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- Blockchain Backer has noted the crucial factors behind a potential XRP rally in the next bull run.
- According to Blockchain Backer, there is a historical correlation between XRP and Bitcoin.
- The analyst also established an interconnectedness between Bitcoin and the stock market.
Renowned cryptocurrency analyst identified as Blockchain Backer has noted the crucial factors behind a potential XRP rally in the next bull run. In a recently uploaded video, the analyst highlighted the historical correlation between XRP and Bitcoin. According to him, XRP’s significant surges typically trail positive Bitcoin momentum.
Blockchain Backer cited repeated instances across the 2015-2016 and 2017-2021 market cycles. He established a consistent link between Bitcoin rallies and bullish movements in XRP. Further revelations by the analyst showed that XRP has the potential to outpace Bitcoin during uptrends.
Beyond cryptocurrencies, Blockchain Backer extended his analysis to cover the relationship between the stock market and Bitcoin. He established the interconnectedness between both markets and showed how stock indices like the Dow Jones Industrial Average and NASDAQ affect Bitcoin’s performance.
According to the analyst, Bitcoin’s price often mirrors patterns in the stock market. Hence, he expects the recent all-time high (ATH) in stock indices to affect Bitcoin’s price, extending to XRP.
Meanwhile, Blockchain Backer touched on the unexpected impact of the spot Bitcoin ETF approvals in the United States on the Bitcoin market. He noted that the flagship cryptocurrency has dipped 16% since the spot ETFs were approved. However, he linked the dip to substantial Grayscale Bitcoin Trust (GBTC) selloffs.
Besides trailing Bitcoin’s trend, Blockchain Backer noted the importance of the altcoin market in XRP’s price development. He showed that XRP’s historical movements align with broader trends in the altcoin market. Hence, he believes the developing signals among altcoins indicate an imminent XRP breakout.
XRP traded for $0.51628 at the time of writing, following three days of consistent drops. Meanwhile, Bitcoin’s price was $40,210, having recovered from a drop below $40,000 for the first time since the new year, according to data from TradingView.
The post XRP Trails Bitcoin’s Historical Patterns and Mirrors Altcoins Broader Trends: Analyst appeared first on Coin Edition.