Is XRP ready for the breakout? Top trader predicts 5x increase!
With Ripple's XRP currently trading at just $0.53, many traders are wondering: Could it rise by 2x to 5x after the launch of the RLUSD stablecoin? This speculation comes as XRP struggles to cross the $0.50 mark, creating frustration among owners. They eagerly hope that the altcoin can break this resistance and return to a price above $1.
XRP needs to break $0.55 for 5x Surge
Prominent crypto trader “Goth Trader” recently shared his thoughts on when XRP might see a big price jump. He pointed out that Bitcoin's dominance in the market is nearing its peak. The trader believes that altcoins like XRP could see a price increase of between 2x and 5x as Bitcoin's dominance begins to wane.
He encourages investors to buy XRP now because the coming year could be very positive for the entire cryptocurrency market. Bitcoin's dominance has been rising for the past few months, but analysts expect it to decline soon. This could lead to the altcoin era, giving coins like XRP a chance to thrive.
The trader mentioned an important detail that XRP should close the weekly candle above $0.55. If it falls below this level, it could test support around $0.40.
The key role of Bitcoin in the future of XRP
In a similar analysis, another technical analyst, Charting Guy, echoed these sentiments. He said XRP and other laggard altcoins won't see significant price movements until Bitcoin enters a new phase of price discovery. XRP is predicted to fluctuate between $0.43 and $0.67 until Bitcoin breaks the resistance.
Additionally, Charting Guy highlights two critical price points for XRP. A monthly close above the upper Bollinger band, currently sitting at $0.67, could signal a bullish breakout, suggesting that XRP may eventually “moon” and experience a significant price increase. On the contrary, if XRP closes below the lower band at $0.43, it may indicate a bearish trend, which will lead to a decrease in price.
At the height of Bitcoin's dominance, there is speculation that once Bitcoin starts to fall, it could make room for altcoins, including XRP, to rally. However, for now, the market sentiment is cautious.
