XRP continues to lag behind the rest of the crypto market, including Bitcoin and Ethereum. It has resulted in the altcoin losing the third-ranked spot to the stablecoin Tether.
But all that’s soon going to change, according to one crypto analyst, who says Ripple will soon leave the rest of the crypto market sidelined as they look on in awe.
Ripple Readies First Higher High Since Crypto Bubble Popped
Few altcoins have suffered as badly as XRP. Whether it truly is executives and early pioneers associated with the project’s constant selling keeping prices down, or something else, Ripple has been a clear underperformer for years now.
While other crypto assets have experienced at least some ebb and flow, Ripple has mostly been flowing downward, deeper and deeper into a downtrend.
Related Reading | Crypto Analyst Pitches a Case For XRP to Hit $30 By End of 2021
By definition, a downtrend is a series of lower lows and lower highs, something that XRP holders know far too well. But according to a pseudonymous crypto trader, the altcoin created by Ripple could soon leave the rest of the crypto market, Bitcoin and Tether included, sidelined.
And it all begins with the first projected higher high, and an attempt at reclaiming 2017 resistance, which also would form a right shoulder on an inverse head and shoulders reversal pattern.
XRPUSDT Daily First Projected Higher High | Source: TradingView
Bitcoin Pair Positions XRP For Major Market Overperformance, Targets Tether’s Third-Rank
XRP blasting off while Tether stays sidelined isn’t all that shocking given the stablecoin’s value rarely fluctuates, but Ripple giving Bitcoin a beating is rare.
Ripple has spent the last three years in free fall against the first-ever cryptocurrency, but that might all change soon according to the XRPBTC trading pair. This chart looks just as bullish and has reclaimed a key support level according to the chart shared by a crypto analyst.
XRPBTC Resistance/Support Reclaim and Inverse Head And Shoulders Pattern | Source: TradingView
A similar triple bottom pattern resembling an inverse head and shoulders is also breaking upward suggesting the USD pair could soon follow. If this happens, XRP could trend higher and leave Bitcoin and the rest of the crypto market in its dust.
Related Reading | Underdog Story: Why XRP Could Soon Outperform Bitcoin And Ethereum
XRP has spent the last two or more years lagging behind the rest of the space, while the likes of Ethereum and Chainlink run amok. If the altcoin has a breakout as it has in the past, not only could it target retaking Tether’s third-rank, it could take a shot at Ethereum’s number two spot once again.
Featured image from DepositPhotos, Charts from TradingView