- XRP shows a potential reversal after years of underperformance against Bitcoin.
- Analyst Amonyx forecasts bullish momentum for XRP by the end of 2024 into 2025.
- Large XRP transfers to exchanges indicate heightened activity from major holders.
A recent prediction shared by analyst Amonyx highlights an optimistic outlook for XRP in relation to Bitcoin. The analysis focuses on XRP’s performance on the weekly timeframe. Over the past week, XRP has shown a minor gain of +0.00000003 BTC or +0.39%, yet the forecast suggests a more substantial shift on the horizon.
Bearish Trend from 2019 to Mid-2023
Between 2019 and mid-2023, XRP faced a prolonged bearish trend against Bitcoin. During this period, XRP consistently underperformed relative to Bitcoin, as evidenced by a series of lower highs and lower lows. This downward movement reflects a significant loss in value for XRP, especially compared to Bitcoin, indicating a sustained period of weakness. The chart captures this decline, showing XRP’s struggle to regain momentum against the leading cryptocurrency.
Despite this, XRP has begun showing early signs of recovery. The dotted line on Amonyx’s chart shows the latest price of 0.00000772 BTC, where XRP currently trades relative to Bitcoin. This slight upward movement marks a potential shift in market sentiment.
Significant Upside Potential
Amonyx’s chart points to a target price level of 0.00012000 BTC, representing a potential substantial upside for XRP holders. This forecast marks a key development, with green candles on the chart indicating that buyers are starting to push the price higher. The increasing bullish momentum suggests that XRP could be in the early stages of reversing its prior underperformance. While the price has not yet reached the target level, the steep rise projected by the end of 2024 and into 2025 signals optimism for investors.
The ongoing upward movement stands in stark contrast to the earlier bearish trends, with market forces now leaning in favor of XRP. This shift is underscored by the recent price action and the strengthening buyer activity.
Large XRP Transfers Noted
Amid the recent positive movements, Whale Alert, a crypto tracking platform, reported two significant XRP transfers to exchanges. Notably, 29,100,000 XRP, worth $15,852,951, was moved to Bitso, while 26,830,000 XRP, valued at $14,544,660, was transferred to Bitstamp. These substantial transfers could suggest a growing willingness among XRP holders to move their assets to exchanges, potentially preparing for future trades or market movements.
These whale movements add another layer to the ongoing narrative around XRP’s price action, as large transfers often coincide with shifts in market dynamics. While these activities do not guarantee further price increases, they suggest that major holders are paying close attention to XRP’s future potential.
