XRP Price: XRP/BTC Pair Quits Downtrend After 280 Days, What’s Next?

Against the backdrop of XRP’s sideways trading witnessed over the past few days, the XRP/BTC pair appears to have nabbed significant attention among crypto market participants, illustrating signs of bullish trends. In a post shared by a renowned crypto market enthusiast today, May 7,  it was pointed out that XRP/BTC pair has broken out of a downtrend that lasted for over 280 days, analyzing charts on the weekly timeframe.

The XRP/BTC pair refers to the trading relationship between Bitcoin and XRP and is primarily used to determine the relative strength or weakness of XRP compared to Bitcoin. Let’s dive deeper into the analyst’s remarks, which appear to have echoed a buzz across the global crypto horizon.

Analyst Flags Bullish Trends

According to the post shared by ‘Cryptoinsightuk,’ the downtrend that began with Judge Torres stating that XRP is not a security has finally ended after lasting over 280 days. Further, the weekly Relative Strength Index (RSI) has also turned bullish and moved out of the overbought area. Collectively, these factors stage as bullish for XRP, the Ripple-backed token.

However, despite these bullish signals, the market expert stresses the need for increased trading volume to further jack up this bullish trend. The enthusiast adds that “a large green weekly candle, supported by volume, that closes above the horizontal white line” sets the final stage for XRP’s future targets. This could potentially mean XRP scaling its much-awaited wave three target of $1 and even further.

Meanwhile, the XRP token traded in the green, noting slight gains at press time.

Also Read: Is Dogecoin Price Already In A Bull Run?

XRP Price Jumps

XRP’s price witnessed a marginal jump of 0.26% in the past 24 hours, with the token’s charts illustrating a highly turbulent movement. It currently sits at $0.5366, with a 0.26% increase in market cap, followed by a 24-hour trading volume upswing of 114.61%.

Notably, looking at a broader timeframe, it can be seen that the token is currently showing signs of consolidation. If the analyst’s remarks hold true and buying pressure prevails in the market, the token’s trajectory could transition into significant rising action.

Meanwhile, a renowned XRP whale conversely offloaded 26.97 million coins to Bitstamp in the past 24 hours, stirring further speculations. Nonetheless, it’s worth noting that a couple of renowned crypto analysts have already retained a bullish stance on Ripple-backed token hitting its wave three target of $1 shortly ahead, proclaiming it to have the potential to pump even higher.

🚨 26,970,000 #XRP (14,749,113 USD) transferred from unknown wallet to #Bitstamphttps://t.co/4u3B2agNwX

— Whale Alert (@whale_alert) May 6, 2024

On the other hand, Bitcoin’s price cracked 0.78% in the past 24 hours as of writing, reaching $63,626. Crypto market enthusiasts continue to extensively eye these tokens as the market witnesses heightened turbulency post-halving.

Also Read: Solana Price Soars 5% Despite $380M SOL Transfer To Coinbase, What’s Next?