XRP's price against Bitcoin has dropped to its lowest level since early April 2021. According to TradingView data, the XRP/BTC ratio has reached a three-year low.

On the monthly chart, this pattern may indicate a potential bottom for XRP/BTC, as pointed out by Tony Severino, the founder of CoinChartist, who mentioned that a bullish signal has appeared for XRP/BTC.

Despite the positive signal on the chart, the XRP/USD price has been on a downward trend since the beginning of 2024. XRP's price has decreased by over 14% year-to-date while Bitcoin's price has increased by more than 43%.

The legal battle between Ripple and the SEC has significantly impacted XRP's price movement. Iva Wisher, COO & Co-founder of Prom, mentioned that the uncertainty surrounding the lawsuit has led to cautious investor sentiment and reduced trading activity in XRP.

Ripple has challenged the SEC's request for a $2 billion fine, arguing that the penalty should be no more than $10 million.

Is the XRP local bottom in?

Despite the challenges faced by XRP, there is optimism regarding a potential rise in price. Charting Guy, a pseudonymous crypto analyst, predicts that XRP could reach a new all-time high by July.

The relative strength index (RSI) for XRP stood at 50 on the daily chart, indicating that the price is currently neutral. This is an improvement from the oversold level of 28 seen on April 13.

However, the long-term trend for XRP price remains downward. The weekly chart shows a pattern of lower highs since April 2021, suggesting that the price could drop to the $0.31 level if the trend continues.

This article does not provide investment advice. It is important for readers to do their own research and analysis before making investment decisions.