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Throughout February 2024, XRP has been making interesting moves on the crypto market as it saw, in quick succession, dormant whale wallets come to life to dump as much as $100 million worth of cryptocurrency, and one-day inflows amount to as much as $1 billion.
Generally, XRP has been increasingly interesting to investors as Ripple Labs managed to score several important victories in its long-standing legal battle against the U.S. Securities and Exchange Commission (SEC) – though some 2024 developments indicate the fight is far from over.
The token has also recently started rising – along with many other cryptocurrencies – after a brief depression that affected the entire crypto market following the approval of nine spot Bitcoin (BTC) exchange-traded funds (ETFs) early in January, and now, one expert pointed out that it may be in for a massive rally.
RSI analysis hits toward massive XRP surge
The relative strength index (RSI) for the Bitcoin-XRP trading pair on the weekly chart matches the one seen in the 2017 and 2021 bull runs, per the analysis conducted on February 19 by Dark Defender, a crypto expert who commonly shares his findings on X.
XRP price analysis
Should XRP manage to enter into a bull run in the coming days, it would, in several ways, be a continuation of its recent performance. Indeed, cryptocurrency has generally been rising in the previous 52 weeks and is 44.76% in the green in the timeframe.
Additionally, while it significantly declined in January and is, as of the time of publication, 11.41% in the red, year-to-date (YTD), it has, more recently, been regaining ground. In the last 30 days, it rose 2.78%, and 6.67% in the last week. The last 24 hours of trading, however, brought a small decline of 0.10%, and the token is worth $0.56 at press time.
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