According to the cryptocurrency analyst identified as CrediBULL Crypto on X, the recent BTC price drop could trigger an XRP rally, depending on how the Bitcoin trend develops. In a recent post, CrediBULL noted that the XRP/BTC pair is back in a support zone. He believes the situation supports the idea of XRP out-performance if BTC can hold the current support.
And, assuming $BTC does hold here, $XRP looks primed to make a nice move to the upside. Also back in our support zone on XRP/BTC which supports the idea of $XRP outperformance if $BTC can hold here. https://t.co/6EqbhIfgGv pic.twitter.com/jnq6Cnxyif
— CrediBULL Crypto (@CredibleCrypto) April 2, 2024
In his analysis, CrediBULL used a BTC/USD 4-hour chart to show how the flagship crypto tested the support zone near $66,000 before reclaiming the $67,000 price level. He identified two support zones, with the lower support zone reflecting a more crucial region, of which breaking below could see Bitcoin drop lower.
CrediBULL explained that all Bitcoin did with the recent drop was test the two logical levels of support. Hence, there is no clear-cut decision on the pioneer cryptocurrency’s next direction.
In an earlier post, CrediBULL shared a video analysis of Bitcoin’s price, explaining that the most bearish situation under the current circumstances could see Bitcoin drop below $69,000. Although he doesn’t expect BTC to drop much lower, he noted that a test of $53,000 would still be in line with the bullish trend.
Meanwhile, the analyst used the Bitcoin price behavior to predict the potential outcome for XRP. CrediBULL showed XRP has tested the support at $0.5846, following the recent BTC price pullback. He showed the drop also plunged XRP into a significant support region from which a bounce is possible.
The renowned expert experts XRP to resist dropping below this level, establishing a reversal that could see it rally to higher levels. From his chart plotting, CrediBULL projects the altcoin could head towards $0.7400 if the reversal happens. XRP traded for $0.6002 at the time of writing, according to data from TradingView.
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