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XRP continues outperforming Bitcoin (BTC) in the past weeks, gaining nearly 30% against the firstborn crypto as it breaks crucial resistance points.
The ongoing market-wide downtrend has had less damaging effects on XRP’s price position, as evidenced in the asset’s performance against other top tokens. XRP recently broke a crucial resistance on the XRP/BTC chart, outperforming Bitcoin (BTC) by nearly 30% over the past three weeks.
A veteran crypto analyst, Dark Defender first drew attention to the bullish development. The analyst tweeted that XRP has cleared two important resistance points at the XRP/BTC pair, preparing the ground for an impressive rally against BTC.
XRP has cleared 2 #significant resistances at #XRP/#BTC Pair.
We expected a reversal last time and had a bullish monthly candle close in May.
We will see extreme XRP appreciation against BTC very soon.
BTC –appreciates to 30k–> XRP appreciates $1.44
— Dark Defender (@DefendDark) June 1, 2023
Data from a monthly XRP/BTC chart suggests that XRP had been caught in an elongated downward trendline since May 2017 after dropping from the high of 0.0002401. This high was reached on May 17, 2017, when XRP skyrocketed to $0.3988, with BTC changing hands at $1,661.
After the high, XRP collapsed against BTC and registered lower highs and lower lows since then. XRP finally broke out of the downtrend in September 2022. However, its hopes of a rally remained dampened by a critical resistance point on the monthly timeframe.
According to Dark Defender, XRP finally broke this crucial resistance with the bullish monthly close observed last month. The XRP/BTC pair is now trading above the resistance, allowing XRP to outpace the firstborn crypto further.
“We will see extreme XRP appreciation against BTC very soon,” the analyst stressed, presenting a scenario where BTC rallies once more to the $30K territory. Dark Defender believes that whenever BTC hits $30K, XRP should post more percentage gains, rallying to a 2-year high of $1.44.
Furthermore, the expert says If Bitcoin goes to $26K, XRP may maintain $1.30, and if Bitcoin falls to 10K, XRP maintains $0.49.
The analyst’s confidence is triggered by a similar pattern observed in 2017. Notably, when XRP cleared a similar resistance point in March 2017, the asset outperformed BTC by a massive 605% in the two following months, leading to record highs.
XRP Has Outpaced Bitcoin by Nearly 30%
XRP is already outperforming BTC at the time of reporting, gearing up to post impressive gains against the largest crypto asset by market cap. Cryptic Poet, a notable crypto trader, highlighted this growing pattern in a recent tweet.
The analyst noted that XRP had outperformed BTC by 30% in the past 29 days. A quick investigation by The Crypto Basic revealed that the XRP/BTC chart has appreciated from a low of 0.00001501 on May 8 to the current value of 0.00001933. This indicates that XRP has outpaced BTC by 29% in the past 27 days.
Ryan, another crypto analyst, pointed out that XRP has shown more resilience against the bears than BTC since March 2021. He called attention to the fact that XRP was trading around the $0.50 territory when BTC was changing hands at $60,000 in 2021. Two years later, BTC has declined by 55% to $27,000 while XRP still trades around the $0.50 mark.
If someone told you in March 2021 when $BTC was $60,000 and $XRP was $0.50.
That in 2023, Bitcoin will be $27,000 and XRP would still be $0.50.
Would you have believed them?
— Crypto Ryan (@CryptoRyan17) May 31, 2023
XRP’s recent solo run has contributed to this appreciation, as the asset observed spikes in daily active addresses on May 28 and May 29. At the time of reporting, XRP is trading for $0.5253 while BTC is changing hands at $27,175. XRP is up 1.12% in the past 24 hours as opposed to BTC’s 0.10% gain in the same timeframe.