XRP Disappointed with Bitcoin in 2024 – Possible Price Reversal?
XRP (XRP) price has lagged in the ongoing cryptocurrency market rally, failing to recapture its peak value set in January 2018. But could 2024 be different?
XRP lags behind Bitcoin, ETH price gains
By 2024, XRP's price is set at only 1.85%, which stands out in the crypto market. For example, Bitcoin (BTC) and Ether (ETH) gained 58% and 68.50% in the same period. Perhaps more surprisingly, the XRP/BTC pair has lost 88% over the past five years.
Perhaps more impressively, the XRP/BTC pair lost 88% as traders focused on a surge of investments into the newly launched Bitcoin ETFs, the Bitcoin Halving Event and the approval of Ethereum spot ETFs in May. .
what do you think? #XRP
Watching now #crypto #bullrun pic.twitter.com/p2hvZ1mEX0
— Poloniex Exchange (@Poloniex) March 10, 2024
Technically, since December 2017, the price of XRP has fallen under strong selling-pressure as shown below. In the year In 2024, traders failed to close decisively above this trend line.
In the year In 2024, the XRP slump will also correspond to the declining whale population. In particular, the number of super-rich addresses holding at least 100,000 tokens has dropped significantly this year. This shows (wealthy) investors decreasing interest in XRP.
Meanwhile, the ongoing legal dispute between the US Securities and Exchange Commission (SEC) and Ripple has added to the uncertainty, according to Bill Morgan, a pro-Crito attorney who is pursuing the case.
Related: Ripple XRP ETF: ‘Definitely Embraces' Brad Garlinghouse
The SEC and Ripple's case is likely to drag on to May 2024 after US District Court Judge Annalisa Torres extended the regulator's filing deadline earlier this month.
XRP price: Bullish fractal gives hope
The bullish technical scenario has XRP price jumping 15% to $0.75 by June 2024. This level is near the downtrend line resistance and 0.236 Fibonacci retracement line in the XRP/USD pair.
Additionally, a critical breakout above the resistance consolidation of XRP's downward trendline and 0.236 Fib retracement line could push the price higher to $1.11. Interestingly, such a scenario repeats the 2014-2017 fractal shared by market analyst Kush Alamzadeh.
History repeats itself, Alemzadeh expects the price of XRP to hit a new record high above $3.55 in the next few months.
XRP price: carry status
On the contrary, XRP is below $0.50 from the resistance position of the descending trendline, a 20% decrease from the current price level. This level is critical to the rising trendline support level.
This $0.50-level is where the bulls definitely stand: the 200-week exponential moving average (200-day EMA, the blue wave) and multi-month uptrend line support.
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.
