Despite the ongoing market-wide downtrend, XRP has managed to hold its ground and even thrive compared to other top digital assets. The XRP/BTC chart revealed a notable breakthrough as XRP surpassed two significant resistance levels, fueling optimism among investors.
Dark Defender, a prominent crypto analyst known for accurately predicting market trends, highlighted XRP’s bullish development in his Twitter thread:
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.
Examples:
BTC –appreciates to 30k–> XRP appreciates $1.44
BTC… pic.twitter.com/B1ILhOWDZn— Dark Defender (@DefendDark) June 1, 2023
Examining data from the monthly XRP/BTC chart, it becomes evident that XRP had been trapped in a downward trendline since May 2017, when it reached a high of 0.0002401. XRP skyrocketed to $0.3988 on that momentous day, while BTC was valued at $1,661. However, following this peak, XRP experienced a prolonged decline, marked by lower highs and lower lows against BTC.
Dark Defender, however, asserted that XRP successfully shattered this crucial resistance with a bullish monthly close recorded last month. As a result, XRP has surpassed Bitcoin even more as the XRP/BTC pair is currently trading above its resistance level.
The analyst’s confidence is fueled by the resemblance of the current situation to a similar pattern observed in 2017. Back then, when XRP successfully surpassed a comparable resistance point in March, it outperformed BTC by a staggering 605% in the following two months, ultimately reaching record highs.
Ripple has already outperformed Bitcoin (BTC) and is poised to achieve remarkable gains against the leading cryptocurrency. Cryptic Poet, a well-known crypto trader, recently shared a tweet narrating the XRP’s outperformance on Twitter.
🔥 XRP has out performed BTC by 30% in the last 29 days. 📈 pic.twitter.com/z8DcT1UUsG
— Cryptic Poet (@1CrypticPoet) June 2, 2023
The recent surge in XRP’s value could be attributed to its independent rally, fueled by notable spikes in daily active addresses on May 28 and May 29. As of the current reporting, XRP is traded at $0.5253, while BTC is valued at $27,175. Over the past 24 hours, XRP has recorded a 1.12% increase, outperforming BTC, which saw a modest gain of 0.10% within the same timeframe.
