Bitcoin

when

Trillion

<a href="https://coinmarketcap.com/currencies/xrp/" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">XRP</a>, after reaching a four-year low, now shows signs of a potential resurgence against Bitcoin. 
Driving this positive shift is the emergence of a triple bottom pattern, a classic bullish formation indicating robust support. 
This pattern forms when the price hits three distinct lows around the same level, followed by a breakout above the neckline resistance. 
As of July 12, the XRP/BTC pair tested key support near 793 satoshis, with analysts eyeing a breakout scenario. 
The weekly relative strength index (RSI) hovered at 36, suggesting XRP’s undervaluation relative to Bitcoin and bolstering optimism for recovery. 
A decisive close above 793 satoshis could propel XRP/BTC towards its triple bottom target of approximately 1,055 satoshis. 
Conversely, failure to breach this level might see a decline towards the local bottom around 664 satoshis, marking a potential 15% drop from current levels by August. 
The recent strength in XRP against Bitcoin contrasts with market dynamics, including Germany’s sizable BTC sell-off, amounting to $2.69 billion in outflows from government-associated wallets since mid-June. 
Additionally, the ongoing reimbursement of 140,000 BTC to Mt. Gox creditors has tempered interest in Bitcoin, contributing to XRP/BTC’s 20% gain in July. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/global-crypto-trading-to-exceed-108-trillion-by-2024-driven-by-us-and-europe/" data-wpel-link="internal">Global Crypto Trading to Exceed $108 Trillion by 2024, Driven by US and Europe</a> 
Bitcoin’s dominance slipped marginally to 54.55% on July 12, suggesting a possible shift of trader interest towards altcoins amid Bitcoin’s consolidation phase. 
XRP remains relatively underbought compared to other top cryptocurrencies in 2024, with year-to-date returns at approximately -26.50%. 
XRP/BTC’s weekly RSI rebounded from its two-year low around 33, historically preceding a substantial rally, hinting at potential upward movement. 
In contrast, Bitcoin’s RSI corrected sharply from an overbought 88 in March to a neutral 45.50 as of July 12, indicating waning bullish momentum and potentially benefiting undervalued major altcoins like XRP in the near term. 
Furthermore, anticipation surrounding XRP’s forthcoming exchange-traded fund launch could further bolster its market position. 
Overall, XRP’s technical indicators and market dynamics point towards a pivotal period with potential for significant price movements against Bitcoin in the weeks ahead. 
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk">sales@cryptointelligence.co.uk</a>.

XRP Poised for Comeback Against Bitcoin After Forming Triple Bottom Pattern

Crypto Intelligence

Other articles published on Jul 14, 2024

MoonBag’s Strategic Advantage in Liquidity Management Over Cosmos and Illuvium Crowns It the Best...

Bitcoin Reshapes Economic Conversations

Charles Hoskinson Issues Important Safety Warning On Elon Musk

Investors Pile Into MoonBag Top Meme Coin Presale With $1 Prediction As Bittensor and XRP Falter,...

MoonBag Listing on LBank Confirmed: Going Beyond Average Returns to Achieve Extraordinary Crypto ...

MoonBag Scalability Towers Over Cronos , Shiba Inu with Ethereum’s Lightning Speed

Join our free newsletter for daily crypto updates!