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XRP has finally broken above a seven-year descending trendline against Ethereum, as it officially flips the momentum ETH had over it since 2018.
Market analyst Dark Defender first called attention to this development in a recent post, confirming that the dominance Ethereum had over XRP has now come to an end. For context, ETH has been outperforming XRP since XRP dropped from the $3.31 ATH in January 2018.
XRP’s 7-Year Downtrend Against Ethereum
Data from the XRPETH pair confirms that XRP had climbed to a price of 0.00356 ETH in January 2018, coinciding with the $3.31 peak. As it collapsed from this peak, the price of XRP in Ethereum terms also slumped to a low of 0.000847 the next month.
XRP staged a recovery but eventually collapsed again by December 2018. Since then, XRP has continued to trade underneath a prevalent downtrend against Ethereum. This was due to XRP’s underperformance over several bullish phases, while other altcoins like ETH recorded gains.
Notably, since January 2018, XRP has dropped 45.6%. Meanwhile, within the same timeframe, Ethereum has appreciated by an impressive 318%. As a result, XRP has collapsed 87% against Ethereum during this period amid the downward trendline.
XRP Finally Breaks Downward Trendline
However, the latest data suggests that XRP has begun flipping this downward momentum against Ethereum. XRP previously staged a breakout above the descending trendline when it rallied to a peak of $0.93 last July. Nonetheless, when it sought to retest the trendline, a drop below it ensued, resuming the downtrend.
Interestingly, XRP again broke above the trendline following its recent spike to reclaim the $1 mark. It bears mentioning that XRP faced a pullback when it reached a three-year top of $1.265 on Nov. 16. This translated to a price of 0.000401 ETH, a 16-month high on the XRPETH chart.
The ensuing pullback saw XRP drop to $1.0036, allowing it to retest the descending trendline on the XRPETH chart. XRP retested this trendline and flipped it into support, now trading above it. Dark Defender believes this indicates an end to Ethereum’s dominance over XRP.
XRP Outperforms ETH
The market analyst expects XRP to sustain its recent bullish momentum against Ethereum, as ETH underperforms in the ongoing bull run. For context, while XRP has gained 112% since Nov. 5, Ethereum has only seen a 29% rise within the same period.
Also, on the XRPETH chart, XRP has outperformed Ethereum by a massive 71% in November, on track to rival other months of gains. While Dark Defender expects XRP to continue this upward push, he failed to provide any technical target.
However, should XRP reclaim the January 2018 peak of 0.00356 ETH, its price could skyrocket to $11.4, given Ethereum’s current average price of $3,200. If XRP hit this level with a higher ETH price, it would witness greater heights. Notably, at press time, XRP currently trades for $1.076 and 0.0003474 ETH.