Ripple's XRP is struggling to maintain its uptrend amid volatile trading sessions and recovery efforts. Furthermore, the XRP/BTC pair has seen a massive decline over the past few months. However, crypto analysts expressed optimism about the XRP price after assessing the current market trends and the XRP chart pattern.
The XRP/BTC pair plunges 61% from July highs
According to TradingView data, the XRP/BTC pair peaked at 0.00002741 in July 2023. However, thereafter, a downtrend occurred as Bitcoin (BTC) rose significantly while XRP price took small steps towards an uptrend. At press time, the XRP/BTC pair was trading at 0.00001071 on February 19, 2024.
This represents a significant decrease of 61% compared to the peak reached in mid-2023. While some may find this an unfavorable development, short-term traders or long-term investors can use this opportunity for a profitable entry point into XRP. Therefore, analysts suspect that buying if the price falls could be profitable.
On the other hand, analysts have also hinted at an impending bull market for XRP. Dark Defender, a crypto analyst on X, published an analysis based on the weekly chart of the XRP/BTC pair. He wrote: “The RSI for the XRP/BTC pair is in the same place on the weekly time frame as it was before the 2017 and 2021 Door is standing.
Also Read: Ripple CTO Takes Strict Stance in Heated XRP Dump Debate
What's next for the XRP price?
Additionally, Dark Defender expressed optimism about the XRP price. He highlighted the ongoing debate surrounding XRP's ODL and programmatic sales, which Ripple has been hit with with several allegations. Furthermore, he added that the XRP price is currently preparing for a massive increase.
The analyst pointed to the historical chart pattern where XRP rose from $0.6649 to $2 in a very short period of time. He therefore assumes that a similar trend will follow this time. At the time of writing, XRP price was up 0.10% at $0.5582 with a market cap of $30.46 billion. Furthermore, trading volume increased by 25.10% to $915.67 million.
Also Read: Whale Dumps 25M XRP Ahead of Important Ripple vs. SEC Date, Price Below $0.55?
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