
The BNB price rally to new all-time highs has taken the market by storm, while others like XRP continue to struggle to confirm a breakout. This has led to more attention being focused on the BNB ecosystem as it has now surpassed both XRP and Tether’s USDT to become the 3rd-largest digital asset in the industry. Amid this, crypto analyst JACKIS has suggested that the BNB price rally could be replicated by XRP with a similar parabola breakout.
The Three-Tap Parabola Breakout XRP Could Replicate
In the shared analysis, crypto analyst JACKIS points out an interesting formation that led to the BNB price breakout, something they refer to as the “three tap into parabola breakout.” The chart outlines that the XRP price had tapped all-time highs three times in the last year, before eventually settling into its breakout.
JACKIS outlines a similar trend in the XRP price chart, showing that there have been three taps as well over the last year. If this trend follows through, then it could lead to a parabolic breakout like it did for the BNB price, leading up to its break above the $1,300 level.
The analysis also highlights a previous analysis that the crypto analyst had made about the BNB price three months ago, in July. At that point, JACKIS pointed out that BNB was in a re-accumulation phase and not a distribution phase. The difference being that the re-accumulation would lead to a breakout. Eventually, the BNB price ended up rising almost 100% from here to new all-time highs.
Moving Like The BNB Price
Just like the July analysis, the crypto analyst highlights the fact that the XRP cryptocurrency is in a re-accumulation phase and is actually not redistributing. If this is the case, then it is only a matter of time before the next breakout begins. If the BNB rally is anything to go by, then it could be only a matter of months before the XRP price hits new all-time highs.
Unlike BNB, though, the crypto analyst actually expects the XRP price to more than double with its own breakout. JACKIS believes that the price would rise as high as $10, which would mean a more than 200% increase as the price continues to trade below $3 currently.
However, the crypto analyst advises that investors should not expect this move to occur immediately, as it may take some time to unfold. The analyst says to “give the price room to wiggle. Nevertheless, the expectation remains the same that XRP will reach $10, a target that could see it reclaim its 3rd position from BNB.
Featured image from Dall.E, chart from TradingView.com
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