Has the XRP price just bottomed out against Bitcoin?

The price of XRP (XRP) in Bitcoin (BTC) falls to a three-year low this week, indicating a potential local bottom and buying opportunity for XRP.
The XRP/BTC price ratio fell to 2021 lows
According to TradingView, the price of XRP falls to a three-year low in early April 2021 compared to Bitcoin.
➡️XRP/BTC, monthly chart
On the monthly chart, this chart pattern can be interpreted as a strong signal from the bottom of the XRP/BTC, and despite the chart forming optimism, the XRP/USD has been in a downtrend since the beginning of 2024. The price of XRP has fallen more than 14% year-to-date (YTD) to the current $0.53 mark, while the BTC/USD price has pumped more than 43%.
BTC and XRP, year-to-date charts. Source: TradingView
XRP's crab journey can be attributed in large part to the ongoing litigation between Ripple and the American SEC (SEC), said Iva Wisher, chief operating officer and co-founder of Prom and former principal analyst at 3
"The price action of XRP is related to the uncertainty generated by its legal battle with the SEC. The SEC sued Ripple back in 2020, alleging that they illegally raised $1.3 billion through an allegedly unregistered securities issuance through the sale of XRP.
In its latest development, Ripple disputed the SEC's request for a $2 billion fine on Blockchain companies, saying the fine should not exceed $10 million.
Related: Bitcoin enters a "new era" as whales snatch up more than 47K BTC during price pullbacks.
➡️Is XRP bottoming locally?
Despite XRP's depressed price action, according to anonymous encryption analyst Chart, it could pump to an all-time high by July at today's BTC price, our XRP price is around $4.09. As I've been saying, an all-time high by July. Now let's say BTC is at $85,000 - $100,000 at the time, as I think. Then we are talking about XRP at $5.51 - $6.48. On the daily chart, XRP's Relative Strength Index (RSI) indicator stands at 50, indicating that the price of XRP is now neutral or fair value, above the 28-point low on April 13 when the price Oversold XRP.
➡️XRP/USDT, 1-day chart.
The RSI is a popular momentum indicator used to gauge whether an asset is oversold or overbought based on the magnitude of recent price changes.
However, XRP prices have been in a downward trend for more than three years. On the weekly chart, XRP has been making lower highs since April 2021. If this trend continues, the chart suggests that the XRP price could fall fall to the $0.31 level, which is an important support area for 2022 and 2023.
➡️XRP/USDT, weekly chart.
Related: Analysts call Bitcoin distribution a "dangerous zone" over
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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