XRP Hits Multiyear Lows Against Bitcoin, Reasons for Optimism Persist


XRP Hits Multiyear Lows Against Bitcoin, Reasons for Optimism Persist

U.Today reported that XRP, the sixth-largest cryptocurrency by market capitalization, has been facing challenges in comparison to Bitcoin (BTC) in recent times.

The XRP/BTC trading pair is currently at 0.00001339, a level not seen since May 2022 and early 2021, around the time the Ripple lawsuit was initiated.

Despite the current downtrend, there are still glimmers of hope for XRP’s recovery and potential to catch up with BTC. Positive developments and catalysts in the future could contribute to a surge in its price and adoption.

Traders of XRP should be attentive to historical precedents, as XRP has experienced significant gains when bouncing back against Bitcoin. Instances where XRP found its bottom against BTC were followed by explosive price movements. If XRP manages to outperform Bitcoin, especially in response to positive news or events, there is a chance for a turnaround.

However, the situation remains uncertain, and further declines are possible if the current trend persists. If Bitcoin continues to strengthen, especially with the anticipation of ETF approval, while XRP lags behind, the underperformance trend may continue.

At the time of writing, XRP was down 11% in the last 24 hours, trading at $0.5624, following a sharp drop in Bitcoin’s price. The negative projection for the Bitcoin ETF by U.Today contributed to a broader decline in the crypto market, with XRP being among the hardest hit in the top 10, erasing the gains made in 2024 so far.

The original article was published on U.Today.

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