- XRP is gaining a major advantage against Ethereum in terms of long-term dominance.
- The cycle top for XRP remains unknown, but analysts hint at least a breach of its ATH in the mid-term.
Ripple Labs-associated XRP has finally ended its seven-year dominance over Ethereum (ETH), raising optimism of bullish momentum. For context, ETH has dominated XRP since January 2018 after XRP fell from the $3.31 All-Time high (ATH).
XRP’s Bullish Move
Crypto analyst Dark Defender brought the news about XRP’s outstanding performance against ETH to the market. “7 Years of ETH Dominance on $XRP is over. And we have just started. XRP has already flipped ETH and completed the retest. Congrats XRPArmy. Now, it is our time,” the analyst wrote. His comment suggests he is still bullish on XRP and expects further price spikes.
Data from the XRPETH pair reveals that XRP reached a price of 0.00356 ETH in January 2018, corresponding with the $3.31 peak. As it fell from its high, the price of XRP in Ethereum terms fell to a low of 0.000847 the following month. XRP recovered briefly before collapsing again in December 2018.
XRP has since continued to trade below a prevalent downtrend against Ethereum. This resulted from XRP’s poor performance over multiple bullish cycles when other altcoins like ETH saw gains. XRP has dropped 45.6% since January 2018. On the other hand, Ethereum has appreciated by 318% within the same timeframe.
The most recent data, however, indicates that XRP has started to reverse this negative trend against Ethereum. XRP’s breakout above the descending trendline initially appeared in July 2023, when it rallied to a peak of $0.93. The downtrend soon resumed when it attempted to retest the trendline and fell below it. Once more, XRP broke above the trendline, following its recent spike to reclaim the $1 milestone, per CNF report.
It is important to note that XRP faced a pullback after hitting a three-year high of $1.265 on November 16. On the XRPETH chart, this translated to a price of 0.000401 ETH, marking a 16-month high.
The subsequent downturn resulted in XRP dropping to $1.0036, which allowed it to retest the XRPETH chart’s declining trendline. At the time of writing, the price of XRP is up by 0.79% to $1.10.
After retesting this trendline, XRP turned it into support and is currently trading above it. Dark Defender sees this trend as ending Ethereum’s dominance over XRP.
XRP Shines Over Ethereum
XRP has outperformed Ethereum in terms of gains accumulated during this market cycle. For instance, while XRP has gained 112% since November 5, ETH rose only 29% within the same period. Additionally, the XRPETH chart shows that XRP outperformed Ethereum by 71% in November and is set to rival other months of gains.
Furthermore, XRP has experienced a 65.34% increase in the past week. However, Ethereum’s price decreased by 1.06% within the same period. While Dark Defender anticipates XRP to continue its upward trend, he did not specify any technical targets.
However, XRP could skyrocket to $11.4 if it reclaims its January 2018 peak of 0.00356 ETH. This prediction considers Ethereum’s current average price of $3,200.
