2024

Bitcoin

XRP (<a href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow">XRP</a>) price has notably lagged in the <a href="https://cointelegraph.com/news/bitcoin-whales-not-selling-btc-price-70k" rel="noopener noreferrer nofollow">ongoing cryptocurrency market rally</a>, failing to revisit its peak value set in January 2018. But could 2024 be any different?
<h2 id="xrp-lags-behind-bitcoin-eth-price-gains">XRP lags behind Bitcoin, ETH price gains</h2>
XRP’s price returns in 2024 sit at just 1.85% despite a prevailing upside sentiment across the crypto market. For instance, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) have gained 58% and 68.50% in the same period. Perhaps more astonishing, the XRP/BTC pair has lost 88% over the past five years.&nbsp;
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/73d87571-e884-4f6f-abc4-9ee870593d26.png">
 <figcaption style="text-align: center;">XRP/USD daily price chart. Source: TradingView
 </figcaption>
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Perhaps more astonishing, the XRP/BTC pair has lost 88% over the past five years as traders have shifted focus to the&nbsp;<a href="https://cointelegraph.com/news/spot-bitcoin-etf-inflow-ath-680-m" rel="noopener noreferrer nofollow">surge of investments</a> into newly launched Bitcoin ETFs, the <a href="https://cointelegraph.com/news/how-to-capitalize-on-the-bitcoin-halving" rel="noopener noreferrer nofollow">Bitcoin halving</a> event, and speculation on the&nbsp;<a href="https://cointelegraph.com/news/sec-delays-ethereum-etf-applications-blackrock-fidelity" rel="noopener noreferrer nofollow">approval of Ethereum spot ETFs</a> by May.
<blockquote class="twitter-tweet">
 What do you think? <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> Buy now Onlooking <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> <a href="https://twitter.com/hashtag/bullrun?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bullrun</a> <a href="https://t.co/p2hvZ1mEX0" rel="noopener noreferrer nofollow">pic.twitter.com/p2hvZ1mEX0</a>— Poloniex Exchange (@Poloniex) <a href="https://twitter.com/Poloniex/status/1766698355336613983?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 10, 2024</a>
</blockquote>
Technically, XRP price has been facing extreme sell-pressure at its multi-year descending trendline resistance since December 2017, as shown below. In 2024, traders have been unable to close decisively above this trendline.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/6d6982d9-c31c-474b-a5fe-001bca381086.png">
 <figcaption style="text-align: center;">XRP/USD weekly price chart. Source: TradingView
 </figcaption>
</figure>
In 2024, XRP’s slump also coincides with its declining whale count. Notably, the number of its richest addresses holding at least 100,000 tokens has declined substantially this year. This suggests diminishing (wealthy) investor interest in XRP.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/64bb9ba3-0c53-48dc-8824-2d86bc1f9cb4.png">
 <figcaption style="text-align: center;">XRP addresses with more than 100K balance. Source: Messari
 </figcaption>
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Meanwhile, the ongoing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple added to the uncertainty, <a href="https://twitter.com/Belisarius2020/status/1766238449500356821" target="_blank" rel="noopener noreferrer nofollow">suggests</a> Bill Morgan, a pro-crypto lawyer tracking the case.
Related:&nbsp;<a href="https://cointelegraph.com/news/ripple-xrp-etf-welcome-brad-garlinghouse" rel="noopener noreferrer nofollow">Ripple ‘would certainly welcome’ an XRP ETF: Brad Garlinghouse</a>
The SEC vs. Ripple case will likely drag into May 2024 after U.S. District Court Judge Analisa Torres <a href="https://cointelegraph.com/news/sec-seeks-deadline-extension-ripple-case" rel="noopener noreferrer nofollow">extended</a> the regulator’s submission deadline earlier this month.
<h2 id="xrp-price-bullish-fractal-gives-hope">XRP price: Bullish fractal gives hope</h2>
The bullish technical scenario has XRP price eyeing a 15% jump toward $0.75 by June 2024. This level is near the XRP/USD pair’s descending trendline resistance and the 0.236 Fibonacci retracement line.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/c738db9a-fb10-4497-8772-faeb1f2c94c2.png">
 <figcaption style="text-align: center;">XRP/USD weekly price chart. Source: TradingView
 </figcaption>
</figure>
Moreover, a decisive breakout above the resistance confluence of XRP’s descending trendline and 0.236 Fib retracement line could push the price to as high as $1.11. Interestingly, such a scenario would repeat a 2014-2017 fractal,&nbsp;<a href="https://twitter.com/AlemzadehC/status/1766487733646627196?s=20" target="_blank" rel="noopener noreferrer nofollow">shared</a> by&nbsp;market analyst Coosh Alemzadeh.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/8e8609af-8487-4021-a9c4-c540a1a21449.jpeg">
 <figcaption style="text-align: center;">XRP/USD weekly price chart. Source: X/Coosh Alemzadeh
 </figcaption>
</figure>
Should history repeat, Alemzadeh anticipates XRP’s price setting a new record high above $3.55 over the next few months.
<h2 id="xrp-price-bearish-scenario">XRP price: Bearish scenario</h2>
Conversely, a potential pullback from the descending trendline resistance positions XRP for a drop to $0.50, down 20% from the current price levels. This level is crucial as the ascending trendline support level.&nbsp;
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/f52dc7db-01ec-410c-8067-486d94bceb49.png">
 <figcaption style="text-align: center;">XRP/USD weekly price chart. Source: TradingView
 </figcaption>
</figure>
This $0.50-level is where the bulls will certainly make a stand: it's a confluence of the 200-week exponential moving average (200-day EMA; the blue wave) and a multi-month ascending trendline support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP has disappointed vs. Bitcoin in 2024 — Is a price rebound possible?

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