Summary
TLDR: Ripple’s price is expected to rally with the help of Bitcoin’s upcoming halving event. XRP has the potential to increase in value as it follows Bitcoin’s cues. The XRP price is currently attempting to break out of a bearish pattern and could rally towards $0.6500 if it reaches a certain Fibonacci retracement level. However, if it falls back into a bearish pattern, it could decrease to a lower level.
Key Points
1. Ripple’s (XRP) price is expected to move out of potential bearishness with the help of Bitcoin’s anticipated rise ahead of the halving event this month.
2. XRP price will closely follow Bitcoin’s movements, as the latter is expected to experience a major rally due to the upcoming halving event. This correlation suggests that XRP could also potentially rally.
3. The current conditions within the Ripple network indicate room for further profits, with only 83% of the overall supply bearing gains. This suggests that there is potential for a rally in XRP price in the near future.