Underdog Story: Why XRP Could Soon Outperform Bitcoin And Ethereum
XRP has become among the more somber stories of the crypto market since the bubble burst. The once third-ranked asset has fallen down the list of top crypto assets, due to nearly three years of underperformance compared to the rest of the market.
However, that underperformance could turn into an underdog story, where Ripple roars past Bitcoin and Ethereum and beats the rest of the crypto space. Here’s what technicals are possibly saying about a powerful new XRP uptrend.
XRP Led Last Crypto Rally To All-Time Highs
Back in late 2017 and early 2018, Bitcoin peaked at $20,000, Ethereum at over $1,400, and Ripple at over $3.80 per token. Then they call came toppling down and spent ever since in a bear market.
But did you know that it was XRP that led the initial charge in early 2017, and helped carry both Ethereum and Bitcoin higher?
Ripple Versus Bitcoin And Ethereum Comparison Line Chart | Source: TradingView
Looking back to March 2017, its quite clear that XRP rallied first and by the furthest, before Ethereum followed and later Bitcoin caught up to the altcoins pumping. The altcoin known as Ripple then began trading sideways for months, and eventually, Ethereum and Bitcoin stole the show and have been outperforming XRP since.
But all that could soon change, and just like last time, Ripple could soon surge and send the crypto market into a tailspin and lead the charge into the next bull market.
Ripple To Rip Past Bitcoin and Ethereum Leading Greater Market Recovery
The cryptocurrency total market cap was up over 80% year to date at the 2020 high, but has since taken a breather after an especially hot summer. At the start of the breakout in July, XRP beat out other altcoins and the top-ranked cryptocurrency in week-over-week performance.
Once again, things have since cooled off for Ripple, but it could be the calm before the storm. XRPBTC and XRPETH price charts both are potentially signaling a repeat fo Ripple leading the way for the crypto market.
XRPBTC & XRPETH Weekly Relative Strength Index | Source: TradingView
Along with a massive falling wedge pattern on both pairing’s price charts, there are also several bullish divergences. Each low put in was also characterized by a wick below the trendline to shake out traders before the actual move takes place.
Related Reading | Soaring Ethereum Fees Could Cause A Gloomy Future For The Altcoin
Zooming out further to monthly timeframes, each has triggered a TD 9 or 13 buy signal at the bottom of what has been an extended downtrend against the two top assets in the space.
XRPBTC & XRPETH Monthly TD Sequential Indicator | Source: TradingView
With all of these technicals pointing to an XRP breakout against both Bitcoin and Ethereum, and past evidence showing that Ripple was the first to pump, a major rally in crypto could soon be here.