While BNB price hits new all-time highs and dominates the market, other prices such as XRP continue to struggle to confirm a breakout. This has made the BNB ecosystem the third-largest digital asset in the industry, surpassing both XRP and Tether’s USDT, bringing even more attention to the BNB ecosystem. Under these circumstances, crypto analyst JACKIS suggested that the rise in BNB’s price could be replicated by XRP in a similar parabolic breakout.
3-tap parabolic breakout XRP could be replicated
In the analysis shared, cryptocurrency analyst Jackis points out an interesting formation that led to the breakout in BNB price, which they call “3 taps to a parabolic breakout.” This chart outlines that XRP price hit all-time highs three times last year before finally settling into a breakout.
JACKIS outlines a similar trend on the XRP price chart, showing that there were three taps last year as well. If this trend continues, it could lead to a parabolic breakout similar to what happened with BNB price, which could push it above the $1,300 level.
This analysis also highlights a previous analysis the cryptocurrency analyst conducted on BNB price three months ago, in July. At that point, JACKIS pointed out that BNB was in the re-accumulation phase, not the distribution phase. The difference is that reaccumulation leads to a breakout. Ultimately, BNB prices rose almost 100% from here to new all-time highs.
Movement similar to BNB price
Similar to the July analysis, crypto analysts are highlighting the fact that the XRP cryptocurrency is in a re-accumulation phase and is not actually being recirculated. In this case, it is only a matter of time before the next breakout begins. If BNB’s rally is anything to go by, it could be just a few months before the XRP price hits a new all-time high.
But unlike BNB, crypto analysts actually expect XRP price to more than double in its own breakout. Jax believes the price can rise up to $10, which would represent an increase of over 200% as the price is currently trading below $3.
However, crypto analysts advise that investors should not expect this move to happen soon, as the rollout could take time. “We should give the price some room to move. Nevertheless, we still expect XRP to reach the $10 target, which could take back the third place from BNB,” the analyst said.
Featured image from Dall.E, chart from TradingView.com
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