Ripple’s XRP is currently trading at just $0.53, leaving many traders wondering: could it skyrocket by 2x to 5x after the launch of its RLUSD stablecoin? This speculation comes as XRP has struggled to move beyond the $0.50 mark, causing frustration among holders. They are eagerly hoping the altcoin can break this standstill and rise back to prices above $1.
XRP Needs to Break $0.55 for 5x Surge
Prominent crypto trader “The GOAT TRADER,” recently shared his thoughts on when XRP might see a big price jump. He pointed out that Bitcoin’s dominance in the market is getting close to its peak. The trader believes that when Bitcoin’s dominance starts to decline, altcoins like XRP could experience price increases between 2x and 5x.
He encourages investors to buy XRP now because the coming year could be very positive for the entire cryptocurrency market. Bitcoin’s dominance has been rising for the past few months, but analysts expect it to drop soon. This could lead to an altcoin season, giving coins like XRP a chance to thrive.
The trader also mentioned an important detail, that XRP needs to close its weekly candle above $0.55. If it drops below this level, it may test support at around $0.40.
Bitcoin’s Key Role in XRP’s Future
In a similar analysis, another technical analyst Charting Guy echoed these sentiments. He stated that XRP and other lagging altcoins will not see substantial price movements until Bitcoin enters a new phase of price discovery. He predicts XRP will fluctuate between $0.43 and $0.67 until Bitcoin breaks through its resistance.
Furthermore, Charting Guy highlights two critical price points for XRP. A monthly close above the upper Bollinger Band, currently sitting at $0.67, could signal a bullish breakout, suggesting that XRP could finally “moon” and experience a significant price increase. Conversely, if XRP closes below the lower band at $0.43, it could indicate a bearish trend, leading to further declines in price.
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With Bitcoin dominance near its peak, there is speculation that once Bitcoin starts to drop, it may create room for altcoins, including XRP, to rally. However, for now, the market sentiment remains cautious.
Source: https://coinpedia.org/news/is-xrp-ready-to-breakout-top-trader-predicts-5x-surge/