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Home»TRADING NEWS»How Bitcoin Halving Will Boost XRP
TRADING NEWS

How Bitcoin Halving Will Boost XRP

By Crypto FlexsApril 13, 20243 Mins Read
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How Bitcoin Halving Will Boost XRP
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The price of Ripple (XRP) is likely to break out of the potential downtrend that we will inevitably witness.

This is likely to happen with the help of Bitcoin, which is expected to rise ahead of this month’s halving event.

Ripple is likely to rebound.

XRP price follows signals from Bitcoin, the largest cryptocurrency on the planet. This is because the latter is expected to have a big rally due to the halving event scheduled for the end of this month.

As the price of Bitcoin rises, highly correlated assets will also strengthen and increase. XRP is one altcoin that could potentially rebound.

Correlation between XRP and Bitcoin. Source: TradingView

The likelihood of this happening within the Ripple network is also high, given that there is room for further gains. Current overall supply growth of 83% is well below the threshold for conditions that would create a market peak.

Read more: Everything you need to know about Ripple and the SEC

Market highs only occur when 95% of the circulating supply of an asset is profitable. Otherwise, a rally is likely.

XRP supply revenue.
XRP supply revenue. Source: Santiment

Therefore, the XRP price may record an upward trend in the coming days with these conditions.

XRP Price Prediction: Bullish Breakout

Trading at $0.5951, XRP price is currently attempting to stay above the upper trendline of the descending triangle pattern that the altcoin is trapped in. Since last month, the descending triangle pattern has been a bearish chart formation. It is characterized by flat support and decreasing resistance levels, indicating that the downward trend is likely to continue if the price falls below the support line.

However, XRP price broke through this and almost secured $0.6064 as the support bottom. This coincides with the 50% Fibonacci retracement from $0.8199 to $0.4744. If Ripple token can recover the 38.2% Fib, it could rise to $0.6500.

XRP/USDT 12-hour chart.
XRP/USDT 12-hour chart. Source: TradingView

Read more: Ripple (XRP) price prediction for 2024/2025/2030

However, if the altcoin falls back into a bearish pattern, it will cross the lower trend line. This will send it to the 23.6% Fib level marked at $0.5559, invalidating the bearish theory.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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