Expert Says XRP Will Do Nothing Significant Until This Happens
thecryptobasic.com 07 October 2024 14:14, UTC Crypto analyst Charting Guy asserts XRP will continue to make menial price movements until Bitcoin, the largest crypto asset, finds its footing.
The mood around XRPL’s native token, XRP, has looked gloomy recently following the recent appeal notice by the US Securities and Exchange Commission (SEC). For context, the US securities watchdog filed a notice of appeal on October 2 to contest Judge Analissa Torres’s ruling.
Although up 1.33% in the past 24 hours, XRP is down over 16% over the last seven days. Nevertheless, bullish sentiments continue to swell around the XRP Ledger ecosystem, with experts speculating ambitious price targets like $6, $20, and $44.
However, market expert Charting Guy has asserted that XRP will not see substantial price actions until Bitcoin “breaks to price discovery.”
XRP, Altcoin Movement Tied to Bitcoin
Charting Guy noted that the market will continue consolidating until Bitcoin’s next notable price action is known. For context, multiple crypto analysts have confirmed that the premier asset has been on a range since March.
A recent analysis Javon Marks confirmed that Bitcoin has been ranging since its all-time high of $73,949 in March. The asset’s price has shuffled between mid-$60,000 and $50,000 since then.
Veteran Peter Brandt also confirmed this price range in several analyses. In one of his analyses, Brandt noted that Bitcoin has shown no clear price direction, urging traders to wait for a confirmation before opening positions.
Amid these commentaries, Charting Guy believes altcoins like XRP will have to wait till Bitcoin’s next clear price direction becomes evident before they move substantially. It bears mentioning that the dependence on Bitcoin is glaring, as the largest crypto asset by market cap exacts 56% dominance over the sector.
Meanwhile, analysts have speculated that Bitcoin would see higher prices, drawing optimism of a broader market surge. Per an earlier report, a Bitcoin insight and documentary provider tipped the premier crypto asset to trade at $80,518, $89,727, and $106,718 by the end of October, November, and December, respectively.
Analyst Gives XRP Price Range till Bitcoin Breakout
While XRP awaits Bitcoin’s breakout, Charting Guy asserted that the altcoin would continue to range between the $0.43 and $0.67, within the Bollinger Bands. Notably, XRP is within that price range, trading at $0.5373 at the time of writing.
The market expert predicted that an XRP monthly close above $0.67 will push the asset to higher prices, while a close below $0.43 will prompt further price downtrends.
Notably, Charting Guy asserted that the XRP Bollinger Bands will continue to tighten until Bitcoin’s next move is confirmed. The analyst also stated that other altcoins will follow a price pattern similar to the XRPL native token.
