Patterns of whale accumulation and key Bitcoin halving indicators indicate a substantial resurgence in the price of XRP/BTC in the coming months. XRP has trailed behind Bitcoin in terms of price performance in 2024, declining approximately 2.5% year-to-date (YTD) compared to Bitcoin's 60% gains during the same period. Consequently, the XRP/BTC exchange rate has dropped by 40% YTD.

However, there are indications of a potential recovery for the pair as Bitcoin approaches its halving in 2024. A combination of bullish signals may fuel this momentum, potentially strengthening it after the event.

XRP's price behavior post-halving presents a notable pattern. Historically, XRP has tended to outperform Bitcoin during the periods surrounding halving events.

For example, following the third Bitcoin halving in May 2020, the XRP/BTC pair surged by over 100%. Similarly, around the second Bitcoin Halving in July 2016, the pair experienced an 85% increase.

These historical trends raise the possibility of XRP surpassing Bitcoin's performance following the upcoming halving on April 19.

The observed gains in XRP/BTC are largely attributed to a decrease in Bitcoin's dominance post-halving. This trend suggests that traders often shift their investments from Bitcoin to alternative cryptocurrencies after the event, marking the onset of a period commonly known as "altseason."

One factor contributing to this is that altcoins often present opportunities for significant short-term profits due to their lower market capitalization and heightened volatility compared to Bitcoin.

XRP's technical indicators turn bullish

XRP/BTC has been following a descending wedge pattern since February, characterized by its price moving within the confines of two converging downward-sloping trendlines.

A descending wedge pattern typically signals a bullish reversal, with the breakout occurring when the price breaches the upper trendline, leading to a potential rise equivalent to the maximum distance between the upper and lower trendlines.

Applying the same technical analysis principle to the current price trends of XRP/BTC, the projected breakout target for April/May is adjusted to 0.00001022 BTC, reflecting a roughly 16.75% increase from current levels.

In the 2024 outlook based on a weekly timeframe, XRP's price objective against Bitcoin is forecasted to reach its 50-week Exponential Moving Average (50-week EMA, depicted by the red curve in the chart below) at 0.00001449 BTC. This represents a significant 70% surge from its current price levels by June.

Significantly, traders have consistently identified the 50-week EMA wave as their bullish objective in the aftermath of the last two Bitcoin halvings.

XRP witnesses a resurgence in accumulation by large investors.

During this period, there has been a marked increase in the number of entities holding over 1 million XRP tokens since March. Moreover, starting from April, there has also been a rise in the segment of holders with a minimum of 100,000 XRP tokens.

This trend underscores the growing bullish sentiment among large investors in anticipation of the Bitcoin halving.