As bitcoin continues its parabolic rise above $110,000, one of the leading cryptocurrency analysts is sounding the alarm about XRP's possible most explosive breakout in recent years.
In a market analysis published on May 22, Cryptoinsightuk (@Cryptoinsightuk), which tracks inverse correlations between the dollar index (DXY) and bitcoin, informed subscribers that XRP is approaching a critical moment in its historical pattern. Based on technical signals and liquidity indicators, the analyst claims that XRP can repeat its breakthrough in the style of late 2020, when a 470% rally took place in just 28 days.
Bitcoin has reached a historic high. Now we need to get a foothold, because then everything can get really exciting. His attention quickly shifted to XRP, which he believes is tracking a setup eerily similar to the period before its 5x rise.
The analyst highlighted a "significant range breakout" on the XRP chart, which historically marked the beginning of the altcoin season. "This is an area where XRP has outperformed the market," he noted, referring to the 28—day period that began on November 5, during which XRP rose from $0.50 to over $2.70.
He pointed out that XRP's historically excellent growth occurred immediately after Bitcoin made a complete break above resistance, and, most importantly, during a sharp decline in the dominance of Bitcoin, an indicator that tracks Bitcoin's share of the total cryptocurrency market capitalization. "It was a drop that caused XRP to rise from 50 cents to $2.70 and then continue to rise to $3.30," he said. "Now we are waiting for signs of this again."$XRP
The analyst also stressed the importance of daily closes above certain resistance levels, in particular $2.43 and $2.60, to confirm the start of a renewed uptrend. "It would be a good daily closure... and then we target $2.60. If we break above this, we will confirm a new structure of a higher high, a higher low," he said, adding that the next major resistance is between $3.40 and $3.00, beyond which a price opening may begin.
In a market analysis published on May 22, Cryptoinsightuk (@Cryptoinsightuk), which tracks inverse correlations between the dollar index (DXY) and bitcoin, informed subscribers that XRP is approaching a critical moment in its historical pattern. Based on technical signals and liquidity indicators, the analyst claims that XRP can repeat its breakthrough in the style of late 2020, when a 470% rally took place in just 28 days.
Bitcoin has reached a historic high. Now we need to get a foothold, because then everything can get really exciting. His attention quickly shifted to XRP, which he believes is tracking a setup eerily similar to the period before its 5x rise.
The analyst highlighted a "significant range breakout" on the XRP chart, which historically marked the beginning of the altcoin season. "This is an area where XRP has outperformed the market," he noted, referring to the 28—day period that began on November 5, during which XRP rose from $0.50 to over $2.70.
He pointed out that XRP's historically excellent growth occurred immediately after Bitcoin made a complete break above resistance, and, most importantly, during a sharp decline in the dominance of Bitcoin, an indicator that tracks Bitcoin's share of the total cryptocurrency market capitalization. "It was a drop that caused XRP to rise from 50 cents to $2.70 and then continue to rise to $3.30," he said. "Now we are waiting for signs of this again."$XRP
The analyst also stressed the importance of daily closes above certain resistance levels, in particular $2.43 and $2.60, to confirm the start of a renewed uptrend. "It would be a good daily closure... and then we target $2.60. If we break above this, we will confirm a new structure of a higher high, a higher low," he said, adding that the next major resistance is between $3.40 and $3.00, beyond which a price opening may begin.