XRP/BTC Pair Exhibits Bullish Momentum Amidst XRP's Sideways Trading
Against the backdrop of XRP's recent sideways trading, the XRP/BTC pair has garnered significant attention in the crypto market, signaling bullish trends.
In an analysis shared by a renowned crypto market enthusiast, XRP's breakout from a 280+ day downtrend against BTC has been highlighted, based on weekly timeframe charts. The XRP/BTC pair reflects the trading relationship between Bitcoin and XRP, indicating XRP's relative strength or weakness.
Analyst's Bullish Observations
According to Cryptoinsightuk, the downtrend that commenced with Judge Torres' statement that XRP is not a security has concluded after over 280 days. Additionally, the weekly Relative Strength Index (RSI) has shifted to bullish territory, moving out of the overbought zone. These factors collectively suggest a bullish outlook for XRP.
However, the market expert emphasizes the importance of increased trading volume to sustain this bullish momentum. "A large green weekly candle, supported by volume, that closes above the horizontal white line" would solidify XRP's potential for future targets. This could potentially pave the way for XRP to reach its anticipated wave three target of $1 or higher.
At the time of writing, the XRP token was trading in the green, exhibiting modest gains.
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