Will XRP Explode If Bitcoin Breaks Past $110,000 ?
As Bitcoin nears all-time highs, XRP is poised to ride this bullish wave. How high could XRP's price climb? Let's dive into the analysis.
The Close Correlation Between XRP and Bitcoin
XRP closely follows the price movements of Bitcoin, with a current correlation of 0.91 between the two assets. When this correlation strengthens, Ripple tends to benefit from the bullish momentum of Bitcoin. With the crypto giant flirting with the $110,000 mark, XRP seems poised to capitalize on this.
Indeed, such a surge in Bitcoin opens the door to a new all-time high, which could propel XRP to higher price levels. After going through a tough period, Ripple could thus reconnect with a sustained bullish trend.
Encouraging Technical Analysis for Ripple
The Relative Strength Index (RSI) of XRP is currently above the neutral level, indicating increasing buying pressure. This positive signal suggests that the price of the Ripple token could continue to climb in the short term, especially as the overall market appears to favor a bullish trend.
As long as XRP maintains strong support around $2.27, it could target the next resistance at $2.38. Crossing this threshold would be a strong signal, paving the way for sustained progression towards $2.50 in the longer term. Such a momentum would confirm XRP’s comeback.
However, a break below the $2.27 support could weaken the bullish thesis and lead to a price drop towards $2.20 or even $2.13. This would be a warning signal regarding investor sentiment.
With Bitcoin nearing $110,000, the strong correlation of XRP with the leading crypto could drive its price up to $2.50. Nonetheless, maintaining support at $2.27 is crucial for Ripple to continue its upward trajectory. The coming weeks will be decisive in confirming (or not) XRP’s comeback.
Gaston Cuny
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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