XRP Price – XRP Surges 30% Since July: A Look at Its Strong Comeback Against Bitcoin

XRP Price – XRP’s 50% Rally Against Bitcoin Mirrors 2021’s Epic Surge: What to Expect Next

XRP Price – XRP has demonstrated a significant rebound against Bitcoin (BTC), climbing approximately 30% since hitting a “triple bottom” in July 2024. Currently priced around $0.60, XRP’s resurgence has caught the attention of market analysts, who see promising signs for its continued growth in the coming months.

Historical Comparison: XRP’s 2021 Rally

The XRP/BTC trading pair has surged over 50% since establishing a local bottom at approximately 760 satoshis (1 satoshi = 0.00000001 BTC) in early June 2024. This level closely mirrors the support observed before a dramatic 500% rally between January and May 2021. During the 2021 rally, XRP/BTC faced resistance at its 50-week exponential moving average (EMA), which led to a brief pullback before resuming its upward trajectory. A similar resistance was encountered in August 2024, with the pair facing rejection at the 50-week EMA.

Traders closely monitor the 50-week EMA as a critical resistance point. If XRP/BTC surpasses this resistance, it may signal a bullish trend towards the 200-week EMA, situated around 1,890 satoshis. Should XRP/BTC breach the 50-week EMA at approximately 1,120 satoshis, a potential rise of about 100% by the end of 2024 could be on the horizon.

Post-Halving Trends and XRP’s Bullish Outlook

XRP’s bullish potential is further supported by historical Bitcoin dominance trends following halvings. For example, Bitcoin Dominance Index (BTC.D) fell over 70% after the second halving in July 2016, suggesting that traders rotated capital into altcoins like XRP. Despite XRP/BTC’s underperformance after the third halving in May 2020, largely due to the SEC’s lawsuit against Ripple, recent developments offer hope. As of August 2024, Ripple has settled with the SEC, paying a $125 million penalty. Since then, XRP/BTC has risen about 15%, with further gains possible if Bitcoin dominance experiences a typical post-halving decline after the latest halving in April 2024.

XRP’s Relative Underperformance and Future Prospects

Compared to leading cryptocurrencies, XRP appears significantly underbought in 2024. XRP/USD has declined approximately 3.5% year-to-date, while BTC/USD has gained 37.80% in the same period. Additionally, other altcoins such as Ether (ETH), Solana (SOL), and BNB have outperformed XRP, showing increases of 13%, 30%, and 84%, respectively, in 2024.

XRP’s relative underperformance could suggest it has room to catch up, especially if broader market conditions become more favorable. Investors may view this as a chance for XRP pairs to rally, particularly if the altcoin market continues its strong performance.

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