XRP’s Bullish Recovery and Bitcoin’s Influence
Crypto and finance experts believe that despite the overall slowdown in the cryptocurrency sector, certain assets like XRP have the potential for an impressive bullish recovery. According to Markus Thielen, head of research at 10X Research, Bitcoin is targeting $57,000 as its next resistance, and its movements are likely to influence other major digital assets like XRP and Ethereum.
Bullish signs for XRP
Ben Weiss, CEO of Bitcoin ATM operator CoinFlip, sees bullish signs for XRP and other assets. He points to the anticipated Bitcoin halving event and expanding innovations as factors that could trigger a strong rally in prices. Anthony Scaramucci, founder of Skybridge Capital, also believes that a “face-ripping rally” is incoming for Bitcoin due to falling interest rates, new flows from spot ETFs, and the upcoming halving.
Additionally, crypto analyst Dark Defender notes that the relative strength index (RSI) for the Bitcoin-XRP trading pair matches previous bull runs, suggesting that XRP could reach $2 by 2024.
XRP price analysis
Currently, XRP is priced at $0.536 with a slight decline in the last 24 hours. However, it still maintains a monthly gain of 4.31% and a yearly gain of 36.05%. While there is hope for XRP to cross the $1 level by 2024, it’s important to remember that investing in digital assets carries risks and requires thorough research and analysis.
Hot Take: Volatility and Caution
While XRP shows potential for a bullish recovery, it’s crucial to approach the cryptocurrency market with caution. The sector is known for its volatility and susceptibility to unexpected factors. Before investing a significant amount of money in any digital asset, make sure to conduct in-depth research and risk analysis to mitigate potential losses.
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