Claim BonusXRP/BTC Value Plunges 61% From July Peak, What’s Next For XRP Price?
Highlights
- The XRP/BTC value has slumped nearly 61% from its July high in 2023.
- The plunge is attributed to Bitcoin's rally and XRP's sluggish performance.
- The XRP/BTC chart indicates a bullish run for XRP in 2024.
Ripple’s XRP is struggling to maintain an upward trajectory amid volatile sessions and efforts to rebound. Moreover, the XRP/BTC pair has plummeted massively in recent months. However, crypto analysts have expressed optimism around XRP price after evaluating the current market trends and XRP chart pattern.
XRP/BTC Pair Plummets 61% From July High
According to TradingView data, the XRP/BTC pair peaked at 0.00002741 in July 2023. However, thereafter a downtrend ensued as Bitcoin (BTC) rallied significantly while the XRP price took small steps toward an upward trend. At press time, the XRP/BTC pair was trading at 0.00001071 on February 19, 2024.
This implies a solid 61% drop from the high attained in mid-2023. While some may perceive it as an unfavorable development, short-term traders or long-term investors can leverage this opportunity for a profitable entry point in XRP. Hence, analysts have suggested that buying the dip could be profitable.
On the other hand, analysts have also hinted at an impending bull run for XRP. Dark Defender, a crypto analyst on X, posted an analysis based on the weekly chart of the XRP/BTC pair. He wrote, “RSI for the XRP/BTC pair in the weekly time frame stands in the same place as it did before the 2017 & 2021 XRP Bull Runs.” Moreover, he noted that the 2024 bull run for XRP is just knocking the doors.
Also Read: Ripple CTO Takes Rigid Stand Amid Heated Debate Around XRP Dump
What’s Next For XRP Price?
In addition, Dark Defender expressed optimism around XRP price. He highlighted the ongoing debate around XRP’s ODL and programmatic sales, which has encompassed Ripple with several allegations. Furthermore, he added that the XRP price is gearing up for a massive surge currently.
The analyst pointed at the historical chart pattern wherein XRP soared from $0.6649 to $2 in no time. Hence, he anticipates a similar trend to follow this time. As of writing, the XRP price was up by 0.10% to $0.5582 with a market capitalization of $30.46 billion. Additionally, its trading volume surged by 25.10% to $915.67 million.
Also Read: Whale Dumps 25 Mln XRP Ahead Of Key Ripple Vs SEC Date, Price Below $0.55?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump-Linked World Liberty Targets $9T Forex Market With “World Swap” Launch
- Analysts Warn BTC Price Crash to $10K as Glassnode Flags Structural Weakness
- $1B Binance SAFU Fund Enters Top 10 Bitcoin Treasuries, Overtakes Coinbase
- Breaking: ABA Tells OCC to Delay Charter Review for Ripple, Coinbase, Circle
- Brian Armstrong Offloads $101M in Coinbase Stock Amid COIN’s Steep Decline
- Pi Network Price Prediction as Mainnet Upgrade Deadline Nears on Feb 15
- XRP Price Outlook Amid XRP Community Day 2026
- Ethereum Price at Risk of a 30% Crash as Futures Open Interest Dive During the Crypto Winter
- Ethereum Price Prediction Ahead of Roadmap Upgrades and Hegota Launch
- BTC Price Prediction Ahead of US Jobs Report, CPI Data and U.S. Government Shutdown
- Ripple Price Prediction As Goldman Sachs Discloses Crypto Exposure Including XRP
