© Reuters. XRP Falls to Multi-Year Lows Against Bitcoin, Why All Hope Is Not Lost
U.Today – , the sixth largest cryptocurrency by market cap, has been underperforming (BTC) for a while.
It is currently trading at 0.00001339, a level last seen in May 2022 and early 2021, shortly after the lawsuit was filed.
However, despite the gloomy outlook, XRP still has some hope of recovering and catching up with BTC as there are some positive developments and catalysts that could boost its price and adoption in the future.
Since XRP may be reaching the bottom of this pair after falling for an extended period, XRP traders should pay attention, given historical precedents.
This is because XRP gained substantially at times when it bounced off its pairing against Bitcoin. On these occasions, when XRP has found its bottom against BTC, an explosive price tends to follow. XRP still has some hope of turning the tide by outperforming Bitcoin if positive news or events emerge.
However, this remains undefined, with the possibility of further declines if the current trend persists. If Bitcoin continues to rally strongly in response to the anticipation of ETF approval while XRP lags, the underperforming trend may persist.
XRP was trading down 11% in the last 24 hours at $0.5624 at the time of writing, following the sharp drop in Bitcoin price.
The cryptocurrency market fell as a result of the negative projection for the Bitcoin ETF; XRP was among the hardest hit in the top 10, giving up the gains it had made in 2024 so far.
This article was originally published on U.Today.
