The price of XRP in Bitcoin terms hit a three-year low this week, indicating a potential local bottom and a buying opportunity for XRP. According to data from TradingView, the XRP/BTC price ratio fell to its lowest level since April 2021. Analyst Tony Severino believes this chart pattern could be a strong signal of a bottom for XRP/BTC. However, XRP/USD has been in a downtrend since the beginning of 2024, with a YTD price decline of over 14%. In contrast, BTC/USD has risen by over 43%. The decline in XRP’s price can be attributed to the ongoing lawsuit between Ripple and the SEC. Ripple is contesting the SEC’s request for a $2 billion fine, arguing that the penalty should not exceed $10 million. Despite the subdued price action, pseudonymous crypto analyst Charting Guy believes XRP could reach a new all-time high by July. The relative strength index (RSI) indicator suggests that XRP’s price is currently neutral or at fair value. However, the downtrend in XRP price over the past three years indicates that it could fall back to the $0.31 level if the trend persists. This article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Has the price of XRP hit its lowest point against Bitcoin?