Ripple on the Rebound: How Bitcoin’s Halving Event May Boost the XRP Price

Analysis1mos agoUpdate 6086cf...
66 0

In Brief

  • XRP price is presently breaking out of a descending triangle pattern, attempting to flip $0.60 into support.
  • The Ripple native token is noting a high correlation with Bitcoin at the moment, which could lead it to note recovery.
  • The total supply in profit is at 83%, which suggests that XRP is far from being at the top of the market.

Ripple’s (XRP) price will likely make its way out of the potential bearishness it is doomed to witness.

This will likely occur with the help of Bitcoin, which is expected to rise ahead of the halving event this month.

Ripple Has the Potential to Rally.

XRP price will follow the cues of the biggest cryptocurrency on the planet, Bitcoin. This is because the latter is due for a major rally due to the halving event set to occur towards the end of this month.

As Bitcoin price increases, the highly correlated assets will also probably take on the bullishness and witness an increase. XRP is among those altcoins, as it could potentially rally as well.

Ripple on the Rebound: How Bitcoin’s Halving Event May Boost the XRP Price
XRP correlation to Bitcoin. Source: TradingView

The chances of this happening within the Ripple network are also high, given there is room for further profits. The overall supply-bearing gains at the moment are at 83%, far lower than the threshold of the conditions forming a market top.

Read More: Everything You Need To Know About Ripple vs SEC

Only when an asset’s 95% of the circulating supply is in profit is a market top formed; otherwise, the potential for a rally is high.

Ripple on the Rebound: How Bitcoin’s Halving Event May Boost the XRP Price
XRP Supply in Profit. Source: Santiment

Thus, the XRP price could benefit from these conditions to chart gains in the coming days.

XRP Price Prediction: A Bullish Breakout

XRP price trading at $0.5951 is currently attempting to stay above the upper trend line of the descending triangle pattern the altcoin was stuck in. Since last month, the descending triangle pattern is a bearish chart formation. Characterized by a flat support level and declining resistance, it indicates a potential continuation of a downtrend when the price breaks below the support level.

However, XRP price managed to break out of it, nearly securing $0.6064 as a support floor. This coincides with the 50% Fibonacci Retracement of $0.8199 to $0.4744. Should the Ripple token manage to reclaim 38.2% Fib, it could rally towards $0.6500.

Ripple on the Rebound: How Bitcoin’s Halving Event May Boost the XRP Price
XRP/USDT 12-hour chart. Source: TradingView

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

But if the altcoin falls back into the bearish pattern, it will fall through the lower trend line. This would send it to the 23.6% Fib level marked at $0.5559, invalidating the bearish thesis.

Top crypto projects in the US | April 2024

This article is sourced from the internet: Ripple on the Rebound: How Bitcoin’s Halving Event May Boost the XRP Price

Related: Polygon (MATIC) Price Prediction: What Lies Ahead After Breaking This Long-Term Resistance?

In Brief Polygon’s (MATIC) price increased significantly last week and reached a horizontal resistance. The weekly and daily time frame readings both support the continuing of the price increase. Despite the bullish MATIC price prediction, closing below $0.75 will mean the local top is in. The Polygon (MATIC) price broke out from a descending resistance trend line that had existed for more than 780 days. Is this the start of a new bullish cycle, or will MATIC fail to sustain the increase? Keep reading below to find out. Polygon Finally Breaks Out The weekly time frame technical analysis shows that the MATIC price broke out from a 780-day descending resistance trend line last week. The weekly close was the highest since April 2023. While MATIC has fallen slightly since the breakout,…


© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...