XRP/BTC Price Prediction: XRP Rally Pauses Amid $4.3 Billion Bitcoin Whale Surge
XRP’s value saw a 1.7% increase within the last 24 hours, reaching $0.5311 during European business hours on Monday. This surge was fueled by several factors, including the introduction of new daily price reference rates by the CME Group, a pivotal ruling by Judge Analisa Torres in the SEC vs. Ripple case, and the unveiling of real-time indices for XRP and ICP. Meanwhile, Germany completed the sale of its Bitcoin holdings on the open market, prompting a swift response from whales who acquired 47,000 BTC. Concurrently, Bitcoin’s price rose by 2.94% over the same period, trading around $62,580.
The recent movement in XRP’s price trajectory has set its sights on the $0.60 mark after successfully re-entering a defined range. Following a breakdown from a consolidation zone, XRP hit a low of $0.382, signaling a bearish market sentiment with potential further downside. However, a shift occurred on July 12 when news surfaced about the CME’s real-time indices for XRP, followed by Judge Torres’ declaration that XRP does not fall under the classification of a security, propelling XRP’s price back into its previous range.
Currently, XRP’s price action indicates a trend above the 21-day and 50-day simple moving averages but below the 200-day SMA. The asset experienced a 27% surge over the weekend, reaching the upper limit of the consolidation zone at approximately $0.57, marking its highest price since early May. As Bitcoin witnessed a recent uptick in price, the pace of XRP’s rally has slowed down as investors redirect their profits into the primary cryptocurrency.
Forecasts for XRP’s price suggest a potential struggle to surpass the 200-day SMA resistance before breaking through the range. Key resistance levels to monitor include $0.57, $0.6, and $0.66, while possible support levels in a bearish scenario lie around $0.47, $0.44, and $0.35.
On the Bitcoin front, the cryptocurrency is currently trending above its 21-day, 50-day, and 200-day simple moving averages, demonstrating strength as it surges into the $60,000 to $70,000 range, indicating a bullish trajectory. Recent price movements invalidated a previous double-top formation, resembling a false breakout. Bitcoin’s potential rally from this point could amount to 16%, potentially reaching its previous all-time high of $73,086, with critical resistance levels at $70,200.
After Germany’s sale of its Bitcoin holdings, whales swiftly re-entered the market, accumulating over 47,000 BTC valued at $4.3 billion since July 6, suggesting a potential market bottom for Bitcoin. This influx of capital towards Bitcoin could impact XRP’s performance against BTC in the short term. Despite this, once the dust settles, XRP’s price may surpass the $0.55 barrier to achieve the $0.65 price target.
