XRP Eyes $1.5 Target as Bitcoin Rises, Boosting Support
XRP is heading towards $1.5 with the potential for a 100% increase. Ripple, which has increased by 5.1% in the last 24 hours and reached $0.6054, is finding support with the increase in the price of Bitcoin. Bitcoin's $10,000 increase to $89,561 provided a 5.5% increase in the value of the entire crypto market, including XRP. These developments reinforce expectations that the price of XRP will rise even higher and reach $1.5.
Correlation Between Bitcoin and XRP Supports the Uptrend
Bitcoin’s short-term surge of $10,000 also helped XRP gain value. According to Blockchain Correlation data, XRP’s annual Pearson correlation coefficient with Bitcoin is at 0.59, meaning that if Bitcoin rises, there is a 60% chance that XRP will also gain value. This correlation is an important indicator for investors to understand how XRP is affected by Bitcoin’s movements.
XRP Technical Outlook: Trendline and Breakout Potential
The XRP price is trading below a long-term downtrend line that has been in place since mid-2023. Currently, XRP is approaching this trend line again, and if it breaks this level on high volume, it could be a sign of a potential rally. While attempts to break above this line have been thwarted to date, this retest suggests that XRP could trend upwards.
Increasing Trading Volume and Upward Expectations
Ripple’s trading volume increased by 6.6% in the last 24 hours, according to Coingecko data. Investors have also started to take long positions on XRP, according to Coinglass data. Leverage ratios on major exchanges such as Binance, ByBit, and OKX indicate a generally positive sentiment in the market. The long-term leverage ratio of $75 million has surpassed the short-term leverage ratio of $51 million, reflecting investors’ optimistic expectations for the future of XRP.
XRP's $1.5 Target and Future Potential
Bitcoin’s potential to reach $90,000 could be a major catalyst for XRP to break $1 and move towards $1.5. Possible positive developments, especially in crypto-friendly regulations, could provide an additional advantage for Ripple and XRP. XRP’s strong correlation with Bitcoin and the increase in trading volume support bullish expectations, and investors are keeping a close eye on XRP’s future performance.
As a result, XRP’s potential to reach $1.5 has been further strengthened by Bitcoin’s rise. Investors are likely to follow this process closely and determine their positions based on technical analysis and market dynamics.
