Has XRP Price Bottomed Out? Understanding the Recent Price Drop and Potential Recovery

The post Has XRP Price Bottomed Out? Understanding the Recent Price Drop and Potential Recovery appeared first on Coinpedia Fintech News

Recent data reveals that XRP’s price dropped more than 14% since the start of the year due to the Ripple vs SEC lawsuit, suggesting a rebound. The market sees this event as an XRP’s bottom against Bitcoin. Here’s what it means. 

XRP Price Bottom Calling?

XRP’s recent performance against Bitcoin (BTC) has been marked by significant declines, raising investor concerns. While Bitcoin has been on an upward trajectory since December 2022, experiencing a remarkable 261% increase in its price, XRP’s gains have been comparatively modest, with only a 27.8% uptick during the same period. Many experts think this divergence came even after Ripple and XRP were at loggerheads.

Despite XRP’s attempt to break out in July 2023, reaching a high of $0.93, the rally was short-lived, and the price retraced sharply to a low of $0.4225 in August 2023. Meanwhile, Bitcoin is on a bullish run, leading to a prolonged period of decline for XRP against Bitcoin. XRP has recorded losses against Bitcoin for nine consecutive months since August 2023, highlighting its struggle to keep pace with Bitcoin’s performance.

However, market expert Tony Severino has predicted a tipping moment for XRP vs Bitcoin, suggesting it may have bottomed out. His analysis has given investors hope for XRP’s turnaround. If Severino’s theory is correct, XRP’s falls may halt and a bullish trend may begin.

Watch These Post-Bottom Scenarios

Drawing parallels with XRP’s performance during the 2017 market cycle, analysts point to the potential for significant price surges following a bottoming-out phase. Analyst Charting Guy, for instance, has set a fractal target of 0.00006486 BTC per XRP in the event of a rally, which would translate to $4.09 at Bitcoin’s current price level. 

Moreover, if Bitcoin achieves its projected targets for the ongoing bull run, reaching $85,000 to $100,000 during this bull run, XRP could surge to $5.51 to $6.48, assuming it hits 0.00006486 BTC. Presently trading at $0.5213, XRP aims to recover from a 20.44% loss over the past month. To achieve this, it must overcome key resistance levels, particularly $0.5582 (Fibonacci 0.5), followed by $0.5916 en route to $0.60.