XRP has plummeted to a three-year low against Bitcoin, sparking speculation among investors about a potential turnaround and buying opportunity.
According to TradingView data, the XRP/BTC pair is currently trading at $0.52 compared to Bitcoin’s $62,175, marking levels last seen in April 2021.
Also, XRP has been on a downward trajectory against the US dollar since the beginning of 2024. TradeView data indicates a drop of over 14% year-to-date to $0.53. In contrast, Bitcoin has surged over 43% against the dollar during the same period.
Notably, Ripple, the company behind XRP, has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) since 2020. The SEC alleged that Ripple conducted an unregistered securities offering via its XRP sale to institutional and retail investors. The lawsuit is in its final stages, and the SEC has requested that the court impose a $2 billion fine on the company. Ripple has contested this position and argued that any penalty it would incur should not exceed $10 million.
Despite these legal challenges and XRP’s muted price action, some analysts remain optimistic about its future.
Tony Severino, founder of CoinChartist, has predicted a bullish reversal. In his words, “XRP/BTC just flashed a bullseye bottom signal.”
Pseudonymous crypto analyst Charting Guy also predicted a new all-time high for XRP by July, projecting a target range of $4.09 to $6.48. This projection is contingent on Bitcoin reaching $85,000 to $100,000.
In a recent social media post, Charting Guy wrote, “Fractal projected target is 0.00006486. With today’s BTC price, that puts us at a roughly $4.09 XRP. As I’ve been saying forever, new all-time high by July. Now say $BTC is at $85,000 -$100,000 at that time like I think it’ll be. Then we’re talking a $5.51 – $6.48 XRP.”
Currently, XRP’s relative strength index (RSI) on the daily chart stands at 50, indicating neutral pricing compared to the oversold conditions observed on April 13, when the RSI hit a low of 28.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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