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.
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.
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.
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.
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