XRP Price: XRP/BTC Pair Quits Downtrend After 280 Days, What’s Next?
Release: 2024/05/07 20:34 Reading: 690
Amidst XRP's recent sideways trading, the XRP/BTC pair has garnered considerable attention within the crypto realm, exhibiting signs of bullish momentum. As highlighted by a prominent crypto market analyst, XRP has broken out of a 280+ day downtrend against BTC, based on weekly timeframe chart analysis.
The XRP/BTC pair signifies the trading relationship between Bitcoin and XRP, primarily used to gauge XRP's relative strength or weakness compared to Bitcoin. Let's delve deeper into the analyst's observations that have resonated across the global crypto community.
Analyst Observes Bullish Trends
According to the post shared by 'Cryptoinsightuk,' the downtrend that commenced when Judge Torres stated that XRP is not a security has finally ended after persisting for over 280 days. Moreover, the weekly Relative Strength Index (RSI) has shifted to a bullish stance and exited the overbought zone. These factors collectively suggest a bullish outlook for XRP, Ripple's native token.
However, despite these bullish signals, the market expert emphasizes the significance of increased trading volume to further bolster this positive trend. The enthusiast notes that "a large green weekly candle, supported by volume, that closes above the horizontal white line" would pave the way for XRP's future targets. This could potentially propel XRP towards its highly anticipated wave three target of $1 or even higher.
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Meanwhile, the XRP token has been trading in the green, registering modest gains at the time of writing.
Read More: Is Dogecoin Price Already Embarking on a Bull Run?
XRP Price Surge
XRP's price has experienced a modest 0.26% increase over the past 24 hours, with the token's charts displaying significant volatility. It currently stands at $0.5366, accompanied by a 0.26% rise in market capitalization and a 114.61% surge in 24-hour trading volume.
Notably, from a broader perspective, the token is exhibiting signs of consolidation. Should the analyst's predictions hold true and buying pressure dominate the market, the token's trajectory may transition into a significant uptrend.
Meanwhile, a well-known XRP whale has moved 26.97 million coins to Bitstamp in the past 24 hours, igniting further speculation. Nevertheless, it's noteworthy that several prominent crypto analysts have maintained a bullish stance, anticipating Ripple's native token to reach its wave three target of $1 shortly, with potential for further upward movement.
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26,970,000 #XRP (14,749,113 USD) transferred from unknown wallet to #Bitstamphttps://t.co/4u3B2agNwX
— Whale Alert (@whale_alert) May 6, 2024
On the other hand, Bitcoin's price has declined by 0.78% over the past 24 hours, reaching $63,626 at the time of writing. Crypto market enthusiasts continue to closely monitor these tokens amidst heightened market volatility following the recent halving event.
Read More: Solana Price Soars 5% Despite $380M SOL Transfer To Coinbase, What's Next?
The post XRP Price: XRP/BTC Pair Breaks Downtrend After 280 Days, What's Next? appeared first on CoinGape.
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