Published on juli 13, 2024, 12:48 am
Image source: Fox News
```json [ "XRP is showing signs of a potential comeback against Bitcoin in 2024 fueled by a bullish triple bottom formation.", "If XRP breaks above 793 satoshis, it could target around 1,055 satoshis; failure may lead to a pullback to 664 satoshis by August.", "Market events involving Mt. Gox and the German government selling off BTC holdings have contributed to XRP's resurgence.", "Bitcoin's weakening momentum and altcoin rotation signal possible benefits for XRP moving forward.", "Excitement over an upcoming XRP exchange-traded fund launch may increase its appeal among investors." ] ```
XRP, a popular altcoin, has been trailing behind Bitcoin in 2024. However, recent market events involving Mt. Gox and the German government selling off BTC holdings might just be what XRP needs to make a comeback.
After reaching a four-year low, XRP seems poised for a resurgence against the BTC trading pair. This positive shift is fueled by the emergence of a bullish pattern known as the triple bottom formation. In this pattern, the price hits three distinct lows around the same level, signaling strong support. Once the price breaks above the neckline resistance level, typically rising by a distance equal to the lowest point and neckline, it indicates an upward trend.
As of July 12th, the XRP/BTC pair was testing its neckline support at approximately 793 satoshis. Furthermore, with XRP being undervalued compared to Bitcoin based on its weekly relative strength index (RSI) reading of around 36, there is potential for further recovery in the near future.
If XRP manages to close decisively above 793 satoshis, it could target around 1,055 satoshis. However, failure to break through this level may lead to a pullback towards its local bottom of 664 satoshis by August.
The renewed strength of XRP against Bitcoin can be attributed to significant sell-offs by the German government and ongoing reimbursements to Mt. Gox creditors totaling over 140,000 BTC. Amidst these developments, traders seem to be rotating into altcoins as Bitcoin dominance dipped from highs in July.
XRP’s year-to-date returns show that it is relatively underbought compared to other top cryptocurrencies in 2024. The weekly RSI for XRP/BTC is rebounding from its lowest point in two years and historical trends suggest potential for substantial upward movement.
Conversely, Bitcoin’s weekly relative strength has weakened recently from very overbought levels in March to a more neutral position currently. This decline signals reduced bullish momentum for Bitcoin and potentially benefits altcoins like XRP moving forward.
Excitement surrounding an impending exchange-traded fund launch for XRP may further boost its attractiveness among investors. It’s important to note that this article does not provide investment advice; readers are advised to conduct their own research before making any financial decisions related to cryptocurrencies.
Original article posted by Fox News
