The Potential 70% Surge in XRP Value Compared to BTC Following the Bitcoin Halving

XRP has been underperforming compared to Bitcoin this year, with a decrease of approximately 2.5% year-to-date (YTD) while Bitcoin has seen gains of 60% in the same period. The XRP/BTC exchange rate has also fallen 40% YTD. However, there are indications that the pair could recover leading up to Bitcoin’s halving in 2024. Historical data shows that XRP has tended to outperform Bitcoin during halving events, such as the third Bitcoin halving in May 2020 where the XRP/BTC pair rose by over 100%. Similar gains were observed around the second Bitcoin halving in July 2016, with an 85% increase in the pair. These patterns suggest that XRP may outperform Bitcoin after the upcoming halving on April 19. The gains in XRP/BTC can be attributed to a reduction in Bitcoin’s dominance post-halving, as traders often shift their investments from Bitcoin to altcoins during this time, known as “altseason.” Altcoins can offer higher short-term gains due to their lower market caps and higher volatility compared to Bitcoin. Additionally, XRP/BTC has been trending within a falling wedge pattern since February, which is typically a bullish reversal setup. If the price breaks above the upper trendline, it could rise to a target of 0.00001022 BTC, a 16.75% increase from current levels. On a weekly timeframe, XRP’s price objective against Bitcoin is projected to reach its 50-week Exponential Moving Average (50-week EMA) at 0.00001449 BTC by June, marking a significant 70% increase from its current price. Notably, traders have consistently targeted the 50-week EMA as a bullish target following previous Bitcoin halvings. Furthermore, there has been a noticeable increase in accumulation by XRP’s wealthiest investors, indicating a growing bullish sentiment in anticipation of the Bitcoin halving. It is important to note that this article does not provide investment advice and readers should conduct their own research before making any investment decisions.