XRP has really been an underdog since the crypto market bubble burst but now analysts wonder, how can XRP outperform Bitcoin and Ethereum soon? In our XRP price news, we are reading more about that.
The once third-ranked asset fell down the list of top crypto assets because of the three years of underperformance compared to the rest of the market. This underperformance turned into an underdog story since XRP has a chance to soar past Bitcoin and Ethereum and beat the rest of the crypto space. But how can XRP soon outperform these two major assets? Here’s what the technicals are saying about the possible uptrend.
Back in late 2017 and at the start of 2018, Bitcoin hit $20,000, Ethereum reached $1,400 and Ripple was set at $3.80 per token. Then they came crashing down and entered the bear market. it’s now clear that XRP rallied first and Ethereum followed while bitcoin later caught up with the altcoin pump. Ripple started trading sideways for months and eventually, both BTC and ETC stole the show and outperformed it ever since.
Ripple could soon surge and send the crypto market in a spin and lead the charge into the next bull market. The total market cap was up by more than 80% year to date during 2020 high but has since rested after the hot summer. At the start of July, XRP beat out other altcoins and the top-ranked cryptocurrency in the week-over-week performance. Things cooled off for Ripple but this could be the calm before the storm. XRP/BTC and XRP/ETH price charts are signaling a possible repetition for Ripple to lead the way on the market.
Along with the huge falling wedge pattern on the charts, there are also a few bullish divergences. Each low put in was seen as a wick below the trendline to shake out the traders before the actual move ever happens. Zooming out even more to monthly timeframes, triggered a TD 9 or 13 buy signal at the bottom of what was the extended downtrend against the top two assets in the space.
With all of the technicals pointing out to a breakout against BTC and ETH show that Ripple was the first to pump the major rally that is likely to come sooner than expected.
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