With potential gains of up to 100%, XRP is setting its sights on the $1.5 mark. Ripple’s price currently stands at $0.668, showing a 5.1% increase in the past 24 hours, moving up from $0.605. Analysts suggest that if this momentum continues, XRP could double in value, reaching the anticipated $1.5 target.
XRP Boosted by Bitcoin’s Rally
Bitcoin’s recent jump to $89,561, a gain of $10,000 within 24 hours, has had a ripple effect across the entire crypto market, pushing its total market cap to $3.117 trillion. XRP has mirrored this trend, rising 19.2% in the past week. According to Blockchain Correlation data, XRP has a 0.59 Pearson correlation with Bitcoin, suggesting that XRP has a 60% probability of following Bitcoin’s upward trajectory.
Although XRP is still trading below its long-standing downtrend line from mid-2023, it is now testing this resistance level again. A successful breakout could potentially set XRP on a strong bullish path.
Rising Trading Volume and Bullish Indicators
Dey There reports that Ripple’s 24-hour trading volume has risen by 6.6%. Additionally, data from Coinglass indicates that investors are increasingly taking long positions on XRP, which is viewed as a bullish signal. On exchanges like Binance, ByBit, and OKX, the high leverage ratio—$75 million in long positions versus $51 million in short—reflects positive sentiment in the market.
With Bitcoin potentially reaching the historic $90,000 level, XRP’s price could break past $1 and aim for $1.5. Pro-crypto regulatory actions could also provide Ripple and XRP with added advantages.
XRP’s high correlation with Bitcoin remains a key indicator for investors. The anticipated trendline breakout, combined with increasing trading volumes, strengthens the bullish outlook for XRP. As Bitcoin continues to rise, investors are closely watching XRP’s performance for further gains.
XRP, Ripple, Bitcoin, $1.5 target, trading volume
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