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- An analyst stresses XRP must close above $0.55 this week to avoid testing $0.40 support.
- Once Bitcoin dominance drops, altcoins like XRP could potentially experience a 2x to 5x increase.
In a tweet, popular crypto analyst Goat Trader has sent a dire warning for XRP investors. Based on his analysis, XRP has to close this week’s candle above $0.55.
Ignoring this could cause a declining trend, hence possibly testing the $0.40 support level. This forecast puts XRP in a pivotal role and fits the continuous fluctuations in the market.
Very crucial for #XRP to close this weekly candle above 55 cents or else we’ll test the support at 40 cents.
The #Bitcoin dominance is almost near the top and once it starts dumping we’ll see all #Altcoins pull a 2-5x easy. Just accumulate coming year is very bullish! #Crypto pic.twitter.com/Dk0ARRnjE9
— THE GOAT TRADERS (@TheGoatTraders) October 6, 2024
Bitcoin’s Influence on XRP and Altcoins’ Potential Surge
Apart from XRP’s instantaneous price action, Goat Trader also emphasizes Bitcoin’s supremacy as a main element of observation. Currently nearing its high, Bitcoin’s supremacy is under question; whenever it starts to decline, there is great expectation that altcoins—including XRP—may see rapid rise.
Once Bitcoin starts its expected fall, Goat Trader projects altcoins may rise 2x to 5x. This positive view supports the theory that, in the next year, accumulation during this phase of consolidation could provide significant results.
The idea of XRP attaining such levels corresponds with market mood since many analysts indicate a possibly major breakout.
Technical indicators and current price swings help Goat Trader’s perspective even more. Currently trying to exceed its $0.50 support level, XRP has to surpass the $0.55 resistance to start the expected surge.
Though some analysts forecast increases that would match XRP with significant Fibonacci retracing levels, many agree that breaking this barrier might drive XRP towards higher goals. Failure to maintain this position, however, can result in more selling pressure, hence bringing the price closer to the $0.40 mark.
The historical trends of XRP also help to support a possible bullish reversal. As we previously noted, the token has confirmed many hidden bull divergences since 2022, suggesting a possible break from its present pennant structure. XRP might climb above 450% in a good bull breakout, and some analysts estimate a price goal of $3.3 not too far off.
Meanwhile, XRP is swapping hands at about $0.5316 at the time of writing, marking a little 0.19% rise over the last 24 hours. Its daily trade volume comes to $857.33 million.
