XRP Shows Early Signs of a Potential Comeback After Months of Underperformance Against Bitcoin (BTC).

Since March 24, CCN has observed that XRP's price struggled to outperform BTC on a weekly timeframe.

Key Takeaways:

XRP has shown early signs of a potential comeback after months of underperformance against Bitcoin (BTC). Since March 24, CCN has observed that XRP’s price struggled to outperform BTC on a weekly timeframe.

The token, which has lagged behind the flagship cryptocurrency, currently trades around $2.43. But this week, the trend seems to be changing. Here is what that could mean for XRP’s price in the short term.

According to the weekly XRP/BTC chart, the pair has printed more red candlesticks than green ones since March 24. This performance indicates that XRP’s price has lagged compared to Bitcoin’s price action.

But today, the pair has broken out of a falling wedge. The breakout of the falling wedge indicates that XRP’s price could soon outperform Bitcoin’s.

Besides that, CCN noticed that the green line of the Supertrend indicator is below the market value. When the red line is above the price, it indicates strong resistance.

But since the green line below it represents support to keep the value going higher. As seen below, the last time such happened, the XRP/BTC value skyrorocket to $0.000034.

Therefore, if history rhymes with the current price, XRP might soon begin to outperform Bitcoin.

Rising interest in crypto payment solutions has also sparked interest in XRP, especially as the token is used by several payment processors to facilitate cross-border transactions. Several analysts believe that this factor could contribute to further gains for the token in the coming months.

“Technically, XRP’s price has retested the $2.65 resistance level twice within the past week, which means a strong buyer’s interest and the potential of a breakout above this zone. Plus, there is likely a formation of a strong ascending triangle pattern, and almost all moving averages (SMA, EMA) signal bullish sentiment. The coin has all chances to break the $2.65 level and consolidate above it, and the price could continue its momentum up to $3,” B2BINPAY analyst told CCN.

In addition to B2BINPAY’s observations, CCN spoke with George Dinenis, Head of DeFi at MoreMarkets — a platform aiming to become the first to offer yield opportunities to XRP holders directly on the native chain.

“This set-up shows attractive risk-reward for XRP. In the event of new BTC highs and a sustained alt season, XRP is well-positioned for a period of outperformance,” Dinenis highlighted.

The daily chart shows that the Chaikin Money Flow (CMF) on the XRP/USD chart is above the zero line. This position indicates that selling pressure is yet to outpace buying volume.

Because of this, XRP’s price is likely to trade higher. If bulls defend the support at $1.94, the next move for XRP could be a rise to $2.72.

If validated, the altcoin’s value could increase to $3.40.

However, if the CMF drops below the zero line, this prediction might not pass. In that case, XRP might decline toward $1.59.