[After Bitcoin halving, XRP may surge 942% to $5.2]
As this week's Bitcoin halving event approaches, the bearish trend in the cryptocurrency market has not stopped the community from having high expectations for this event, because history shows that halvings often usher in a bull market. Top cryptocurrencies such as XRP are expected to benefit from Bitcoin's rise. According to analysis by The Crypto Basic, XRP's potential price outlook in a new bull market is also worthy of attention.
Bitcoin’s last halving occurred on May 11, 2020. It opened at 8,755 that day and fell to 8,374 during the day, but later recovered to 9,033. Although prices initially hovered below 10,000, by the end of October, the Bitcoin bull run had officially begun. By January 2021, just eight months later, Bitcoin price had tripled to the 30,000 area. Bitcoin then crossed the 60,000 mark for the first time in April 2021, although it later fell into a bear market and retraced to 30,000.
From October 31, 2020, when Bitcoin re-touched 14,000, to climbing to a high of 64,863 on April 14, 2021, Bitcoin gained 363% during this cycle. By November 10, 2021, Bitcoin reached an all-time high of 68,789, a cumulative increase of 721.46% since the halving day.
During the same period, XRP fell to a low of 0.1885 on the day of Bitcoin’s halving before briefly recovering to 0.3 within three months. But until the beginning of the Bitcoin bull run in late October 2020, XRP was still trading around 0.2 for most of the time. The following month, XRP witnessed a staggering 307% growth from halving day, reaching a daily high of 0.768. In April 2021, XRP once broke through the 1 mark as the market reached a peak of 1.9650 on April 14 of the same year. From 0.1885 on May 11, 2020, to the peak in 2021, XRP increased by 942.44%.
If XRP can repeat its previous performance and surge to 5.2 from its current price of 0.5, it will be another round of amazing growth. However, while some market analysts are extremely optimistic, predicting that the XRP price may reach 10, these predictions are still highly speculative and the future market direction may be completely different.
