Was XRP price lower than Bitcoin?
XRP (XRP) versus Bitcoin (BTC) futures fell to three-year lows this week, suggesting a near-term bottom and a buying opportunity for XRP.
XRP/BTC price ratio drops to 2021.
According to TradingView data, XRP's price relative to Bitcoin has fallen to a three-year low last seen in April 2021.
On the monthly chart, this chart pattern can be interpreted as a strong sign of the XRP/BTC bottom, CoinChartist founder Tony Severino wrote in a May 6 X post:
Great place – he is right. XRP/BTC lit a bullseye bottom sign.
Despite the optimistic chart performance, XRP/USD has been in a downtrend since early 2024. XRP price is down 14% year-to-date (YTD) to the current $0.53 mark, while BTC/USD is up over 43%.
XRP's crabwalk is mainly due to Ripple's ongoing lawsuit with the US Securities and Exchange Commission (SEC), according to Eva Wisher, founder of Prom & Prom and former chief analyst at 3commas. Wisher told Cointelegraph:
“The price movement of XRP is related to the uncertainty caused by the legal battle with the SEC. Such barriers naturally reduce investor sentiment and business activity.
The SEC indicted Ripple in 2020 for illegally selling $1.3 billion in XRP and raising unregistered securities offerings.
Recently, Ripple has opposed the SEC's request to impose a $2 billion fine on the blockchain company, but the fine should not exceed $10 million.
Related: Bitcoin Enters ‘New Era' As Whales Raise Over 47K BTC During Price Reversal
Is XRP Locally Down?
According to ChartingGuy, a pseudo-anonymous crypto analyst who wrote in a May 6 X post, XRP's price action may decline, but it could rise to new all-time highs by July:
“Fractal's projected target is 0.00006486. At today's BTC price, that puts us at roughly $4.09 XRP. Like I said forever, a new all-time high until July. Now I think $BTC will be at $85,000 -$100,000 by then. Then we are talking about $5.51 – $6.48 XRP.
On the daily chart, the XRP Relative Strength Index (RSI) indicator stands at 50, which indicates that the price of XRP is currently neutral or fairly priced, from the low of 28 on April 13, when the price of XRP was oversold.
RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.
However, the price of XRP has been declining for more than three years. On the weekly chart, XRP is posting lower highs since April 2021. If this trend continues, the charts suggest that the price of XRP could drop to the $0.31 level, which was a major support area until 2022 and 2023.
RELATED: Analysts Say Bitcoin Distribution Has Ended ‘Danger Zone'
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
