Although the larger part of the cryptocurrency sector seems to be slowing down its previously accumulated (massive) gains, some of its assets might just yet make an impressive bullish recovery and more – one of them being XRP, at least in the view of a number of crypto and finance experts.
Indeed, Markus Thielen, head of research at the crypto analytics platform 10X Research, observed in a recent report that Bitcoin (BTC) is targeting $57,000 as its next resistance, with the increasing “odds for another leg being higher,” contributing to a healthy structure of the crypto market.
As he further explained, “Bitcoin is the critical directional influencer,” arguing that the likes of the XRP token, Ethereum (ETH), and other major digital assets will likely take the cue from the flagship decentralized finance (DeFi) asset and rise and fall with its movements.
XRP price action analysis and prediction. Source: Dark Defender
XRP price analysis
For now, XRP is changing hands at the price of $0.536, recording a slight decline of 2.03% in the last 24 hours and dropping 4.90% across the previous seven days while still holding onto the 4.31% gain on its monthly chart and advancing 36.05% over the year, as per data on February 23.
XRP 30-day price analysis. Source: Finbold
All things considered, Bitcoin has long demonstrated its influence on the price of other digital assets, including XRP, particularly evident in the fact that it has doubled its value since this time last year, pulling the price of XRP with it and stirring hopes of it crossing the $1 level in 2024.
However, it is important to remember that things in this sector can often be volatile and fall victim to various unexpected outside and inside factors, so caution, in-depth research, and risk analysis are essential before investing a significant amount of money in any digital asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
