The highly anticipated Bitcoin halving event is expected to occur soon. This event, which cuts the block reward for miners in half, has historically been followed by a bullish trend in the cryptocurrency market. Investors are now eagerly waiting to see if XRP will benefit from a similar price increase as witnessed in 2020.
Bitcoin’s Track Record After Halving
Let’s take a closer look at what happened after the last Bitcoin halving in 2020. While the initial price movement was limited, with Bitcoin fluctuating slightly below $10,000 for several months, a significant upswing began in late October.
By January 2021, eight months after the halving, Bitcoin had tripled in value, reaching the $30,000 range for the first time. This bullish trend continued throughout the year, with Bitcoin surpassing $60,000 by April. However, a correction followed later that month, with the price revisiting the $30,000 mark a year after the halving.
It’s important to note the significant growth that occurred between Bitcoin’s initial re-entry into the $14,000 range on October 31, 2020, and its peak of almost $65,000 on April 14, 2021.
During this period, Bitcoin experienced a remarkable surge of 363%. Notably, Bitcoin reached an all-time high of $68,789 on November 10, 2021, representing a staggering 721.46% increase from its lowest point on the day of the 2020 halving.
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XRP’s Performance After the 2020 Halving and Future Prospects
While Bitcoin’s price faced ups and downs, XRP also experienced price fluctuations following the 2020 halving. The token initially bottomed out at $0.1885. It briefly entered the $0.3 range three months later but remained within the $0.2 channel until the late 2020 Bitcoin bull run. By November, XRP had achieved a 307% gain from its post-halving low, reaching a daily high of $0.768.
However, XRP’s uptrend didn’t mirror Bitcoin’s perfectly. XRP fell below its November 2020 high in early 2021, but later recovered and surpassed the $1 mark in April. During the 2021 bull run, XRP peaked at $1.96 on April 14. Unlike Bitcoin, XRP wasn’t able to establish a new high after Bitcoin’s subsequent correction. Many attribute this to the XRP lawsuit, which hurt the cryptocurrency’s adoption in the U.S.
However, looking at the bigger picture, XRP’s price soared by an impressive 942% from its May 11, 2020, low to its 2021 peak. XRP is trading at $0.4952. If it follows a similar path to its 942% gain in 2021, assuming its price remains around $0.50 until the halving, the token could theoretically reach $5.21.
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