XRP, the cryptocurrency, has experienced a decline against Bitcoin this year. However, analysts note that historically, XRP tends to reverse this trend immediately after the halving event, as the altseason gains momentum.
For the past two months, XRP/BTC has been trading within a falling wedge pattern. This pattern suggests that a trend reversal is likely, and a bullish flip with a projected surge of 70% is expected.
In contrast to other cryptocurrencies such as Solana and Avalanche, which have seen significant gains of 555% and 304% respectively in the current bull run, XRP has underperformed, only gaining 1.5% in the past six months. XRP’s performance against Bitcoin has also been on a downward trend. However, historical patterns and technical indicators indicate that a reversal of this pattern is imminent.
Currently, XRP is trading at $0.4901, experiencing a 10% dip in the past day amidst a general market downturn that resulted in a loss of over $170 billion in the entire sector within the last 24 hours.
Since the beginning of the year, XRP has experienced a 20% loss, while Bitcoin has gained 52.7%. As a result, the XRP/BTC exchange rate has dipped by 47.90% during this time. Nevertheless, recent signs suggest that this pair is aligning with historical patterns.
Whenever Bitcoin undergoes a halving, its price remains subdued for a few weeks or even months before surging to reach new highs. This phenomenon, known as “buy the rumor, sell the news,” prompts investors to shift their investments to altcoins, leading to what is referred to as the altseason.
XRP is one of the altcoins that has benefited from this market dynamic, gaining significantly against Bitcoin during the previous two halvings. In the most recent halving in 2020, the XRP/BTC pair doubled, and in the 2016 halving, it surged by over 50%.
According to Crypto News Flash, the upcoming halving is expected to occur on Friday, April 19. If historical patterns hold true, XRP is expected to experience significant gains against Bitcoin.
In addition to historical patterns, technical indicators also point to a surge in XRP against BTC. The falling wedge pattern in which the pair has been trading for the past two months is typically a bullish pattern. As the price continues to dip, the pattern contracts, and once the price breaks above the upper trendline, it surges to reach its highest point.
Based on the graph provided, it is evident that the pattern is currently at its lowest level and is likely to flip soon, setting XRP/BTC on a course to reach 0.00001022.
Investors’ interest in XRP has already started to manifest as the halving event approaches. The number of wallets holding over one million XRP tokens has significantly increased since March. Moreover, in the past week, there has been a surge in the number of wallets holding over 100,000 tokens. This accumulation is expected to accelerate this week and peak around April 19, when the eagerly anticipated halving event finally takes place.
