- July 18, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The recent ruling in favor of XRP has dispelled any negative regulatory challenges it had been facing, resulting in a head-turning rally over nearly 100% in 24 hours.
Enough people are now paying attention to Ripple’s cryptocurrency, that it’s starting to pull capital from Bitcoin and Ethereum. And according to the charts of the three assets, XRP is poised to wildly outperform the two more dominant coins.
XRP To Outperform Bitcoin and Ethereum After 6 Years Of Lagging
Unlike Bitcoin and Ethereum, which enjoyed record-setting new highs in 2020 and 2021, XRP has yet to reach beyond its 2017 peak.
That’s because in 2020 the United States Securities and Exchange Commission slapped Ripple and two of its top executives with a lawsuit alleging the sale of unregistered securities.
With those storm clouds now gone, it could be clear skies for XRP. The cryptocurrency, now ranked 4th by market cap, rallied nearly 100% in hours following the landmark ruling.
The fact it could have more catching up to do relative to Bitcoin and Ethereum is already attracting capital from BTC and ETH, according to each individual crypto-to-crypto trading pair.
Major Momentum Shift And Trend Change in BTC and ETH Trading Pairs
Most cryptocurrencies are quoted in US dollars on exchanges through a crypto-to-fiat trading pair. But crypto assets also trade against other cryptocurrencies, for example, BTCETH. This pair represents Bitcoin quoted in Ethereum.
On the XRPBTC trading pair above and XRPETH pair below, a major downtrend line breakout is occurring. While this is happening, the Average Directional Index is strengthening and is above a reading of 20.
When the ADX rises above 20 it indicates an active trend. In addition, the LMACD shows momentum growing in XRP against both Bitcoin and Ethereum. Furthermore, XRP.D charts representing the coin’s dominance against the rest of the market, is exhibiting similar signals.
All of these signs combined suggest that the cryptocurrency recently deemed not a security could wildly outperform BTC and ETH — much like it did in 2017. Is this time different?
This chart originally appeared in issue #12 of CoinChartist (VIP) alongside a dozen exclusive XRP, Bitcoin, and other charts. Subscribe for free.
