XRP's price hovers on the brink of a potential 100% breakout, possibly pushing it to $1.5 or even higher. In the past 24 hours, XRP's price increased by 5.1%, trading at $0.6054. For this asset to soar 2 times to $1.5, it needs to break through a key barrier. Meanwhile, Bitcoin's price has surged over $10,000 in the past 24 hours, reaching a high of $89,561. Will BTC reaching $90,000 trigger an XRP breakout?
Bitcoin's surge has pushed XRP's price up to $1.5.
As Bitcoin approaches $90,000, XRP is targeting a price of $1.5. BTC has driven an increase across the entire cryptocurrency market, with a market cap rising 5.5% in the past 24 hours to $3.117 trillion. XRP's price has increased by 19.2% in the past 7 days (coinciding with Donald Trump's election win, which triggered a Bitcoin rebound).
Data from the Blockchain Correlation tool shows that XRP has a 365-day Pearson correlation coefficient of 0.59 with Bitcoin (BTC). This means that if BTC's price rises, XRP may also rise 60% of the time. This correlation was at its lowest in August but has since doubled from 0.31 to around 0.6.
If the upward trend continues, the future price movements of Bitcoin could further impact XRP's price surge. Bitcoin is currently consolidating around $88,500, but the cryptocurrency market is focused on the psychological level of $90,000. If BTC reaches this optimal price point, altcoins, including XRP, may see a price surge.
Market sentiment suggests that XRP's price is about to double.
Despite the cryptocurrency price surge, XRP's price is still being suppressed by a long-term downward trend line that has acted as resistance since mid-2023. Each attempt to break through this trend line has been rejected, pushing the price lower.
Currently, the price is approaching this trend line again, indicating it may be tested once more. Breaking through this trend line would be significant and could signal a shift from bearish to bullish.
The XRP price chart shows that if the price successfully breaks the downward trend line with significant volume, there could be an explosive rise. Coingecko shows a 6.6% increase in XRP trading volume in the last 24 hours, while Coinglass Crypto Derivative Visual Screener (CDVS) indicates that traders are buying long positions in XRP. This is a bullish signal suggesting that the long-awaited breakout is imminent.
The cumulative liquidation leverage of Binance, ByBit, and OKX indicates that bullish sentiment is dominating the XRP market, as long positions are valued at $75 million while short positions are valued at $51 million.
As the market awaits Bitcoin's price to break the $90,000 mark, XRP is poised to break the $1 mark and may even reach $1.5. The elected president, Donald Trump, who supports cryptocurrencies, has begun to take strategic actions and implement regulations favorable to cryptocurrencies, which Ripple and XRP will benefit the most from.
