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It's Big & Very Big #Alert!! About $BTC & $XRP !!!
XRP Price Finally Bottoms Against Bitcoin: Here’s What Could Come Next
The XRP price may have finally bottomed against Bitcoin (BTC), according to market veteran Tony Severino, with a possible price reversal on the horizon.
While Bitcoin has witnessed an uptrend since December 2022, XRP has continued to exhibit choppy price movements within this same timeframe, leading to a persistent underperformance against the premier cryptocurrency.
XRP Price Records Declines Against Bitcoin
At its current price above $62,000, Bitcoin is up 261% since December 2022. However, XRP has only seen a mild 27.8% increase within the same timeframe.
Some industry commentators have attributed this underperformance to the legal tussle between Ripple and the SEC.
XRP price looked to record a solo breakout in July 2023 on the back of the legal clarity in the United States. However, after a spike to $0.93, which resulted in a high of 0.00002970 BTC, XRP faced a retracement, with its price eventually tumbling to the $0.4225 low in August 2023.
Amid the retracement, Bitcoin embarked on the pre-bull phase rally from Q4 2023, resulting in a sustained downtrend on the XRP/BTC monthly chart, as BTC continued to outperform XRP every month. XRP has now recorded nine consecutive months of losses against BTC since August 2023.
A Possible Bottoming Within this period, XRP has dropped 64.8% in comparison to Bitcoin, currently trading for 0.00000839 BTC.
Market veteran Tony “The Bull” Severino recently confirmed that XRP might have seen a floor. He noted that a bottom signal has been flashed by XRP against Bitcoin on the monthly timeframe.
Such a signal suggests that the persistent declines could be coming to an end, with a trend reversal imminent. This has compounded optimism surrounding XRP’s price movements.
Market watchers have often called attention to similar trends observed with XRP during the 2017 market cycle. Notably, XRP witnessed a similar bearish performance against Bitcoin and the broader market in 2017.