Among many other factors, it is also believed that the movement of the leading crypto asset, Bitcoin (BTC), which has been trading above the $20K mark price for days, could positively impact the price action of XRP in the near term. 

Price Rally Predicted for XRP

As interest in XRP grows, Altcoin Sherpa, a popular pseudonymous crypto analyst has given his prediction regarding its price action. Meanwhile, XRP has been performing well in recent days and seems to be consolidating around $0.46.

Altcoin Sherpa is of the opinion that XRP could rally massively towards $0.48 and possibly hit $0.55 in the near term if Bitcoin (BTC) stays above $20K. At the time of writing, Bitcoin (BTC) is trading at $20,439, according to data from Coinmarketcap. 

The popular analyst wrote on his Twitter handle on Tuesday saying: “XRP: Looks reasonable, haven’t checked this chart in a while. It had a decent run before others and it looks to be consolidating; I think this one has another move if BTC is stable.” 

$XRP: Looks reasonable, haven't checked this chart in a while. It had a decent run before others and it looks to be consolidating; I think this one has another move if btc is stable. #Xrp #Ripple pic.twitter.com/xNhpHmDaqe

— Altcoin Sherpa (@AltcoinSherpa) November 1, 2022

According to the XRP/USD chart he published on Twitter, XRP which is currently trading for $0.455 has its nearest resistance at $0.485. The breaking of this resistance could shoot the XRP Ledger native token to $0.55, Altcoin Sherpa implied.

Meanwhile, a golden cross pattern was confirmed in late October on the XRP chart for the first time in 15 months, which further indicated a bullish trend for the digital token. 

“XRP confirms a golden cross between the 50-day and 200-day moving averages. The coming days will show what impact this will have on the price action. In the meantime, the consolidation continues, while the RSI and MACD remain bullish,” Lukasz Wydra tweeted. 

$XRP confirms a golden cross between the 50-day and 200-day moving averages. The coming days will show what impact this will have on the price action.
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In the meantime, the consolidation continues, while the RSI and MACD remain bullish. pic.twitter.com/XFfpQLHgfM

— Lukasz Wydra (@lukasz_wydra) October 24, 2022

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In a recent strategy session, the crypto analyst stated that Bitcoin (BTC) is still in a macro downtrend and its recent rally from the low of $17,600 will likely end soon.

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Cheds noted:

“I’m looking at the daily chart. [It] looks like a bear continuation. I can draw a bear pennant. I can draw a bear flag. I can draw a rising wedge. It just feels so far kind of a minor relief rally. Got the volume [downtrend], standard volume trend, which means this channel is like one to two days from being done. We are one to two days from [BTC] making a move.”

Read Also: MicroStrategy’s Michael Saylor On Bitcoin (BTC) Price: Now Is the “Ideal Entry Point” for Investors

In a recent tweet, the analyst told his teeming followers that a break of Bitcoin’s bear pennant or rising wedge could make BTC drop to new 2022 lows.

“BTC observing spinning top at daily [exponential moving average] eight after relief rally. Structure could be viewed as a bear pennant or flag rising wedge with measured move in the low teens if the trend continues.”

$BTC observing spinning top at daily EMA 8 after relief rally.

Structure could be viewed as a bear pennant or flag rising wedge with measured move in the low teens if the trend continues. pic.twitter.com/ptD0kiFmS0

— Cheds (@BigCheds) June 25, 2022

In early June, Cheds shared a video where he said there is a strong case for Bitcoin to drop to around a $12,000 price level before bulls could take over.

At the time of filing this report, BTC is trading at $21,061, with a relatively 2% price downtrend in the last 24 hours.

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The post Analyst Warns of Imminent Steep Fall of Bitcoin (BTC). See How Low It Could Drop appeared first on Times Tabloid.