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A prominent market analyst Blockchain Backer, who earlier correctly outlined the XRP price rally is once again pointed out three important things that could make XRP’s price go up.
In his recent analysis, Blockchain Backer draws attention to the historical correlation between XRP and Bitcoin, unveiling a pattern where XRP’s significant surges typically follow a positive momentum in Bitcoin’s value.
Meanwhile, this pattern was observed across various market cycles such as 2015-2016 and 2017-2021, indicating a consistent link between Bitcoin’s surge and subsequent bullish movements in XRP.
Interestingly, the charts reveal that XRP has the capability of outpacing Bitcoin during its uptrend, even if it joins the upward movement later.
XRP Impact on the Stock Market
Expanding the scope of analysis beyond cryptocurrencies, Blockchain Backer explores the interconnectedness of Bitcoin’s performance with broader stock indices such as the Dow Jones Industrial Average and NASDAQ.
As per the analysis, backers believe that Bitcoin tends to follow the stock market, and if the stock market reaches its highest point, it might be a sign that Bitcoin and XRP could change direction. He’s also thinking about whether Bitcoin might reach a new highest point or start being sold at certain levels.
He speculates on how the recent all-time highs in these indices could impact Bitcoin and subsequently influence XRP’s price direction.
ETF Impact & Altcoin Momentum
Lastly in the analysis, Backer delves into the impact of the spot Bitcoin ETF. Since its approval, Bitcoin has seen a 16% dip, aggravated by significant sell-offs from the Grayscale Bitcoin Trust (GBTC).
Additionally, Blockchain Backer highlights the importance of the altcoin market in influencing XRP’s price. By showcasing how XRP’s historical movements align with broader trends in the altcoin market, he identifies the growing strength in this space as a potential catalyst for an XRP breakout.
As of now, XRP is experiencing a 4.21% decline over the past 24 hours, currently valued at $0.5076. The token has surrendered key support levels at $0.53 with looming pressure to drop further to $0.51.
