XRP's price has shown a strong rise, climbing by 5.1% in the past 24 hours. Experts believe that if the current momentum continues, XRP could reach $1.5.
Impact of Bitcoin's Rally on XRP
Bitcoin's recent surge to $89,561 has increased the total crypto market cap to $3.117 trillion. XRP mirrored this trend, rising 19.2% in the past week. With a Pearson correlation of 0.59, XRP has a 60% chance of following Bitcoin's upward trend. Although XRP is currently trading below its long-standing downtrend line from mid-2023, it is testing this resistance level again, potentially leading to a bullish reversal.
Trading Activity and Market Expectations
Reports from Dey There indicate that XRP's 24-hour trading volume has risen by 6.6%. According to Coinglass, investors are increasingly taking long positions on XRP, which is viewed as a bullish signal. On exchanges like Binance, ByBit, and OKX, the high leverage ratio—$75 million in long positions versus $51 million in shorts—reflects positive sentiment in the market.
Paths for XRP's Further Growth
With Bitcoin potentially reaching the historic $90,000 level, XRP's price could break past $1 and aim for $1.5. Pro-crypto regulatory actions could also provide Ripple and XRP with added advantages. XRP’s high correlation with Bitcoin remains a key indicator for investors. The anticipated trendline breakout, combined with increasing trading volumes, strengthens the bullish outlook for XRP. As Bitcoin continues to rise, investors are closely monitoring XRP's performance for further gains.
As Bitcoin continues to climb, investors are focused on XRP as a promising asset in the crypto market. Increasing trading volumes and positive market expectations bolster confidence in XRP's further growth.
