XRP Price Set for Parabolic Breakout Against BTC Amid Market Downturn
Following the trend of other major altcoins like Solana (SOL) and Cardano (ADA), XRP has experienced significant volatility in the latter part of April 2024.
After the market crash caused by escalating tensions in the Middle East, the crypto markets began to recover, and XRP saw a 34% rebound, reaching a weekly high of $0.57 on April 22.
However, as The Crypto Basic reports, XRP has retraced to $0.52 in the past 72 hours due to flat market liquidity, preventing a further rally above the high-volume resistance levels around $0.60.
Despite this back-and-forth performance, an interesting pattern has emerged on the XRP/BTC chart, indicating that XRP may experience a parabolic breakout in the next bullish phase of the cryptocurrency market.
The chart above demonstrates that XRP has made significant gains against Bitcoin (BTC) since the recovery phase began on April 13. As of now, XRP is trading at 0.000082 BTC, representing a 20% increase against the pioneer cryptocurrency in the last 12 trading days.
Additionally, the daily XRP/BTC chart suggests that XRP is poised to break out of a 40-day resistance channel, potentially leading to a 25% price increase to reach 0.00010 BTC.
With Bitcoin struggling to gain momentum after the recent Halving event, investors seem to be favoring major altcoins. If this trend continues, it could further propel XRP’s upward momentum against Bitcoin, attracting more investor interest and driving additional price gains.
Based on XRP’s strong performance against BTC in the past two weeks, it is likely that the coin will continue to gain traction and move towards the $0.60 mark in the near future.
The Relative Strength Index (RSI) technical indicator, currently at 45.63, supports this projection, indicating that XRP has room for further growth before the market becomes overheated.
The upper limit Bollinger band indicator suggests that the bulls may encounter significant short-term resistance at the $0.54 level. However, if XRP manages to break above this key resistance level, it could continue its upward trajectory towards the predicted price of $0.60.
In the event of another market breakdown, XRP bulls may find support at the psychological level of $0.50.
It is important to note that this content is purely informational and should not be considered financial advice. The views expressed in this article may reflect the author’s personal opinions and do not necessarily represent those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic bears no responsibility for any financial losses incurred.