Crypto analyst Charting Guy has projected that XRP will not experience significant price movement until Bitcoin sees a breakthrough. Currently, the price of XRP remains subdued, with the token recording a 0.43% increase over the last 24 hours and up 2% for the past week.
This follows a recent appeal notice filed by the U.S. Securities and Exchange Commission (SEC) on October 2, in response to Judge Analissa Torres’s ruling. This has added to the uncertain outlook of the token.
Despite this, bullish speculation around the XRP price trajectory persists, with ambitious price predictions ranging from $6 to $44.
Altcoin Movements Are Closely Tied to Bitcoin
Charting Guy emphasized that any substantial movement in the asset’s price will remain dependent on Bitcoin. As the dominant cryptocurrency, Bitcoin’s price movements often dictate the performance of altcoins like XRP.
He noted that Bitcoin has been consolidating within a defined range since March, making it difficult for altcoins to gain momentum without Bitcoin first showing clear direction.
Recent analyses confirm this sentiment. Javon Marks, a crypto analyst, recently noted that Bitcoin has been fluctuating between $50,000 and mid $60,000 after reaching its all-time high of $73,949 in March.
Earlier this month, Times Tabloid reported that veteran trader Peter Brandt has also pointed out the lack of clear price direction for Bitcoin, advising traders to remain cautious and wait for a decisive breakout before entering new positions.
According to Charting Guy, until Bitcoin exits this consolidation phase, altcoins will continue to be constrained, waiting for the next substantial move from Bitcoin to trigger any upward trend. Bitcoin currently accounts for 56% of the total cryptocurrency market capitalization, further demonstrating how integral its performance is to the wider market.
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Analyst Predicts Price Range
While awaiting Bitcoin’s next major price movement, Charting Guy predicts that the token will likely continue to trade within a defined price range. According to his analysis, XRP’s price will remain between $0.43 and $0.67, with the token trading at approximately $0.5227 at the time of writing.
He further explained that a monthly close above $0.67 could push it towards higher levels, while a close below $0.43 would signal further price declines. The narrowing of XRP’s Bollinger Bands suggests that price volatility will continue to reduce, restricting any significant movement until Bitcoin breaks out of its current price consolidation.
Other analysts agree that Bitcoin would play a key role in determining the direction of the broader market. Recent reports have speculated that Bitcoin may reach prices as high as $80,518 by the end of October, with further increases projected in November and December. These projections have sparked optimism for a broader market surge, which could provide the boost the altcoins need.
The digital asset’s near-term price movements appear heavily dependent on Bitcoin’s next significant price action. Charting Guy and other market analysts believe the token will remain in a tight trading range until Bitcoin exits its current consolidation phase and begins moving decisively. With Bitcoin’s dominance over the market, the altcoin’s future movements will continue to correlate with the broader trend set by the leading cryptocurrency.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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