The Effects of the Bitcoin Rally on XRP


Bitcoin had a big rally, pushing all crypto opportunities above multi-month resistance levels. The turmoil in the space boosted the price of XRP close to the important resistance at $0.4 and a clear breakdown beyond these levels could cause the bulls to run fast.

The crypto bulls have bounced back with the bearish as the global crypto market cap is inches closer to regaining the level of over $1T. The price of XRP which shows a feeling of strength despite the bearish trap drags it to meet the low point below $0.3. ,

However, the recent bullish trend caused the price to rise significantly to a higher mark of more than $0.4 in a short period of time. As the bears try to prevent the progress of the rally, the bulls seem ready to maintain strength until the price reaches $0.5.

XRP Price Analysis – Short Term (1D)

The price of XRP has been very high since the beginning of 2023, fueled by the increasing market sentiment last weekend.

After a nice increase of more than 20% last week, the XRP bull seems to be exhausted at this point.
Bears are struggling to strengthen bearish sentiment, but rising bullish pressure may not allow it.
However, XRP bulls will rise above the blue price zone to avoid any rejection in the near future.
A daily candle above $0.42 could indicate a bullish trend ahead, otherwise a deep dive to $0.3 is also necessary.

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Ripple Price Analysis – Duration (1W)

The long-term XRP price broke above the bearish trend and tested one of the crucial resistance levels at $0.405. The breakout of the descending triangle resistance flashes a critical signal that could push the price closer to $0.5.

However, a small bearish trend can be expected at these levels, but a dramatic reversal may come later.
However, the monthly closing price of XRP must be around $0.6 which may undermine the bearish news
On the contrary, a drop to the $0.32 area could throw off the bullish direction if rejected which seems unlikely at this point.

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