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A repetition of the post-halving uptrend recorded by XRP from 2016 to 2017 could see the XRP price spike by a massive 49,155%.
XRP’s price performance since Q4 2023 has not been particularly favorable. Despite being a product of the broader market’s direction, XRP has failed to record as much growth as the rest of the market.
XRP Price Suffers Underperformance
For instance, despite the latest struggles, Bitcoin (BTC) is up 127% since September 2023. Similarly, Solana has increased by an impressive 589% within this timeframe, making it one of the biggest gainers among the top assets since Q4 2023. Also, Ethereum is up 52% despite witnessing slower growth.
Interestingly, XRP has only increased by 9% since September 2023 even with the legal clarity it attained from the SEC v. Ripple lawsuit. This underperformance has triggered concerns among market observers. However, experts believe XRP could be looking to surprise the market with an explosive run.
Some of these experts cite historical data from the 2017 price run. For context, XRP also suffered a similar underperformance at the start of the 2017 bull run, while the rest of the market gained. Nonetheless, a few months into the bull run, XRP spiked massively, outperforming the market.
XRP’s Potential Price After Bitcoin Halving
The Crypto Basic recently evaluated a new perspective on this run in relation to the Bitcoin halving. Notably, following each Bitcoin halving, BTC typically records a price spike, influencing an altcoin season. This trend occurred in previous halvings, most especially in 2016, leading to the 2017 bull run.
The 2016 Bitcoin halving occurred on July 9, 2016. At the time, XRP traded for $0.00672, consolidating for over five months. Following the halving, XRP continued to consolidate, and even dropped to a low of $0.005 in Q1 2017. During this period, the rest of the market saw impressive gains in the pre-bull run phase.
Remarkably, XRP price erupted in March 2017, as it embarked on a massive rally that saw it hit a new all-time high of $3.31 in January 2018. This $3.31 all-time high marked a 49,155% increase from the $0.00672 XRP price when the halving occurred on July 9, 2016.
XRP appears to be replicating the same movements from the 2017 trend. Following the latest Bitcoin halving, which occurred on April 19, 2024, XRP price has mostly consolidated and suffered occasional dips. It collapsed to a low of $0.3825 on July 5, 2024, but has since recovered from this floor.
If the XRP price movements repeat the 2017 trend, it could surge by another 49,155% from the value on April 19. Such a rally would push XRP price to $251.2. However, while this assessment presents a bullish case, there is no guarantee that XRP could record such an upsurge, especially considering its potential market cap.