XRP may potentially witness a near tenfold gain to a $5.2 price after the upcoming Bitcoin halving if it mirrors the 2020 pattern.
The much-anticipated Bitcoin halving is set to occur this week. While the crypto market has been in a bearish trend, crypto community members eagerly anticipate this event, given the historical bullish market that follows it.
Top cryptocurrencies like XRP, which follow Bitcoin’s price action, are expected to benefit from the post-halving bull market. Accordingly, The Crypto Basic explores XRP’s potential price outlook for the impending post-halving bull market based on the historical performances of Bitcoin and XRP.
Bitcoin Trajectory After 2020 Halving
Bitcoin’s last halving event occurred on 11 May 2020. On this day, BTC opened for trading at $8,755. While it reached a low of $8,374, it later reached an intraday high of $9,033.
However, Bitcoin ranged below $10K for the next five months after the halving before breaking the bull market doors by late October. By January 2021, eight months after the halving, BTC had already made a 3X gain, entering the $30,000 range for the first time.
Bitcoin’s uptrend continued, cracking the $60K threshold by April 2021. However, Bitcoin succumbed to the bears later in April 2021, revisiting the $30K range a year after halving.
Notably, from October 31, 2020, when BTC first re-entered $14K, to April 14, 2020, when it peaked at $64,863 before commencing a significant price correction, the asset saw a growth of 363%.
With Bitcoin reaching an ultimate peak of $68,789 on November 10, 2021, it implies BTC soared by 721.46% from the low of $8,374 on the 2020 halving day.
XRP Trajectory After Bitcoin Halving.
Meanwhile, while the Bitcoin mining reward halved, XRP bottomed at $0.1885. Three months later, XRP briefly entered the $0.3 range. However, it mostly traded around the $0.2 channel until late October 2020, when the Bitcoin bulls commenced.
By the next month, XRP had witnessed a 307% gain, rallying from the Bitcoin halving day low to a daily high of $0.768.
Meanwhile, XRP did not maintain the uptrend alongside Bitcoin entering January 2021. Instead, it crashed below the November 2020 high of $0.768. Yet XRP later mirrored Bitcoin’s trajectory, reclaiming the $1 threshold in early April.
During the bullish surge of 2021, XRP peaked at $1.9650 on April 14. Notably, the asset failed to establish a new high following Bitcoin’s collapse and subsequent recovery.
Remarkably, from the May 11 low of $0.1885 to the XRP zenith for 2021, the asset soared by 942.44%.
XRP Price if it Repeats History
With Bitcoin registering an over 700% gain following the 2020 halving, replicating this trajectory could position the asset above $500,000. However, prevailing forecasts for Bitcoin’s peak in this cycle typically range between $150,000 and $250,000.
Similarly, if XRP mirrors the remarkable 942% gain it experienced in 2021, starting from its current price of $0.5 and assuming it remains at this level until the halving, the asset could potentially surge to $5.2.
While some market participants express doubt about such a price action, others remain highly optimistic. According to some market analysts, even $10 is a conservative estimate for XRP this season. However, these projections remain speculative, with the possibility for XRP to take an entirely different direction.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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