XRP Price All-Time High Depends On Bitcoin: Here’s Why
Key Insights:
- XRP has dropped by 3% in the past 24 hours to $0.6
- John Deaton says XRP and BTC prices are closely interlinked.
- An XRP ATH is feasible once the BTC ATH is surpassed
The token traded at $0.62 at press time, down by 3% in the past 24 hours. It hit a new low after reaching a new yearly high as it struggled with an extended downturn.
For almost 30 days, the token has been stuck in a downtrend. It has been unable to build on the momentum it earlier garnered, much to the chagrin of its aficionados.
One of which is pro-XRP lawyer John Deaton.
Deaton's Disappointment Over XRP
Deaton — like many users — have had their expectations concerning XRP dashed. Even after the token's value surged by more than 70% in the aftermath of the ruling, it still hasn't made any substantial progress.
He had a chatter on X (formerly Twitter) with a user called Moon Lambo, who highlighted how the token had grown by 85% year long. Deaton, however, spoke on how the token failed to exceed the $1 resistance level.
He also spoke briefly about XRP's inability to reach a new all-time high (ATH) even after the ruling. The token has struggled to bounce back effectively since its ATH price of $3.84 more than six years ago.
Deaton ended on the note that BTC and XRP are interconnected. The former has to break its ATH before the latter — or another token — can follow suit.
Yet, with how the crypto market has been bleeding badly in the past 24 hours, where does the token stand?
How Is XRP Reacting To BTC Volatility Fall?
BTC, down by 0.2%, has been hovering around the $29k mark for most of last week. The token has mostly stayed the same in both directions.
It has been unable to gain pace above the $29,500 pivot level and is prone to downsides if a close below the $28,800 support occurs.
Nearly the entirety of the large-cap altcoin market is bleeding red, as is seen. Just a handful of tokens are safe, which underlines why Bitcoin remains as dominant as ever.
Still the fifth biggest coin per market cap, XRP dropped by 3% over the past 24 hours. However, it has reached the technical resistance price of $0.6.
There is a critical support region around the static level of $0.55. If the $0.55 level supports the price, traders can anticipate another bullish rally soon.
Conversely, if sellers can push the price below this critical point, it could lead to increased market volatility.
It is yet to be seen how far XRP will go, but many predictions earmark a bullish sentiment for the token.
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