XRP Faces Underperformance Against Bitcoin, Yet Hope Persists

04/01/2024

XRP Faces Underperformance Against Bitcoin, Yet Hope Persists

XRP, the sixth-largest cryptocurrency by market capitalization, has been experiencing a prolonged period of underperformance compared to Bitcoin (BTC). The XRP/BTC trading pair is currently at 0.00001339, a level not seen since May 2022 and early 2021, around the time of the Ripple lawsuit.

Despite this seemingly grim situation, XRP might still have a chance for recovery and to catch up with BTC, thanks to potential positive developments and catalysts that could drive its price and adoption in the future.

With XRP possibly approaching the bottom of its pairing against BTC after a sustained decline, XRP traders are advised to take note, considering past occurrences. Historically, XRP has shown significant gains after bouncing in its pairing against Bitcoin. Instances where XRP found its bottom against BTC often led to explosive price movements. The potential for a turnaround exists if XRP outperforms Bitcoin, especially in response to positive news or events.

However, the outcome remains uncertain, and further declines are possible if the current trend persists. If Bitcoin continues its robust ascent, driven by anticipation of ETF approval, and XRP lags behind, the underperformance trend may endure.

At the time of writing, XRP was down 11% in the last 24 hours, trading at $0.5624, following Bitcoin’s sharp price drop.

The broader cryptocurrency market experienced a decline due to negative projections for the Bitcoin ETF. Among the top 10 cryptocurrencies, XRP was one of the most affected, relinquishing its gains made in 2024.

This article was originally published on U.Today.

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