Ripple (XRP) price will likely come out of a potential bear market that we are destined to witness.
This will likely happen with the help of Bitcoin, which is expected to rise ahead of this month’s halving event.
Ripple has the potential to rise.
The price of XRP is influenced by Bitcoin, the largest cryptocurrency on the planet. This is because the latter is set for a significant rise due to the halving event scheduled for the end of this month.
As the price of Bitcoin rises, highly correlated assets will also likely show bullishness and witness an increase. XRP is one of those altcoins and could rise as well.
This is also likely to happen within the Ripple network, given the scope for further profits. The overall upside with current supply is 83%, well below the threshold for conditions that form a market high.
Read more: Everything you need to know about Ripple and the SEC
A market high only forms when 95% of the circulating supply of an asset is profitable. If not, it is likely to rise.
Therefore, XRP price may benefit from these conditions and rise up the charts in the coming days.
XRP Price Prediction: Bullish Breakout
The XRP price, which is trading at $0.5951, is currently trying to break above the upper trend line of the descending triangle pattern that the altcoin was trapped in. Since last month, the descending triangle pattern has been a bearish chart formation. It is characterized by a flat support level and decreasing resistance, and if the price falls below the support level, it indicates the possibility of a continuation of the downtrend.
However, XRP price managed to break through it and almost secured $0.6064 as a support floor. This matches his 50% Fibonacci retracement of $0.8199 to $0.4744. If Ripple token recovers the 38.2% Fib, it could rally towards $0.6500.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, if the altcoin reverts to a bearish pattern, it will cross the lower trend line. This takes us to the 23.6% Fib level marked at $0.5559, invalidating the bearish theory.
Disclaimer
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