After a four-year low, XRP (XRP) is poised for a recovery against the Bitcoin (BTC) trading pair. Behind this bullish turn is a classic bullish pattern - a triple bottom. 📈

XRP Eyes 30% Bounce Against Bitcoin

A triple bottom is formed when the price makes three distinct lows, all reaching a similar price level, indicating strong support.

On July 12, the XRP/BTC pair tested its support at around 793 satoshi (1 satoshi = 0.00000001 BTC) for a potential breakout.

XRP/BTC Pair Up 20% in July

XRP's renewed strength against Bitcoin largely comes on the heels of the German government's continuous sale of BTC in July.

Bitcoin's dominance as a whole fell to 54.55% on July 12 from a high of 55.46% a week ago, indicating that traders may be switching to altcoins while a period of BTC price consolidation occurs.

Overall, XRP is relatively underbought compared to most top crypto assets for 2024, with annual returns of around -26.50%.

The weekly relative strength index (RSI) for XRP/BTC is rebounding after hitting its lowest level in two years around 33, just three points above the oversold threshold.