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XRP Poised for Breakout? Analyst Sees Echo of Past 50% Rally After Bitcoin Breaches $50K

Published 15/02/2024, 20:37
© Reuters.  XRP Poised for Breakout? Analyst Sees Echo of Past 50% Rally After Bitcoin Breaches $50K
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XRP/USD
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  • Analyst CryptoInsightUK argued an engulfing candle at a critical support level has been confirmed for XRP.
  • Similarities between the pattern and a previous one that led to a 50% rally were noted.
  • Bitcoin’s surge above $50K could spark an XRP comeback, per the analyst.

Market analyst CryptoInsightUK has detailed the potential response of the XRP price in light of Bitcoin (BTC) initiating a rally beyond the critical $50,000 price threshold. The analyst first highlighted that the weekly close for XRP shows a combination of positive and negative indicators.

From an optimistic perspective, the market analyst noted that a weekly engulfing candle at a critical support level has been confirmed. The analyst noted similarities between the current pattern and a previous occurrence in October 2023.

Furthermore, the analyst highlighted that XRP successfully survived numerous FUD narratives without witnessing a significant collapse to new lows. Emphatically, XRP has only reached a low of $0.4929 within the last month amid the prevailing bearish sentiment towards it.

Besides, CryptoInsightUK underscored the activation of the clawback feature on the XRP ledger as a favorable development. The feature bolsters the security framework of the XRPL by enabling token issuers to retract assets in response to suspicious activities.

Meanwhile, the analyst acknowledged the drawbacks of the present market conditions for XRP. As per his assessment, the confirmed engulfing candle fails to impress, primarily due to its lack of substantial volume support.

The analyst elaborated that XRP is currently in a dilemma. He cited that the asset lies between critical reactionary levels ranging from $0.56 to $0.59 and a support range of $0.485 to $0.46.

Amid the current circumstances, the analyst maintains a cautious stance. In particular, the analyst highlighted the significance of Bitcoin’s performance in determining XRP’s future trajectory. He argued BTC’s surge above $50K could spark momentum across the entire market, potentially aiding XRP to surpass its resistance levels.

Notably, Bitcoin has surpassed the threshold, trading at $52,301 at present. However, XRP has only marginally benefited from Bitcoin’s rise, with its price hovering around $0.5485.

The post XRP Poised for Breakout? Analyst Sees Echo of Past 50% Rally After Bitcoin Breaches $50K appeared first on Coin Edition.

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