- A renowned crypto market enthusiast recently took to X, spotlighting vital market dynamics surrounding the XRP/BTC pair. XRP price remains poised for a potential upswing.
- Crypto market enthusiasts says XRP/BTC pair broke out of a downtrend that lasted for over 280 days.
- Bullish trends for XRP are brought to attention, stressing crucial factors that are necessary for sustained bullishness.
Renowned crypto market enthusiast highlights potential upswing for XRP price as it breaks out of a 280-day downtrend against BTC. Bullish trends for XRP are in focus.
Breaking the Downtrend
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, it was pointed out that XRP has broken out of a 280+ day downtrend vs BTC, analyzing charts on the weekly timeframe.
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.
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%.
Conclusion
Despite the 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.
