Although XRP has been lackluster over the past seven years, analysts now believe that this crypto asset may outperform Ethereum (ETH) and Bitcoin (BTC) in the upcoming market cycle. Since December 2020, XRP has experienced tumultuous times when the SEC filed a lawsuit against Ripple, accusing it of selling XRP as unregistered securities. This legal battle led to a significant drop in XRP's price and entered a prolonged consolidation phase.
Despite Ripple's recent victory in its lawsuit with the SEC and the highly anticipated settlement, the price of XRP remains weak, hovering around the 200-day exponential moving average (EMA). However, analysts remain optimistic about XRP's future. An analyst using the pseudonym 'Anymox' stated that XRP may outperform ETH in this market cycle and could even surpass BTC, predicting its price could soar to $120 in the future, an increase of up to 20,589%.
Another analyst 'Protechtor' noted that XRP has formed a complete five-wave pattern following the conclusion of the SEC lawsuit, indicating that the asset may outperform BTC on a fundamental basis. Although corrections may occur in the short term, the overall trend remains upward. Analyst 'Doctor Profit' also believes that XRP's performance in the next cycle will surpass ETH, BTC, and Solana (SOL), and pointed out that ETH's performance in the market may also outperform BTC and SOL.
Meanwhile, Ethereum continues to show weakness after breaking the resistance level of $2,800. Analyst 'Cryptobullet' mentioned that if ETH cannot maintain its current level, it may decline further, especially if it falls below the long-term support range of $2,500-$2,100.
In contrast, Bitcoin is also facing challenges, with its price trapped in an expanding triangle pattern. Analyst 'Moustache' pointed out that this pattern is similar to the one observed before the 2020 bull market, and despite some limitations, as long as it stays within the key area, the pattern still shows bullish potential.
As of the time of writing, XRP is trading at $0.51, up 0.07% in the past 24 hours. Analysts are optimistic about XRP's strong performance in the future, believing it has the potential to lead the rally in the new market cycle.
