XRP’s price began trading at $0.52 on April 25, following a slight decline from its weekly high of $0.57. However, an uncommon alignment on the XRP/BTC chart suggests that the coin is now poised for a dramatic breakout in the next market rally.
Despite experiencing significant volatility in the latter half of April 2024, similar to other major altcoins like Solana (SOL) and Cardano (ADA), XRP has displayed strength against BTC amidst the market downturn.
Following the market crash caused by escalating tensions in the Middle East, XRP quickly rebounded by 34% to reach a weekly high of $0.57 on April 22. However, the XRP price has retraced to $0.52 over the past 72 hours due to stagnant market liquidity, which has not been sufficient to push the rally past key resistance levels around $0.60.
Nevertheless, amidst this fluctuating performance, a unique pattern has emerged on the XRP/BTC chart, indicating that XRP may experience a parabolic breakout in the next upward phase of the crypto market.
The chart above illustrates that since the recovery phase began on April 13, XRP has made significant progress against Bitcoin (BTC). Currently, XRP is trading at 0.000082 BTC, representing a 20% gain against the pioneer cryptocurrency over the past 12 trading days. Additionally, the daily XRP/BTC chart suggests that XRP is poised to break out of a 40-day resistance channel, potentially resulting in a 25% price increase to reach 0.00010 BTC.
Given Bitcoin’s struggle for momentum following the recent Halving event, investors are increasingly turning to major altcoins. If this trend continues, it could amplify the upward momentum for XRP against Bitcoin, attracting more investor interest and driving further price gains.
In light of XRP’s strong performance against BTC in recent weeks, it is likely to attract more attention and potentially push prices towards $0.60 in the near future. The Relative Strength Index (RSI) technical indicator, currently at 45.63, also suggests that XRP has room for further growth before the market approaches overbought levels.
The upper limit Bollinger band indicator indicates that bulls may encounter significant short-term resistance around the $0.54 zone. However, a decisive upward movement beyond this key resistance level could propel XRP’s price towards the predicted target of $0.60.
In the event of another market breakdown, XRP bulls may regroup around the psychological support level of $0.50.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
