XRP Price Analysis: Experts Agree Now is the Best Time to Rotate Bitcoin and Ethereum for XRP

11 months ago 3

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XRP, the native coin for the XRPL network that is tapped by Ripple Labs to streamline global remittances and cross-border payments, is fast approaching the apex of the macro triangle consolidation that began after hitting its all-time high (ATH) in 2018.

With an inevitable violent breakout on the horizon, XRP is faced with several headwinds including the legal battle against the United States Securities and Exchange Commission (SEC) and the periodic Ripple sales that weigh heavily on secondary investors.

XRP Lags Behind Bitcoin and Ethereum

The XRP price dynamic seems to be to move with the market meaning BTC and Ethereum but to gradually over the long term to decline in value against those two assets no matter what Ripple does. XRP has fallen 84.85% against BTC and 91.58% against Ethereum over the last 5 years.

I… pic.twitter.com/0N1Z5pu7Qb

— bill morgan (@Belisarius2020) January 18, 2024

Since the onset of the SEC vs Ripple lawsuit, XRP price has gradually been decoupling from the rest of the crypto market. Despite the legal clarity handed over by Judge Analisa Torres in July last year, XRP price has trailed both Bitcoin and Ethereum in performance. According to Australia-based crypto enthusiast Bill Morgan, XRP FUDs can be attributed to poor performance instead of the escrow issue and the legal battles.

SEC vs Ripple Lawsuit Update

David has flagged a must read quote from yesterday's Supreme Court argument. And I'll add this gem: "And that ends up with a phenomenon where we have major problems in society that aren't being solved because, instead of actually doing the hard work of legislation where you… https://t.co/mwCSg45oIV

— Stuart Alderoty (@s_alderoty) January 18, 2024

The Ripple and XRP community is waiting for the April trial when the fate will be determined. However, the US SEC has already lost several legal battles against the crypto industry leading to the approval of 11 spot Bitcoin ETFs. Meanwhile, the US Congress has been accused of playing double standards for not approving clear crypto regulations and still fighting the U.S. SEC Chair for using archaic laws to govern the nascent web3 industry.

XRP Price Analysis

Despite the weekly death cross between the 50 and 200 Moving Averages (MA), the XRP price continues to show strength for an imminent bullish breakout. Furthermore, XRP bulls have defended the support level around 54 cents and have respected a rising trend since mid-2022, which is characterized by higher highs and higher lows.

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