Now that Bitcoin has surged above the crucial $50,000 mark, XRP has begun to react positively with about a 4% increase in price in the last 24 hours, giving investors hope for the resurgence they look up to.
A recent analysis by Cryptoinsightuk (@Cryptoinsightuk), a well-respected market analyst, shed light on positive and negative indicators affecting XRP’s current trajectory while highlighting the potential impact of Bitcoin’s continued rise on the digital asset.
Update – We have the weekly close for $XRP.
TA and news.
Pros;
– We have a confirmed weekly engulfing candle at a level of key support.
– We have survived FUD narratives without setting new lows.
– We saw a similar set up in October and rallied over 50% in the following 3… https://t.co/uQbcNRI3XT pic.twitter.com/HFWufJ0WbD— Cryptoinsightuk (@Cryptoinsightuk) February 12, 2024
Read Also: Analyst: XRP Could Surge 1,500% If It Meets This Condition
The Positive News
The analysis points to contrasting signals within XRP’s weekly close. On the positive side, a confirmed weekly engulfing candle emerged at a critical support level, indicating a potential bullish reversal.
This pattern, with the previous week’s candlestick body fully engulfed by the current week’s candlestick, has historical precedent for XRP. In October 2023, a similar pattern preceded a 50% rally over three weeks, culminating in a high of over $0.7.
Furthermore, the analyst points out that despite facing ongoing negative narratives (FUD), XRP has held strong, avoiding a collapse to new lows. Even amid broader market weakness, its dip only reached around $0.48.
Additionally, Cryptoinsightuk highlights the recent activation of the Clawback feature on the XRP Ledger as a positive development for the ecosystem, even though it does not directly apply to XRP itself. This feature enhances security by allowing token issuers to reverse suspicious transactions.
The Negative News
However, the analyst acknowledges the downsides. While the engulfing candle is technically valid, it lacked significant volume, raising concerns about its strength. XRP is currently caught in a tug-of-war between pivotal resistance at $0.56-$0.59 and crucial support at $0.485-$0.46.
Cryptoinsightuk emphasizes the crucial role of Bitcoin in shaping XRP’s future. A sustained breakout above $50,000 for Bitcoin could trigger a broader market upswing, potentially benefiting XRP.
After climbing over $50,000 a few days ago, Bitcoin dropped below that price in the second half of February 13. However, it has reclaimed the $50,000 price and is trading at $51,992, up relatively 4% in the past 24 hours. XRP has also shown upward momentum, climbing 4% to its current price of $0.549.
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Read Also: Citing Recently Formed Golden Cross, Analyst Says XRP Could Surpass $1.3 in 16 Days
An Impending XRP Surge
Cryptoinsightuk believes that if Bitcoin maintains its momentum, it could push XRP to overcome key resistances and experience a huge surge. He ended his post by writing, “Price makes sentiment, and sentiment makes price.”
Meanwhile, another analyst recently predicted a huge breakout for XRP, and all these bullish predictions show an overall bullish sentiment for XRP.
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