Cryptocurrency analyst Charting Guy argues that XRP will continue its obscene price fluctuations until Bitcoin, the largest crypto asset, gains a foothold.
The mood surrounding XRP, the native token of XRPL, has turned dark recently following the recent notice of appeal by the U.S. Securities and Exchange Commission (SEC). For context, the US securities watchdog filed a notice of appeal challenging Judge Analissa Torres’ ruling on October 2nd.
Over the past 24 hours, XRP is up 1.33%, but over the past 7 days it has fallen over 16%. Nevertheless, bullish sentiment continues to grow around the XRP Ledger ecosystem, with experts speculating ambitious price targets such as $6, $20, and $44.
However, market expert Charting Guy argued that there will be no real price movement in XRP until Bitcoin “turns to price discovery.”
XRP, altcoin movements related to Bitcoin
Charting Guy noted that the market will continue to consolidate until we know about Bitcoin’s next notable price move. For context, multiple crypto analysts have acknowledged that this premium asset has been range-bound since March.
Recent Analysis Javon Marks has confirmed that Bitcoin has fluctuated since its all-time high of $73,949 in March. Since then, the property’s price has fluctuated between the mid-$60,000s and $50,000s.
Veteran Peter Brandt also confirmed this price range in several analyses. In one of his analyses, Brandt noted that Bitcoin does not have a clear price direction and urged traders to wait for confirmation before opening positions.
In this commentary, Charting Guy believes that altcoins like XRP need to wait until Bitcoin’s next clear price direction becomes clear before making a big move. It must be mentioned that the dependence on Bitcoin is clear, as the largest crypto asset by market capitalization holds 56% control in this sector.
Meanwhile, analysts are speculating that Bitcoin’s price will rise, sparking optimism about the overall market rally. According to a previous report, the Bitcoin insight and documentary provider suggested that this premier crypto asset will trade at $80,518, $89,727, and $106,718 by the end of October, November, and December, respectively.
Analyst predicts XRP price range until Bitcoin breakout
While XRP waits for a Bitcoin breakout, Chart Guy argued that the altcoin will continue to hover within the Bollinger Bands between $0.43 and $0.67. Notably, XRP is within that price range, trading at $0.5373 at the time of writing.
XRP price prediction by chart operator
Market experts predicted that a monthly closing price of XRP above $0.67 would cause the asset price to rise, while a closing price below $0.43 would prompt further price decline.
In particular, the Charting Guy claimed that the XRP Bollinger Bands will continue to tighten until Bitcoin’s next move is confirmed. The analyst also said that other altcoins will follow a similar price pattern to the XRPL native token.
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