3 Key Factors Pointing Towards Imminent Surge in XRP Price
Renowned market analyst Blockchain Backer, who had accurately predicted the XRP price surge in the past, has once again identified three crucial factors that could propel XRP’s price upwards.
XRP’s trajectory follows that of Bitcoin
In his recent analysis, Blockchain Backer highlights the historical correlation between XRP and Bitcoin, unveiling a consistent pattern wherein significant surges in XRP typically occur following a positive momentum in Bitcoin’s value. This pattern has been observed across multiple market cycles, including the periods of 2015-2016 and 2017-2021, indicating a strong link between Bitcoin’s surge and subsequent bullish movements in XRP. Interestingly, the charts show that XRP has the potential to outpace Bitcoin during its upward trend, even if it joins the upward movement at a later stage.
The impact of XRP on the stock market
Expanding the scope of analysis beyond cryptocurrencies, Blockchain Backer explores the interconnectedness of Bitcoin’s performance with broader stock indices such as the Dow Jones Industrial Average and NASDAQ. According to the analysis, backers believe that Bitcoin tends to follow the stock market, and if the stock market reaches its peak, it might be an indication that Bitcoin and XRP could change their direction. The analyst also ponders whether Bitcoin will reach a new peak or start being sold at certain levels. Speculating on how the recent all-time highs in these indices could affect Bitcoin and subsequently influence XRP’s price direction.
The impact of ETFs and altcoin momentum
Lastly, in the analysis, Backer delves into the impact of the recently approved spot Bitcoin ETF. Since its approval, Bitcoin has experienced a 16% decline, exacerbated by significant sell-offs from the Grayscale Bitcoin Trust (GBTC). Additionally, Blockchain Backer emphasizes the significance of the altcoin market in influencing XRP’s price. By demonstrating how XRP’s historical movements align with broader trends in the altcoin market, the analyst identifies the growing strength in this space as a potential catalyst for an XRP breakout.
Currently, XRP has witnessed a 4.21% decline in the past 24 hours, with its current value standing at $0.5076. The token has relinquished key support levels at $0.53 and faces mounting pressure to drop further to $0.51.