Spot Bitcoin ETFs have turned into the biggest price catalyst for bulls, and demand is increasing despite harsh macroeconomic headwinds. With individual investors starting to hold Bitcoin through a much safer channel, the reserves of ETF issuers are rapidly growing. Of course, as the BTC price rises, the outlook for altcoins is also positive.
Ripple (XRP)
XRP Coin price saw a rapid increase in July of the previous year, but subsequent negative developments triggered profit-taking. On the other hand, the outcomes of the collective appeal process in the SEC case are not yet predictable. This uncertainty has caused investors to step back from long-term optimism, allowing sellers to dominate.
In February 2024, the XRP Coin price broke down from the rising support trend line and the long-term horizontal support area that had been in place for 440 days. Since then, the price has started to rise, seemingly disappointing the bears for now.
Investors are hopeful as the weekly RSI has risen along with the price. The price is currently above $0.56, a level that has been significant for a while.
XRP Coin Price Prediction
Cryptocurrency analysts predict further price increases for February and beyond. An analyst known by the pseudonym CaptainFabik has warned investors about a potential XRP breakout. A similar forecast was made by Anup Dhungana, who expects a significant rally following the breakout from the formation.
Daily chart readings are in harmony with the weekly chart, indicating further rises. The price outlook and RSI increase support this. The price, trading in a decreasing parallel channel since November 2023, is preparing for a breakout. Such corrective structures often signal a reversal at some point.
On January 23, 2024, XRP Coin bounced off the support trend line of the channel and yesterday surpassed the channel’s mid-line. The altcoin, having overcome the resistance areas at $0.55 and $0.56, may continue its rise supported by the increase in RSI. If the optimistic scenario plays out, we could see a 25% increase towards $0.70.
However, despite the bullish predictions, if the XRP Coin price closes below $0.55, a drop to $0.47 could be expected.
