XRP Hits Multiyear Lows Against Bitcoin, Yet All Hope Is Not Abandoned


XRP Hits Multiyear Lows Against Bitcoin, Yet All Hope Is Not Abandoned

U.Today reported that XRP, the sixth-largest cryptocurrency by market capitalization, has faced a prolonged period of underperformance against Bitcoin (BTC). The XRP/BTC pair is currently at 0.00001339, marking a level not seen since May 2022 and early 2021, shortly after the initiation of the Ripple lawsuit.

Despite the challenging situation, there is still optimism for XRP’s potential recovery and catching up with BTC. Positive developments and catalysts in the future may contribute to an uptick in its price and adoption.

Considering the prolonged decline, XRP traders are advised to stay vigilant, drawing insights from historical patterns. XRP has historically witnessed significant gains when bouncing back against Bitcoin, often leading to explosive price movements. The hope for a reversal in trend persists if XRP manages to outperform Bitcoin, especially in response to positive news or events.

However, the outcome remains uncertain, and there is a potential for further declines if the current trend persists. The underperformance trend may endure if Bitcoin maintains a strong climb, fueled by anticipation of ETF approval, while XRP lags behind.

At the time of writing, XRP was trading down 11% in the last 24 hours at $0.5624, following a notable drop in Bitcoin’s price.

The overall cryptocurrency market experienced a decline due to negative projections regarding the Bitcoin ETF. XRP was particularly affected, surrendering the gains it had accumulated in 2024 among the top 10 cryptocurrencies.

This article was originally published on U.Today.

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