Amid recent gains in Bitcoin and recovery in many altcoins, XRP rose by 8% reaching $2.25. We examine the details of this rise and its implications for future dynamics.
Strong XRP Growth
On the 4-hour chart, XRP showed significant growth, reaching a level of $2.25, correlating to an 8% increase for the day. After a period of tight consolidation, the price broke through the 200-day moving average located at $1.96.
Current Market Indicators
Analyzing the weekly indicators shows the CCI at -67.10, indicating a market that is just beginning to recover from a correction, while the ROC at -30.63 suggests weak recent price momentum compared to previous weeks.
Comparing XRP and Bitcoin
Bitcoin is currently trading at $93,000, just 7.5% away from the symbolic $100,000 mark. For XRP to reach $3.00 before Bitcoin hits $100,000, it would need to rally another 33%. To achieve this, it must maintain levels above $2.20-$2.30 and break through the $2.50 resistance.
Given the current market dynamics, XRP has a chance to rise to $3. However, this is contingent on factors linked to Bitcoin and the overall market situation. Current technical indicators suggest a transitional phase for XRP.
