XRP Soars 200% Against Bitcoin, Defies Lawsuit Odds: August Price Targets
Crypto sleuth Leerzeit shared an intriguing observation on Twitter, highlighting the surprising performance of XRP amid the Ripple SEC lawsuit. Contrary to BTC Maxis, XRP price has experienced a remarkable surge of over 200% in value against Bitcoin (BTC) and market sentiment is bullish as Ripple Lawsuit judgement nears.
The XRP/BTC Surge
Leerzeit’s tweet captures the essence of XRP’s unexpected growth, stating, “Since the SEC filed its lawsuit, XRP has gained more than 200% in value against BTC. Sure, you can try to find some excuse, but that won’t help either.”
In a subsequent tweet, Leerzeit challenges the logic of BTC maximalists, stating,
“The logic of the BTC Maxis should be that the value against Bitcoin must have decreased since the lawsuit.”
This perspective confronts the belief that any negative development in the crypto industry automatically benefits Bitcoin while diminishing the value of other cryptocurrencies. XRP’s surge of 204% challenges this conventional wisdom, urging a deeper examination of market forces at play.
XRP Price Prediction
In a recent analysis by Dark Defender, an influential crypto sleuth, an optimistic outlook on XRP’s price performance was shared. According to the analysis, XRP has broken its downtrend after a prolonged period of 777 days. The Super and Wave trends are currently bullish, indicating a favorable market sentiment for XRP.
Also Read: Why July 01 Is Important For Ripple Lawsuit?
While there is a possibility of a temporary dip to $0.40, it is believed that this would not disrupt the overall bullish pattern. The analysis suggests that XRP is forming a cup pattern and projects price targets of $0.8917, $1.7396, and $3.3939, with the anticipated upward movement starting from August.
XRP’s Price Performance
Bitcoin experienced a dip on Monday morning in Asia after reclaiming the $26,000 support level over the weekend, XRP exhibited resilience. XRP, along with Dogecoin and Litecoin, emerged as the only gainers among the top 10 non-stablecoin cryptocurrencies.
Despite ending the week down 6.56% at $0.48678, XRP demonstrated strength by rising 1.45% on Sunday and recording a 0.91% gain on Saturday. However, it fell short of reaching the $0.50 mark for the fourth consecutive session.
As of now, the live XRP price stands at $0.493151 USD, with a 24-hour trading volume of $841,551,286 USD. In the last 24 hours, XRP has witnessed a 2.24% increase in value, which Btcoin is down 0.74% in the same time period.
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