Ripple’s XRP is struggling to maintain an upward trajectory amid volatile sessions and efforts to rebound. Moreover, the XRP/BTC pair has plummeted massively in recent months. However, crypto analysts have expressed optimism around XRP price after evaluating the current market trends and XRP chart pattern.
XRP/BTC Pair Plummets 61% From July High
According to TradingView data, the XRP/BTC pair peaked at 0.00002741 in July 2023. However, thereafter a downtrend ensued as Bitcoin (BTC) rallied significantly while the XRP price took small steps toward an upward trend. At press time, the XRP/BTC pair was trading at 0.00001071 on February 19, 2024.
This implies a solid 61% drop from the high attained in mid-2023. While some may perceive it as an unfavorable development, short-term traders or long-term investors can leverage this opportunity for a profitable entry point in XRP. Hence, analysts have suggested that buying the dip could be profitable.
On the other hand, analysts have also hinted at an impending bull run for XRP. Dark Defender, a crypto analyst on X, posted an analysis based on the weekly chart of the XRP/BTC pair. He wrote, “RSI for the XRP/BTC pair in the weekly time frame stands in the same place as it did before the 2017 & 2021 XRP Bull Runs.” Moreover, he noted that the 2024 bull run for XRP is just knocking the doors.
Also Read: Ripple CTO Takes Rigid Stand Amid Heated Debate Around XRP Dump
What’s Next For XRP Price?
In addition, Dark Defender expressed optimism around XRP price. He highlighted the ongoing debate around XRP’s ODL and programmatic sales, which has encompassed Ripple with several allegations. Furthermore, he added that the XRP price is gearing up for a massive surge currently.
The analyst pointed at the historical chart pattern wherein XRP soared from $0.6649 to $2 in no time. Hence, he anticipates a similar trend to follow this time. As of writing, the XRP price was up by 0.10% to $0.5582 with a market capitalization of $30.46 billion. Additionally, its trading volume surged by 25.10% to $915.67 million.
Also Read: Whale Dumps 25 Mln XRP Ahead Of Key Ripple Vs SEC Date, Price Below $0.55?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
