- Historical data suggests the potential for XRP to outperform Bitcoin post-halving.
- Bullish indicators support XRP’s positive price movement.
XRP currently trades at $0.51, trailing Bitcoin’s performance in 2024. It has dipped by 1.72% over the past year, while Bitcoin has recorded a 117% increase during the same period. In addition, the XRP/BTC exchange rate has fallen by 23.23% since the beginning of 2024.
However, the XRP/BTC pair has been displaying signs of a recovery, just days before Bitcoin’s halving in 2024. Numerous bullish signals indicate a potential momentum boost, which could amplify post-halving. Drawing from historical data, XRP has consistently outperformed Bitcoin during periods surrounding halving events.
For example, the XRP/BTC pair printed over 100% increase during the third Bitcoin halving in May 2020. Likewise, the pair saw an 85% increase around the second Bitcoin halving in July 2016. Following these trends, XRP could surpass Bitcoin due to the upcoming halving on April 19.
The primary source of XRP/BTC price gains stems from Bitcoin’s diminished dominance post-halving. This observed trend suggests that investors often shift their attention to altcoins after the halving event, leading to the altcoin season. A key driver of this trend is the ability of altcoins to offer short-term returns due to their low market cap and higher volatility than Bitcoin.
XRP’s Price Movement: Positive Momentum Amidst Market Volatility
In the current intraday session, XRP trades at $0.5177, indicating a northbound movement. Furthermore, it has seen 16/30 green days, closing above its opening price. The current RSI readings also suggest room for further growth before reaching overbought territory. This price rally is partly attributed to Ripple’s plan to introduce Stablecoin alongside the overall positive market trend.
Moreover, investors remain optimistic about XRP despite its ongoing legal battle with the SEC. Ripple CEO Brad Garlinghouse has also expressed positivity regarding the crypto market outlook, suggesting that ETFs and the impending halving event could drive institutional investment.
In light of this, Garlinghouse projects the overall crypto market cap to experience a surge by year’s end. As such, investor attention is drawn to SEC activities and developments in crypto-spot ETFs for future market trends.
