How Bitcoin’s Halving Could Boost XRP

Ripple's (XRP) price may be on its way out of the bearish bullish trend it's been witnessing.

This is likely to be helped by Bitcoin, which is expected to rise in advance of this month's halving.

Ripple has the potential to rally.

The price of XRP follows the trend of the biggest cryptocurrency on the planet, Bitcoin. Because the latter is the reason for the big rally due to the semi-event later this month.

As the price of Bitcoin rises, the most closely related assets will likely take a bullish stance and witness a rally. XRP is one of those altcoins, because it is collectible.

This is more likely to happen in the Ripple network as there is room for more leverage. The current overall supply ratio is 83%, which is well below the market peak conditions.

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A market high occurs only when 95% of an asset's supply is profitable. If not, there is a high probability of rallying.

Therefore, XRP price may benefit from these conditions to shape gains in the coming days.

XRP Price Prediction: Bullish Hint

At $0.5951, the price of XRP is trying to stay above the upper trend line of the triangle pattern that the altcoin is currently clinging to. The descending triangle pattern from last month is a bearish chart formation. Characterized by a flat support level and declining resistance, the price breaks below the support level indicating that the downtrend is likely to continue.

However, XRP price managed to break out of it, holding $0.6064 as a support floor. This coincides with the 50% Fibonacci Retracement from $0.8199 to $0.4744. If the Ripple token can recover the 38.2% Fib, it could reach $0.6500.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

But if the altcoin returns to a bearish pattern, it will fall into the lower trend line. This sends it to the 23.6% Fib level indicated at $0.5559, which invalidates the bearish retracement.