XRP Price Shows Strength Against BTC -$0.65 Rally Next?

FXEmpire.com -

Ripple (XRP) price opened trading at $0.52 on April 25, after a mild pullback from its weekly peak of $0.57. However, a rare alignment on the XRP/BTC chart suggests the coin is now on course for a parabolic breakout during the next rally.

XRP Showing Strength against BTC Amid Market Downturn

Similar to other mega cap altcoins like Solana (SOL) and Cardano (ADA), XRP has been subject to intense volatility in the second-half of April 2024.

As the crypto markets recovered from the market crash triggered by fears of escalating tensions in the Middle East, XRP raced to a 34% rebound to a weekly peak of $0.57 on April 22.

As FXEmpire reports initially hinted, XRP price has retraced toward $0.52 in the last 72 hours as market liquidity remained flat, insufficient to drive the rally further above high-volume resistance levels around $0.60.

But amid this see-saw performance, a rare pattern has emerged in the XRP/BTC chart that could put XRP price on course for a parabolic breakout when the crypto market enters the next upward phase.

XRPBTC Price Action

The chart above shows that XRP price has gained significant ground against Bitcoin (BTC) since the recovery phase began on April 13. At the time of writing, XRP is trading at 0.000082 BTC, having gained 20% against the pioneer cryptocurrency in the last 12 trading days.

More so, the daily XRP/BTC chart shows that XRP now looks set to break out of a 40-day resistance channel, which could see prices rise by another 25% to reach 0.00010 BTC.

With Bitcoin struggling for momentum after the just-concluded Halving, it appears investors are currently leaning towards mega-cap altcoins.

If it persists, it could amplify the upward momentum for XRP against Bitcoin, potentially attracting more investor interest and fueling additional price gains.

XRP Price Forecast: $0.60 in Firm Focus

XRP’s strong performance against BTC in the last two weeks could attract more traction to the coin and propel prices toward $0.60 in the near term.

The Relative Strength Index technical indicator, currently trending at 45.63, also affirms that XRP has ample room for more growth before markets approach overheated territories.

XRP Price Forecast

The upper limit Bollinger band indicator shows the bulls could face significant short-term resistance at the $0.54 zone. A decisive upswing above that key resistance level could see XRP price advance towards $0.60 as predicted.

But in the event of another market breakdown, XRP bulls could regroup at the $0.50 psychological support territory.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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