XRP has finally reclaimed Bitcoin’s (BTC) 20-day and 50-day moving averages for the first time since its 66,400% rally during the biggest bull run of 2017.
Despite XRP’s recent downtrend since its July 13 peak, market watchers continue to spot bullish patterns across multiple time frames. The latest is a recovery of the 20-day and 50-day moving averages against Bitcoin (BTC).
UK analyst Crypto Insight first called attention to this bullish development in a recent post on X (fka Twitter). He emphasized its importance based on the historical trends observed in XRP.
XRP is better than BTC
Notably, the XRP/BTC chart surged to as high as 0.00002970 in July, its highest point since December 2022. This impressive gain was due to XRP outperforming BTC from mid-July following its win in the SEC lawsuit.
XRP weakened against the nascent cryptocurrency during the pullback, closing July at 0.00002388 against Bitcoin. Despite the decline, XRP’s recent uptick has reclaimed both the 20-day moving average (0.00001852) and the 50-day moving average (0.00002100) on the monthly timeframe.
At its current price of $0.00002152, XRP has remained above both SMAs, signaling bullish momentum to come.
Historical Trends
Interestingly, Crypto Insight notes that XRP has not recaptured these two SMAs against BTC since 2017. The analyst notes that the last time XRP achieved this feat, it led to its biggest bull rally and surged to new all-time highs.
The XRP/BTC monthly chart confirms these claims. Notably, the last time XRP captured these SMAs was in March 2017, when it surged by a whopping 308%. Since then, the asset has made impressive gains, surging from $0.02140 in April 2017 to $3.3170 in January 2018.
The rally represented a 15,400% gain in less than a year. However, after falling from its all-time high of $3.3170, XRP began to give back gains. The asset fell below its 20-day moving average in April 2019 and below its 50-day moving average in June 2019.
XRP repeats bullish trend
However, as Crypto Insight correctly points out, XRP has reclaimed these SMAs in its recent rally. The analyst highlighted that XRP recently returned to the 50-day moving average, retesting its support level in the subsequent correction.
Now XRP has managed to bounce off the 50-day moving average, which signals a revival in bullish momentum. The asset is currently still trading above both moving averages and needs to remain above them by the end of the month.
While the pattern portends an impressive rally similar to the 2017 bull run, Crypto Insight chose not to predict any price targets. The analyst posed a key question to every XRP investor: “Will history repeat itself?”
XRP is currently trading at $0.6339. If it replicates the 15,400% rally, the price would reach $98.26. However, it is worth noting that XRP’s rally in 2017 does not guarantee a similar move.