XRP Price poised for 70% Surge against BTC post Halving

In terms of price performance, XRP has not performed as well as Bitcoin this year. XRP has fallen approximately 2.5% year-to-date, while Bitcoin has gained 60% in the same period. As a result, the XRP/BTC exchange rate is down 40% year-to-date. There are indications that the XRP/BTC pair may be recovering leading up to Bitcoin’s halving in 2024. There are several bullish signals that could potentially amplify this momentum following the event.

In the past, XRP has tended to outperform Bitcoin before and after halving events. For example, after the third Bitcoin halving in May 2020, the XRP/BTC pair rose by over 100%. Similarly, the pair jumped 85% around the second Bitcoin Halving in July 2016. These patterns suggest that XRP may outperform Bitcoin following the upcoming halving on April 19. These gains can largely be attributed to a reduction in Bitcoin’s dominance after halving, as traders often shift their investments from Bitcoin to altcoins during this time. Altcoins can offer significant short-term gains due to their lower market caps and higher volatility compared to Bitcoin.

The XRP/BTC pair has been trending within a falling wedge pattern since February. This pattern is typically a bullish reversal setup and usually resolves when the price breaks above the upper trendline and rises to a level equivalent to the maximum distance between the upper and lower trendlines. Based on this technical analysis, the breakout target for the XRP/BTC pair in April/May is projected to be 0.00001022 BTC, which is around a 16.75% increase from current levels.

Looking at the 2024 outlook on a weekly timeframe, the price objective for XRP against Bitcoin is expected to reach its 50-week Exponential Moving Average (50-week EMA) at 0.00001449 BTC by June. This would represent a significant 70% increase from its current price levels. It is worth noting that traders have consistently targeted this same 50-week EMA wave as their bullish target following the previous two Bitcoin halvings.

There is also a noticeable increase in accumulation of XRP by its wealthiest investors. Since March, there has been a rise in the number of entities holding more than 1 million XRP tokens. From April, there has been an increase in the segment of holders with at least 100,000 XRP tokens. This trend suggests a growing bullish sentiment among whales in anticipation of the Bitcoin halving.

4 thoughts on “XRP Price poised for 70% Surge against BTC post Halving

  1. XRP just can’t seem to catch a break. I’m starting to lose hope in its potential.

  2. The falling wedge pattern suggests a bullish reversal for XRP/BTC. Here’s to a positive breakout!

  3. I’m setting my sights on the breakout target for XRP/BTC in April/May. Let’s reach new heights!

  4. A 70% increase in XRP’s price against Bitcoin by June? Count me in for that ride!

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