Home Altcoins News XRP Hits Potential Bottom Against Bitcoin: Analysts Predict a Reversal

XRP Hits Potential Bottom Against Bitcoin: Analysts Predict a Reversal

XRP Hits Potential

Ripple’s XRP has been under the spotlight lately, particularly in its performance against Bitcoin (BTC). Recent analysis by market veteran Tony Severino suggests that XRP may have finally hit its bottom against Bitcoin, signaling a possible reversal in its price trajectory. Let’s delve deeper into this intriguing development and what it could mean for the future of XRP.

XRP’s Struggle Against Bitcoin:

While Bitcoin has been on an uptrend since December 2022, reaching a current price above $62,000 and marking a 261% increase, XRP’s journey has been less straightforward. Despite occasional spikes, XRP has struggled to maintain momentum, recording only a mild 27.8% increase within the same timeframe. Some commentators attribute this underperformance to the ongoing legal battle between Ripple and the SEC.

XRP’s Price Movement:

XRP appeared to break out on its own in July 2023, buoyed by legal clarity in the United States. However, after reaching a high of $0.93 and 0.00002970 BTC, XRP experienced a retracement, eventually dropping to a low of $0.4225 in August 2023. Meanwhile, Bitcoin embarked on a pre-bull phase rally from Q4 2023, leading to a sustained downtrend for XRP against Bitcoin. XRP has now recorded nine consecutive months of losses against BTC since August 2023.

A Potential Turning Point:

During this period of decline, XRP has dropped 64.8% compared to Bitcoin, currently trading at 0.00000839 BTC. Market veteran Tony Severino, known as “The Bull,” has suggested that XRP may have reached a bottom. He points to a bottom signal flashed by XRP against Bitcoin on the monthly timeframe, indicating a possible end to the persistent declines and a forthcoming trend reversal.

Historical Precedents:

Analysts draw parallels to XRP’s performance during the 2017 market cycle, where it exhibited a similar bearish trend against Bitcoin. However, after hitting bottom in February 2017, XRP went on to outperform BTC by a staggering 3,716% in a year. This historical precedent has bolstered confidence in a potential upswing for XRP, especially now that it may have reached a bottom.

Price Targets and Resistance Levels:

Analysts have set ambitious price targets for XRP’s potential rally against Bitcoin. Charting Guy predicts a fractal target of 0.00006486 BTC per XRP, which, at Bitcoin’s current price, would translate to a range of $4.09 to $6.48 for XRP. However, analysts caution that Bitcoin’s movement will also play a significant role in determining XRP’s price trajectory. If Bitcoin achieves its targets for the current bull run, ranging from $85,000 to $100,000, XRP’s price could reach $5.51 to $6.48 if it reaches 0.00006486 BTC after hitting bottom.

Current Status and Future Prospects:

At present, XRP is trading at $0.5213, aiming to recover from a 20.44% loss in the previous month. To achieve this, XRP must overcome multiple resistance levels, with a pivotal one at $0.5582 (Fibonacci 0.5). Scaling above this level could pave the way for further gains, potentially leading XRP to $0.60 and beyond.

Conclusion:

The recent analysis suggesting that XRP may have bottomed against Bitcoin has injected optimism into the cryptocurrency market. While uncertainties remain, particularly regarding Bitcoin’s movement, investors and traders are closely watching XRP’s price action for signs of a potential reversal. As XRP aims to recover lost ground and reclaim its position in the market, the coming weeks and months promise to be an exciting time for Ripple’s native token and its supporters.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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