Bitcoin Dip Could Trigger XRP Rally, Predicts Analyst CrediBULL Crypto

According to cryptocurrency analyst CrediBULL Crypto, the recent BTC price drop could trigger an XRP rally if BTC holds current support. CrediBULL highlights that the XRP/BTC pair is back in a support zone, suggesting XRP outperformance if BTC remains stable. CrediBULL's analysis indicates that BTC tested support near $66,000 before reclaiming $67,000, with two support zones identified, the lower one being crucial for preventing further BTC decline.

Bitcoin Price Dip May Catalyze XRP Rally, Analyst CrediBULL Crypto Predicts

Prominent cryptocurrency analyst CrediBULL Crypto has opined that the recent decline in Bitcoin (BTC) prices could potentially trigger a surge in XRP value, contingent upon the trajectory of Bitcoin's trend. In a comprehensive analysis, CrediBULL highlighted that the XRP/BTC pair has returned to a support zone, bolstering the argument for XRP's outperformance scenario should BTC maintain its current support level.

CrediBULL's analysis utilized a 4-hour BTC/USD chart, demonstrating how Bitcoin tested the support zone near $66,000 before regaining the $67,000 mark. He recognized two support zones, with the lower zone being more critical, a breach of which could result in a further decline for Bitcoin.

CrediBULL emphasized that Bitcoin merely tested the logical support levels during the recent pullback, leaving its future direction uncertain. In an earlier analysis, he alluded to the possibility of Bitcoin falling below $69,000 as the most bearish outcome in the present scenario. However, he maintained that a drop below $53,000 would still be consistent with the bullish trend.

CrediBULL's BTC price evaluation was then leveraged to forecast potential outcomes for XRP. He noted that XRP has tested its support at $0.5846 in the wake of the BTC price correction. The analyst pointed out that the decline has pushed XRP into a substantial support area, offering the potential for a rebound.

The esteemed expert anticipates XRP to withstand a further decline below this level, paving the way for a reversal that could propel it towards higher levels. Based on his chart plotting, CrediBULL projects the altcoin to potentially reach $0.7400 if the reversal materializes. At the time of writing, XRP was trading at $0.6002, as per data from TradingView.

CrediBULL's analysis signifies the interconnected nature of the cryptocurrency market, where price movements in one asset can ripple through and influence the trajectories of others. XRP's potential surge is predicated on the assumption that Bitcoin will maintain its current support level, underscoring the importance of monitoring the flagship cryptocurrency's performance for clues regarding the direction of the altcoin market.