Bitcoin was in a consolidation phase recently. It made a breakout from a triangle pattern towards the upside. Being the top cryptocurrency by market capitalization, and owing to its huge popularity, BTCUSD is more volatile and liquid than most other cryptos.
However, XRPUSD is on a much prominent uptrend than Bitcoin. Statistically, XRP rose more than 12% in the last three days. Several analysts are speculating that Ripple’s incredible rise could pave the way for a much more significant rise in Bitcoin prices.
XRPUSD price analysis
Let us take a look at the hourly timeframe for XRPUSD. Source: TradingView.com
The uptrend is visible from the chart. Ripple is currently trading at $0.21659. For a long time, XRP was hovering around the $0.18 range.
In my article on the prediction and analysis of Ripple, I did predict an upswing. Therefore, I pointed to a ‘buy’ signal for the XRPUSD. That article could be found here.
XRP price is significant because of various reasons:
- XRPUSD initially struggled to move past $0.19. However, it is now comfortably poised over $0.21. The building up of demand in Bitcoin and anticipation of an upswing of the various cryptos could provide another momentum to Ripple.
- Lockdown restrictions will be removed from several US states on April 30. With that, the financial markets would rejoice. And since the cryptocurrencies such as XRPUSD, LTCUSD, ETHUSD are imitating the move in the equity markets, lifting of lockdown could be an excellent factor.
