Can XRP Price Score A Quick 2X Breakout to $1.5 As Bitcoin Nears $90K?

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As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the current situation surrounding XRP and Bitcoin. The correlation between these two digital assets is undeniable, and as we approach the $90,000 mark for Bitcoin, I can’t help but feel a sense of anticipation for what might be in store for XRP.

The current price of Ripple is hovering near a possible 100% surge that could push it up to around $1.5 or even higher. Over the past day, its value has risen by 5.1%, currently standing at $0.6054. For it to double to $1.5, it must first overcome an important hurdle. At the same time, Bitcoin‘s price surged over $10,000 within the last day, peaking at $89,561. With Bitcoin reaching $90,000, could that cause Ripple to break through its barrier?

Bitcoin Surge Fuels XRP Price Path to $1.5

XRP hovers near a $1.5 mark as Bitcoin nears a $90,000 valuation. The surge in Bitcoin has lifted the entire cryptocurrency market, raising its total market cap by 5.5% over the past day to reach $3.117 trillion. In the last week, XRP’s price has climbed by 19.2%, a rise that correlates with Donald Trump’s election victory, which ignited the Bitcoin rally.

Data from Blockchain Correlation tool shows that XRP has a 0.59 365-day Pearson’s correlation coefficient with Bitcoin (BTC). Meaning that if BTC price rises, 60% of the time XRP will also likely rise too. This correlation was at its lowest in August, but since then, it has doubled from 0.31 to around 0.6. 

Should Bitcoin’s upward trend persist, it could significantly boost the price of XRP, potentially causing it to reach even greater heights. At the moment, Bitcoin is hovering around $88,500, with the market keeping a close eye on the $90,000 psychological threshold. If Bitcoin manages to breach this level, other cryptocurrencies such as XRP might experience a price surge.

Market Sentiment Suggests 2X XRP Price Breakout Is Imminent

Although cryptocurrency values are skyrocketing, Ripple’s price remains constrained below a persistent downward trendline that has functioned as resistance since the middle of 2023. Every effort to surpass this trendline has been unsuccessful, resulting in the price falling further.

As I’m observing right now, the price seems to be edging towards that trendline again, hinting at another possible test. If we manage to surge beyond this trendline, it could be a strong indication of a shift in trend from bearish to bullish, potentially marking a reversal.

Based on current trends, the XRP price graph points towards a possible strong surge upwards if the price manages to breach its downward trendline with substantial trading activity. According to Coingecko, the 24-hour volume of Ripple trades has risen by 6.6%. Additionally, the Crypto Derivative Visual Screener (CDVS) on Coinglass indicates that traders are increasingly opting for Long positions in XRP. This bullish signal suggests that the long-anticipated breakout could be happening soon.

The cumulative liquidation leverage across Binance, ByBit, OKX suggests that bullish sentiment is controlling the Ripple market as there is $75 million worth of Long leverages against $51 million Short leverages. 

In anticipation of Bitcoin hitting a record high of $90,000, XRP is poised for significant growth, possibly surpassing $1 and potentially reaching as high as $1.5. With President-elect Donald Trump expressing pro-crypto sentiments, there’s a strong possibility that regulations will become more favorable towards cryptocurrencies. This could particularly benefit Ripple and XRP.

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2024-11-12 12:10