In the analysis by cryptocurrency market analyst Cryptobilbuwoo, a bullish trend emerged linking the price movement of XRP with the Bitcoin halving.
The forecast suggests that XRP could reach a new high of $26 based on historical patterns observed around Bitcoin halving cycles and its subsequent impact on Bitcoin dominance (BTC.D) and XRP.
The chart from Cryptobilbuwoo tracks the price of XRP alongside Bitcoin dominance (BTC.D) over an extensive period. The model shows a unique 31-week cycle after each Bitcoin halving, during which XRP reaches its lowest point.
The price of XRP and BTC dominance after the Bitcoin halving
Data from the chart shows that after each halving, XRP experiences consolidation for several weeks and then reaches a bottom at the 31st week. At this 31-week mark, Bitcoin dominance usually peaks, while XRP begins its upward trend.
The pink areas on the chart denote the period during which Bitcoin dominance declines while XRP rises, creating an inverse relationship. As Bitcoin's market control weakens, the price of XRP tends to rise, signaling a potential for significant growth in the post-halving period.
This model developed after the Bitcoin halving in July 2016, when XRP eventually soared to an all-time high of $3.31 in January 2018. This also happened after the halving in May 2020, when XRP rose to a peak of $1.96 by April 2021.
Now this model seems to be playing out again after the last Bitcoin halving in April 2024. Given that the next 31-week mark falls around the end of 2024, especially in the middle of next month, the ground may be prepared for the next major upward trend in XRP.
Once this rise begins, the analyst expects XRP to soar to $26. Interestingly, another market commentator EGRAG also predicted an XRP price of $26 using linear regression theory.
