XRP, the sixth-largest cryptocurrency by market capitalization, has been underperforming against Bitcoin (BTC) for a while.
XRP/BTC is currently trading at 0.00001339, a level last seen in May 2022 and early 2021, shortly after the Ripple lawsuit was filed.
However, despite the bleak outlook, XRP still has some hope of recovering and catching up with BTC, as there are some positive developments and catalysts that could boost its price and adoption in the future.
Given that XRP may be reaching the bottom of this pairing after declining for an extended period, XRP traders should pay attention, given historical precedents.
This is because XRP gained substantially on occasions when it bounced in its pairing against Bitcoin. On these occasions, when XRP has found its bottom against BTC, an explosive price tends to follow. XRP still has some hope of turning the tide if it outperforms Bitcoin if positive triggering news or events surface.
However, this remains indefinite, with the possibility of further falls if the current trend persists. If Bitcoin continues to climb strongly in response to the anticipation of an ETF approval while XRP slips behind, the underperformance trend may persist.
XRP was trading down 11% in the last 24 hours at $0.5624 at the time of writing, following Bitcoin’s sharp price drop.
The crypto market fell as a result of Matrixport’s negative projection for the Bitcoin ETF; XRP was among the hardest hit among the top 10, giving up the gains it has made in 2024 thus far.
