XRP It is stated that the coin may show a potential price increase after the upcoming Bitcoin halving, based on its past performance. Based on a pattern experienced in 2020, it is predicted that XRP could reach a significant price of $5.2.
BitcoinThe upcoming halving has brought about an overall bearish trend in the crypto market. However, investors are eagerly waiting for this event, focusing on the upward trends seen in the past.
It is predicted that leading cryptocurrencies such as XRP will be positively affected by the upcoming bull market by following Bitcoin’s price movements.
Bitcoin Trajectory After 2020 Halving
Bitcoin’s 2020 halving event took place on May 11. That day, Bitcoin began trading at $8,755. It later hit a low of $8,374 and reached a high of $9,033 during the day.
For five months after the halving, Bitcoin hovered below $10,000. It remained at these levels before reaching the $14,000 level in October 2020, marking the beginning of the bull market. In January 2021, eight months after the halving, BTC exceeded $ 30,000 for the first time and more than tripled its gain.
Bitcoin’s uptrend continued and surpassed the $60,000 level in April 2021. However, Bitcoin, which entered the bear market in April 2021, returned to $ 30,000 levels at another time of the year.
In particular, Bitcoin reached a level of $14,000 on October 31, 2020, and peaked at $64,863 on April 14, 2021. During this period, the asset grew by 363%.
Bitcoin’s final peak of $68,789 on November 10, 2021 is up 721.46% from its low of $8,374 on the day of the 2020 halving.
XRP Trajectory After Bitcoin Halving
When the Bitcoin mining reward halved, XRP fell to a low of $0.1885. Three months later, altcoin It briefly entered the $0.3 range. However, Bitcoin traded mostly around $0.2 in late October 2020, when the bull market began.
XRP gained 307% the following month, rising from the Bitcoin halving day low to a daily high of $0.768.
Entering January 2021, XRP could not maintain its upward trend along with Bitcoin. It fell below the November 2020 high of $0.768. However, XRP later followed Bitcoin’s lead and crossed the $1 threshold in early April.
During the bullish wave in 2021, the XRP coin peaked at $1.9650 on April 14. Remarkably, from the low of $0.1885 on May 11 to the XRP peak in 2021, the asset gained 942.44%.
XRP Price If History Repeats
With Bitcoin recording a gain of over 700% after the halving in 2020, a repeat of this trajectory could push the asset above $500,000. However, predictions for Bitcoin’s top in this cycle are generally between $150,000 and $250,000.
As for XRP, if it reflects the extraordinary gain of 942% in 2021 and starts from its current level of $0.5 and stays there until the halving, the asset could potentially rise to $5.2.
While some market participants have expressed skepticism regarding such price movement for XRP, others remain quite optimistic. According to some analysts, even $10 might be a conservative estimate for XRP. However, these predictions remain speculative and there is a possibility that XRP could go in a completely different direction.
You can access current market movements here.
Source : The Crypto Basic