Analyst Eyes XRP Price Peak at $34 as XRP Looks to Form Foundation Against Bitcoin

A notable market analyst sees XRP price reaching two-digit figures amid ongoing push to form a solid foundation against Bitcoin. Notably, XRP has been experiencing a decline against Bitcoin in recent weeks, dropping over 9% in the past two weeks alone. Nonetheless, on a larger timeframe, XRP has gained 251% against Bitcoin over the past four months. The latest drop in the XRPBTC pair is due to XRP witnessing greater price slumps than Bitcoin amid the ongoing market turbulence. However, despite this short-term weakness, analysts believe a strong long-term setup is emerging for XRP in its Bitcoin trading pair. XRP Price Forming Strong Foundation Against Bitcoin In a recent report , market analyst EGRAG pointed out that XRP is undergoing a unique historical movement. He identified that in previous market cycles, the asset surged beyond a key resistance level against Bitcoin before eventually retracing into a bear market.  This time, rather than breaking through immediately, XRP is consolidating at historically high levels against the firstborn crypto. The market has never observed this pattern before, suggesting the formation of a stronger price foundation that could fuel a more sustained rally.

Notably, EGRAG stressed that XRP is currently trading between 0.00003 BTC and 0.000023 BTC, establishing a critical support zone at these levels. In particular, XRP is trading at 0.00002580 BTC at the time of reporting, down 3.70% on the day. Bullish and Bearish Cases However, the analyst noted that holding within the 0.00003 and 0.000023 range is essential for building a stable foundation. If XRP closes this month below 0.000023 BTC, bearish sentiment could take hold, though recovery remains possible. However, if it closes below 0.000016 BTC, the market outlook could turn significantly negative.  On the bullish side, EGRAG emphasized that if XRP confirms a close above 0.000024 BTC, it would signal a newly established bullish foundation. Currently, XRP trades above the 0.000024 BTC level. However, the altcoin would need to close February around the current price to confirm the bullish outlook. Further, if the price moves past 0.000034 BTC and closes February above this level with confirmation, a major breakout could unfold. This scenario would sync with previous historical trends and open the door for massive price movements. XRP Price Targets 0.00036 BTC, Aligning with $34 If this breakout materializes, XRP could reach major price targets. The first key level is 0.000046 BTC, which, assuming Bitcoin remains at $95,125, would translate to a price of $4.37 per XRP.  Meanwhile, a further rally to 0.000136 BTC could push XRP's value to $12.93. In an extreme bullish case, XRP could hit 0.00036 BTC, resulting in a price of $34. If Bitcoin appreciates beyond $95,125, these price targets could rise even higher, depending on the XRP/BTC pair's performance. EGRAG believes the current market setup is comparable to constructing a skyscraper, as strong foundations must be built before reaching higher levels. XRP has never previously established such a firm base at this level, confirming that this time, the rally might be more substantial. According to analysts, this may be one of the last opportunities to accumulate XRP at relatively low XRP/BTC levels before a major surge occurs. At the current XRPBTC price, XRP currently changes hands at $2.43, down 4.55% over the past 24 hours.