Ripple’s XRP is struggling to maintain an upward trajectory amid volatile sessions and efforts to rebound. Moreover, the XRP/BTC pair has plummeted massively in recent months. However, crypto analysts have expressed optimism around XRP price after evaluating the current market trends and XRP chart pattern.
XRP/BTC Pair Plummets 61% From July High
According to TradingView data, the XRP/BTC pair peaked at 0.00002741 in July 2023. However, thereafter a downtrend ensued as Bitcoin (BTC) rallied significantly while the XRP price took small steps toward an upward trend. At press time, the XRP/BTC pair was trading at 0.00001071 on February 19, 2024.
This implies a solid 61% drop from the high attained in mid-2023. While some may perceive it as an unfavorable development, short-term traders or long-term investors can leverage this opportunity for a profitable entry point in XRP. Hence, analysts have suggested that buying the dip could be profitable.
On the other hand, analysts have also hint
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