Analyst EGRAG CRYPTO has provided an update on the XRP/BTC trading pair, highlighting key price targets and potential market movements. According to his analysis, XRP has been attempting to sustain a rally against Bitcoin, but recent sell-offs have impacted its momentum.Â
Currently, the pair is retesting crucial support, with potential bearish outcomes if a key level fails to hold.
The analyst’s update revisits a previous prediction made on May 1, 2024, where the 0.000010 BTC level was marked as a crucial launch point for XRP. Despite efforts to close above this threshold, XRP faced heavy selling pressure.Â
EGRAG CRYPTO emphasized that a failure to maintain support at the 0.00000667 BTC mark would signal a bearish trend for XRP. Historical data indicates that breaking the 0.000010 BTC level typically requires a strong and sudden price surge.Â
The analyst referred to past cycles where XRP experienced consecutive bullish movements, including notable breakouts. The upcoming market action suggests similar explosive moves may occur, potentially leading to a breakout above the descending channel.
Price Predictions and Potential Breakout Levels
EGRAG CRYPTO’s analysis extends to potential price targets if XRP breaks out of the descending channel. He suggests that the move could drive the XRP/BTC pair to 0.00017 BTC, an ambitious target that reflects a substantial price appreciation.Â
Comparing these projections with Bitcoin’s value, the analyst estimates XRP could reach $12 if Bitcoin trades at $70,000, with prices potentially rising to $34 per XRP if Bitcoin hits $200,000.
These predictions are based on patterns observed in previous market cycles, including a bullish trend known as the “YOLO Band.” The analyst’s observations imply that a decisive breakout could trigger rapid gains, but he also cautioned against overly aggressive selling.
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Current Market Status of XRP and Bitcoin
At the time of this writing, XRP trades at $0.535 with a daily volume of $1.29 billion. In the past day, the token has fallen 1.76%, a drop that has been seen over the last week too.
Meanwhile, BTC trades at $67,414.22, with minimal price movement over the same period. Despite this, Bitcoin remains a central point in the market, influencing market price movements.
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