XRP has experienced a decline against Bitcoin this year, but analysts are optimistic that the trend will reverse soon. Historically, XRP has shown a tendency to bounce back immediately after the halving, coinciding with the altseason gaining momentum.
For the past two months, XRP/BTC has been trading within a falling wedge pattern, indicating a potential bullish reversal and a projected surge of 70%.
In comparison to other cryptocurrencies like Solana and Avalanche, XRP has underperformed during the current bull run. While XRP has only gained 1.5% in the past six months, Solana and Avalanche have achieved remarkable gains of 555% and 304%, respectively. XRP’s performance against Bitcoin has also been on a downward trend, but historical patterns and technical indicators suggest that a reversal is on the horizon.
Currently priced at $0.4901, XRP has experienced a 10% dip in the past day due to a market downturn that has caused the entire sector to lose over $170 billion in the last 24 hours.
Since the beginning of the year, XRP has experienced a 20% loss, while Bitcoin has gained 52.7%. This has resulted in a 47.90% decline in the XRP/BTC exchange rate. However, recent signs indicate a potential turnaround in line with historical patterns.
During BTC halvings, its price typically remains subdued for a few weeks or even months before eventually surging to new highs. This phenomenon, known as “buy the rumor, sell the news,” prompts investors to shift their focus to altcoins, sparking the altseason.
XRP has historically benefited from this market dynamic, gaining significantly against BTC in the past two halvings. In 2020, the XRP/BTC pair doubled, while in the 2016 halving, it surged over 50%.
The upcoming halving, expected on Friday, April 19, is anticipated to follow this historical pattern, suggesting that XRP will experience significant gains against BTC.
In addition to historical data, technical indicators also point to a potential surge for XRP against BTC. The falling wedge pattern that XRP/BTC has been trading within for the past two months is typically considered bullish. Once the price breaks above the upper trendline of the pattern, it tends to surge to its highest point.
Investor interest in XRP has already begun to manifest as the halving approaches. The number of wallets holding over one million tokens has increased significantly since March. Additionally, over the past week, there has been a surge in the number of wallets holding over 100,000 tokens. This accumulation is expected to reach its peak around April 19, when the highly anticipated halving finally takes place.
