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The crypto sector witnessed an incredible surge in the first weeks of February 2024. Following this period, the price of BTC bounced back from the $53,000 level, which resulted in a slowdown in the market. During this pause, it was observed that some cryptocurrencies had not yet made an impressive upward movement, which could become a factor for investors in the coming days. Some analysts suggest that this could be seen in XRP.
Bitcoin, Ethereum, and Their Impact on Other Cryptocurrencies
Markus Thielen, the research director at 10X Research, recently indicated in his report that Bitcoin‘s (BTC) next potential resistance could be $57,000, and the rise of other cryptocurrencies could contribute to the crypto market.
Markus Thielen mentioned that the XRP token could show an upward trend influenced by the potential rises in Bitcoin and Ethereum (ETH), adding:
Bitcoin is a critical directional influencer.
Prospects of a Rise in XRP
According to Ben Weiss, CEO of Bitcoin ATM service provider CoinFlip, the anticipated Bitcoin halving event is expected to positively trigger BTC prices, suggesting that high-volume altcoins could also rise. His statement on the matter was as follows:
Bitcoin prices are rising, innovations are expanding globally before the election year, and Bitcoin’s halving is approaching.
Moreover, Anthony Scaramucci, founder of hedge fund Skybridge Capital and a close follower of the crypto world, emphasized that investors should not be alarmed by Bitcoin trading above $50,000, adding:
Interest rates are falling, spot (exchange-traded funds) are providing billions in new flow, halving in two months. A face-ripping rally is approaching.
On the other hand, Dark Defender, who has gained attention for his XRP predictions, noted in his weekly chart analysis that the relative strength index (RSI) of the Bitcoin-XRP trading pair is showing parallels to the 2017 and 2021 bull runs, and emphasized that it could rise to $2 by 2024.
What is the Current Price of XRP?
As of this writing, the price of XRP is trading at $0.534, experiencing a weak decline of 1.69% in the last 24 hours. Looking at the past 7 days, the decline rate is 4.90%, while the monthly outlook as of February 23 indicates a gain of 4.31%, and since the beginning of the year, the value has increased by 36.05%.
The overall market cap of XRP has fallen by 1.73% to below $30 billion, currently at $29 billion. XRP’s 24-hour trading volume has dropped by 14%, amounting to $1 billion. This decline in trading volume could be interpreted as investors moving away from XRP.
