XRP Undervaluation Signal as Bitcoin and Ethereum Push All Time High Ranges? $0.70+
The Bitcoin block reward halving is currently less than two months away while both Bitcoin and Ethereum are pushing all time high ranges however XRP is severely lagging behind. Could this be a signal to the market of a massive undervaluation of XRP that will quickly change once XRP’s market lag is complete? We know historically that XRP does make massive parabolic movements but is oddly the last one in the market to do so.
Here we have the Bitcoin 3 month chart, price is currently hovering above the $50,000 level at exactly $51,214 while the 2021 all time high is $68,945. As we can see Bitcoin is not too far away from making the all time push and entering price discovery.
Now lets take a look at the Ethereum 3 month chart which looks quite similar to the Bitcoin 3 month chart. price is currently above the $3,000 level at $3,063 while the 2021 all time high $4,863. In cryptocurrency terms, just like Bitcoin, the move towards all time high is not too far away.
Now lets take a look at the XRP 3 month chart. current price $0.536 while the 2018 all time high $3.32. Unlike Bitcoin and Ethereum, XRP is very far from all time high ranges, however from what we have seen historically that can change quite quickly.
If we adjust the XRP 3 month to log scale we can actually see a near-decade long bull flag that is as the absolute tail end of the structure, with not much time left. Coincidentally while this is going on we have the two largest cryptocurrencies making a push into the all time high ranges.
So it would be fair to say that currently XRP is incredibly undervalued and based on the fact that Bitcoin & Ethereum are making such massive macro-scale movements, we should start to see XRP pick up on its lag and begin making movements to the “pre-dollar” range $0.70, $0.80 $0.90
To add further to the undervaluation narrative here is XRP 3 month chart quoted in BTC and ETH value.
It would not be a surprise to see the retail market begin to transition percentages of BTC & ETH holdings into XRP.
