Can XRP Price Score A Quick 2X Breakout to $1.5 As Bitcoin Nears $90K?
XRP price tarries at the edge of a potential 100% breakout that could send it to $1.5 and beyond. Over the last 24 hours, the Ripple price has increased by 5.1% and is trading at $0.6054. The asset needs to clear a key barrier if it is going to soar 2X to $1.5. Meanwhile Bitcoin price increased by over $10,000 in the last 24 hours, topping out at $89,561. Will BTC reaching $90,000 trigger the XRP to breakout?
Bitcoin Surge Fuels XRP Price Path to $1.5
XRP is locked on $1.5 price target as Bitcoin approaches $90,000. BTC has pulled up the entire crypto market, increasing the market cap by 5.5% in the last 24 hours to $3.117 trillion. The price of XRP is up 19.2% in the past 7 days (which coincides with Donald Trump winning the elections which sparked 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.
If it continues rising, future Bitcoin price movements could influence XRP price to soar even higher. Bitcoin is currently consolidating around $88,500 but the crypto market is fixated on the psychological $90,000 price target. If BTC hit this sweet spot, altcoins, including XRP could surge in price.
Market Sentiment Suggests 2X XRP Price Breakout Is Imminent
Despite the exploding crypto prices, Ripple price is still suppressed under a prolonged descending trendline that has acted as resistance since mid-2023. Each attempt to break above this trendline has been rejected, pushing the price lower.
Currently, the price is once again approaching this trendline, suggesting another potential test. A breakout above this trendline would be significant, possibly signaling a trend reversal from bearish to bullish.
XRP Price Analysis Chart
The XRP price chart suggests a potential for an explosive upward move if the price successfully breaks the descending trendline with high volume. Coingecko shows the 24-hour Ripple trading volume is up 6.6% while Coinglass Crypto Derivative Visual Screener (CDVS) indicates that traders are entering Longs on XRP. This is a bullish signal that the long awaited breakout is imminent.
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.
As the market await the historic $90,000 Bitcoin price mark, XRP prepares to explode above $1, potentially reaching $1.5. Pro-crypto president-elect Donald Trump has already began making strategic moves to adopt crypto-friendly regulations, from which Ripple and XRP stand to gain the most.
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