XRP has continued to outperform Bitcoin (BTC) over the past few weeks, gaining nearly 30% against the firstborn cryptocurrency as it breaks key resistance points.
The ongoing market-wide downtrend has had a less damaging impact on XRP’s price position, as evidenced by the asset’s performance relative to other top tokens. XRP recently broke a key resistance on the XRP/BTC chart, outperforming Bitcoin (BTC) by nearly 30% over the past three weeks.
Dark Defender, a veteran crypto analyst, first drew attention to the bullish development. The analyst tweeted that XRP broke two key resistance points on the XRP/BTC pair, setting the stage for an impressive rally against BTC.
XRP broke through 2 #significant resistances on the #XRP/#BTC pair.
Last time we expected a reversal and recorded a bullish monthly candle close in May.
We will see extreme XRP appreciation versus BTC very soon.
Examples:
BTC – rises to 30,000 –> XRP rises by $1.44
BTC… pic.twitter.com/B1ILhOWDZn
— Dark Defender (@DefendDark) June 1, 2023
Data from a monthly XRP/BTC chart suggests that XRP has been trapped in an extended downtrend line since May 2017 after falling from the 0.0002401 high. This peak was reached on May 17, 2017, when XRP shot to $0.3988 and BTC changed hands at $1,661.
After the high, XRP collapsed against BTC and has since posted lower tops and bottoms. In September 2022, XRP finally broke out of the downtrend. However, its recovery hopes remained dampened by a critical resistance point on the monthly timeframe.
According to Dark Defender, XRP finally broke this crucial resistance with the bullish monthly close seen over the past month. The XRP/BTC pair is now trading above resistance, allowing XRP to further outperform the firstborn cryptocurrency.
“We will see extreme XRP appreciation versus BTC very soon” the analyst pointed out, presenting a scenario where BTC surges back into the $30,000 area. Dark Defender believes that whenever BTC hits $30,000, XRP should see more percentage gains and rally to a 2-year high of $1.44.
Moreover, the expert says if bitcoin rises to $26,000, XRP could hold $1.30, and if bitcoin falls to $10,000, XRP could hold $0.49.
The analyst’s confidence is prompted by a similar pattern in 2017. As XRP broke through a similar resistance point in March 2017, the asset outperformed BTC by a whopping 605% over the following two months, leading to record highs.
XRP has outperformed Bitcoin by almost 30%
XRP is already outperforming BTC at the time of writing and preparing to post impressive gains against the largest crypto asset by market cap. Cryptic Poet, a well-known crypto trader, highlighted this growing pattern in a recent tweet.
The analyst noted that XRP had outperformed BTC by 30% over the past 29 days. A quick investigation by The Crypto Basic shows that the XRP/BTC chart has risen from a low of 0.00001501 on May 8 to the current level of 0.00001933. This suggests that XRP has outperformed BTC by 29% over the past 27 days.
Ryan, another crypto analyst, pointed out that XRP has shown more resilience to the bears than BTC since March 2021. He drew attention to XRP trading around the $0.50 mark when BTC changed hands at $60,000 in 2021. Two years later, BTC is down 55% to $27,000 while XRP is still trading around the $0.50 mark.
If someone told you in March 2021 that $BTC was $60,000 and $XRP was $0.50.
That Bitcoin will be $27,000 in 2023 and XRP will still be $0.50.
would you have believed them
— Crypto Ryan (@CryptoRyan17) May 31, 2023
XRP’s recent solo effort as an asset has contributed to this appreciation observed spikes in daily active addresses on May 28th and 29th. At the time of writing, XRP is trading at $0.5253, while BTC is changing hands at $27,175. XRP is up 1.12% over the past 24 hours, while BTC is up 0.10% over the same period.
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Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may represent the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic accepts no liability for any financial losses.
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