Ripple‘s XRP, currently the sixth-largest cryptocurrency by market capitalization, has been grappling with underperformance against Bitcoin (BTC) in recent times. The XRP/BTC pairing is currently trading at 0.00001339, a level not seen since May 2022 and early 2021, around the time when the Ripple lawsuit was initiated.
Despite the challenging trend, XRP still harbors hopes of recovery and catching up with BTC, thanks to potential positive developments and catalysts that could drive its price and adoption in the future.
As XRP potentially reaches the bottom of this pairing after a prolonged decline, XRP traders are advised to take notice, considering historical patterns. Previous instances have shown that when XRP bounced in its pairing against Bitcoin, substantial gains followed. Therefore, if XRP can outperform Bitcoin amid positive triggering news or events, it might have the chance to reverse the current downtrend.
However, the situation remains uncertain, and further declines are possible if the existing trend persists. The potential for XRP to continue underperforming Bitcoin is contingent on factors such as Bitcoin’s strong ascent in response to ETF approval anticipation, while XRP lags behind.
At the time of writing, XRP was down 11% in the last 24 hours, trading at $0.5624, following a sharp drop in Bitcoin’s price. The overall crypto market experienced a decline due to negative projections for the Bitcoin ETF, with XRP being one of the hardest-hit among the top 10 cryptocurrencies, relinquishing gains made in 2024 thus far. Traders and investors remain cautious as the market navigates uncertainties and awaits potential positive triggers for XRP’s recovery against Bitcoin.
