An analyst at Crypto Insight UK pointed out that the technical and fundamental context of XRP could lead to a breakout, similar to the increase from $0.50 to $2.70 in 2021. He noted Bitcoin, suggesting that its volatility directly affects the entire market. With the RSI index still not in the overbought zone, any move from Bitcoin could be a catalyst for altcoins, including XRP, to surge.
While analyzing the current situation of XRP, the analyst emphasized that the price has surpassed previous resistance levels and is now finding support in a bullish structure. Furthermore, a bullish divergence has begun to appear, indicating that the strength of sellers is weakening.
In addition to technical factors, the analyst also highlighted potential catalysts such as Ripple's partnerships with organizations in Dubai and rumors of acquiring Circle, the issuer of USDC. These moves are seen as potentially driving up the price of XRP.
Despite the positive signs, the analyst reminds that effective risk management is necessary. Negative scenarios could cause XRP's price to retreat by 64% to $4.50. Therefore, he recommends that investors take partial profits to protect gains in a market context that is prone to volatility.
The above analysis is from the Crypto Insight UK analyst who had a live broadcast.
$XRP
