The price of XRP is poised to hit a major bullish reversal according to technical indications on the daily chart.
XRP entered a relatively bullish positive range this week as the coin soared to a weekly high of $0.58 atop a 9.16% growth.
At the moment, the digital currency is trading for $0.5702, up by more than 2% in 24 hours, a growth range that has positively impacted the market capitalization which now sits at $31,093,281,935.
The turnaround in the price of XRP after the multi-week slump has driven new speculation from top analysts tracking the coin’s performance.
XRP Eyeing Potential Breakout
Despite its better-than-expected price performance, XRP is yet to breach and convert the $0.6 price mark into a sustainable support range. Judging by the on-chain activity, market analyst Crypto Rand confirmed that XRP was looking to initiate a bullish reversal.
He shared a chart that shows XRP trading underneath a descending trendline since November 2023, with a breakout candle around $0.5621.
To validate the uptrend, more sustained accumulation is required. However, the volatility shows this buying intensity might be creeping in as the trading volume is up 14% to $1,802,160,527.
The XRP-BTC Correlation
The current growth trend in XRP is further validated by CRYPTOWZRD who noted that more bullish close is needed around the current price level.
According to CRYPTOWZRD, the XRPBTC pair ended the February 15 session on a bullish note as Bitcoin’s dominance closed lower.
He noted that a further decline in the dominance of Bitcoin will spell a good omen for the XRPBTC pair, which will jump higher as XRP moves above the $0.59 mark.
XRP Daily Technical Outlook:$XRP closed bullish today and we need more bullishness from this region to get a rally although XRPBTC should be in charge of that. I’ll track the intraday chart's volatility tomorrow to get the next trade 😈 pic.twitter.com/X8CF1XN5zV
— CRYPTOWZRD (@cryptoWZRD_) February 16, 2024
On a more promising note, CRYPTOWZRD projected that a break above this level might shoot the price toward $0.73 or more.
Notably, XRP has benefited from the current market rally, and a sustained bullish sentiment in the spot Bitcoin ETF products and the halving event might continually have a positive undertone for the coin.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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