Renowned market analyst Blockchain Backer, celebrated for accurately predicting the XRP price rally, once again illuminates three important factors poised to drive XRP’s value upward.
These are insights you won’t want to miss out on – especially after the tumultuous time XRP has had in the market recently. Read on!
In his recent analysis, Blockchain Backer draws attention to the historical correlation between XRP and Bitcoin, unveiling a pattern where XRP’s significant surges typically follow a positive momentum in Bitcoin’s value.
Meanwhile, this pattern was observed across various market cycles such as 2015-2016 and 2017-2021, indicating a consistent link between Bitcoin’s surge and subsequent bullish movements in XRP. Interestingly, the charts reveal that XRP has the capability of outpacing Bitcoin during its uptrend, even if it joins the upward movement later.
Expanding the scope of analysis beyond cryptocurrencies, Blockchain Backer explores the interconnectedness of Bitcoin’s performance with broader stock indices such as the Dow Jones Industrial Average and NASDAQ.
According to Backer, Bitcoin’s trajectory often mirrors that of the stock market, making the recent all-time highs in stock indices a crucial factor in anticipating the future directions of Bitcoin and, consequently, XRP.
Delving into the impact of the spot Bitcoin ETF, Backer notes that its approval has coincided with a 16% dip in Bitcoin prices, exacerbated by substantial sell-offs from the Grayscale Bitcoin Trust (GBTC).
Emphasizing the importance of the altcoin market, Blockchain Backer showcases how XRP’s historical movements align with broader trends in the altcoin space. He identifies the strength in this sector as a potential catalyst for an imminent XRP breakout.
Read More: BlackRock Decides to Stay Away from XRP ETFs; Here’s Why
As of now, XRP is experiencing a 4.21% decline over the past 24 hours, currently valued at $0.5076. The token faces challenges as it relinquishes key support levels at $0.53, with looming pressure indicating a potential further drop to $0.51.
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