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How Will XRP Benefit When Bitcoin Surpasses the 110K USD Mark to Set a New High?
XRP closely follows the price movements of Bitcoin and benefits from the strong correlation between these two assets. With Bitcoin hovering around $110,000, XRP seems to be gearing up for a potential bullish trend. However, market conditions and investor sentiment will play a crucial role in its price trajectory. XRP Follows Bitcoin XRP is currently showing a strong correlation of 0.91 with Bitcoin, reflecting how the price movements of these two assets are closely linked. Historically, when the correlation of XRP with Bitcoin weakens, this altcoin tends to decrease in price. However, when the correlation strengthens, XRP tends to benefit from the bullish momentum of Bitcoin. This correlation is particularly promising as Bitcoin hovers around the $110,000 mark, with the potential to rise to a new all-time high (ATH). As Bitcoin is bullish, XRP is likely to follow suit, paving the way for a price surge.
The macro momentum of XRP is showing strong bullish signs. The Relative Strength Index ( RSI ) is currently above neutral, indicating that this altcoin is experiencing increasing buying pressure. This positive change in the RSI suggests that the price of XRP may continue to rise in the short term, especially as broader market conditions support the bullish trend. When the RSI remains in the bullish zone, many investors are likely to see XRP as a strong candidate for growth, further confirming its potential. If this upward momentum continues, XRP is likely to gain enough strength to break through key resistance levels and move towards higher price levels.
XRP Price Continues to Rise XRP is currently priced at $2.29, having increased by 9.3% over the past week. It is holding above the support level of $2.27 and seems likely to bounce back and continue the bullish trend. If XRP maintains this level, it could rise to the next resistance level of $2.38. Turning $2.38 into support will create a solid foundation for XRP to move towards $2.50 in the long term. This indicates that the bullish momentum is fully in effect, paving the way for a continuous uptrend in the coming months.
However, if XRP fails to hold the $2.27 support level, it could slide to $2.20 or even $2.13. A drop below these levels will invalidate the bullish thesis, erase the recent gains, and push the price lower. This decline will signal a change in investor sentiment and mark the end of the current recovery.