[Despite legal issues, XRP overtakes Ethereum in 2023]
In 2023, XRP, one of the important altcoins in the cryptocurrency world, has experienced a journey full of twists and turns.
This year, XRP’s market performance was affected by a number of major events, especially the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC).
XRP has performed well in the face of regulatory uncertainty and legal challenges, with prices rising sharply throughout the year, even surpassing Ethereum (ETH), underscoring the allure of this investor-favorite altcoin.
On December 6, Cryptoes, a well-known cryptocurrency technical analysis expert on X, revealed a key piece of information: XRP will outperform Ethereum in 2023. His chart on TradingView shows XRP is up more than 116% this year, or $0.33 more, while ETH is up 91.9%.
Cryptoes believes that while XRP is still some way off Ethereum’s market capitalization, the crypto asset may be embarking on a new long-term upward trend.
In a comment on a Cryptoes post, an X user suggested that XRP's price action may be forming a cup-and-handle pattern, which is often seen as a bullish sign. Cryptoes confirms this view.
This pattern consists of a circular base (the "cup") and a period of consolidation (the "handle"). Technical analysts generally view this as a bullish sign, suggesting that the asset price may experience a significant rise following the formation of the handle.
As of December 7, XRP was trading at $0.64, down 0.4% on the day. The cryptocurrency has gained more than 4.7% over the past week, but is down 10.8% on the month.
