XRP’s Disappointment vs Bitcoin in 2024: A Possible Price Rebound?

The price of XRP, a cryptocurrency, has been lagging behind other cryptocurrencies in the ongoing market rally. While Bitcoin and Ether have experienced significant gains, XRP has only seen a 1.85% return. The XRP/BTC pair has lost 88% over the past five years. This decline in value can be attributed to a shift in focus among traders towards Bitcoin ETFs, the Bitcoin halving event, and speculation on the approval of Ethereum spot ETFs. XRP has faced extreme sell-pressure since December 2017 and has been unable to break above its multi-year descending trendline resistance. The number of wealthy investors holding XRP has also decreased, suggesting a decrease in interest. The ongoing legal dispute between the SEC and Ripple has added to the uncertainty surrounding XRP’s future. There is a bullish scenario in which XRP could see a 15% increase in price by June 2024. This would require a breakout above the descending trendline resistance, potentially pushing the price up to $1.11. A pullback from the descending trendline resistance could lead to a drop in XRP’s price to $0.50. This level is significant as it is a confluence of the 200-week exponential moving average and a multi-month ascending trendline support.