NOIDA (CoinChapter.com) — Analysts seem to be turning bullish on altcoin’s price prospects. After Ben Armstrong’s prediction of $5 ADA price label, another analyst has shared his bullish prediction for XRP.
However, independent analyst ‘Credibull Crypto’s‘ prediction relies on Bitcoin price action, which ultimately impacts the entire crypto market anyway.
XRP price has been recovering following a massive crash on March 9 that pared nearly 10% from its price label. The Ripple token spiked more than 9% since March 20 to reach a daily high near $0.6 on March 21.
We Could See XRP Breaking Above $0.7
In an X post, CrediBull Crypto noted that XRP price might correct below $0.54 before starting a rally to that could potentially help the token break above $0.7. The analyst noted that Bitcoin price would likely need to drop a bit before XRP could rally.
The analyst referenced a previous video post from him, in which he enumerated the various reasons why the Bitcoin price could rally. Credibull Crypto claimed that the recent correction in Bitcoin prices was normal and not a cause for panic.
Furthermore, the analysis stated that XRP price action tends to appreciate or decline when Bitcoin stabilizes or moves sideways, depending on its performance against BTC. For XRP, a stable or ascending Bitcoin sets the stage for a potential rally in XRP/USD.
Additionally, the analyst identified the bottom of XRP/BTC, predicting a positive outcome for XRP’s performance in USD, especially under a stable or positive Bitcoin condition. Conversely, if Bitcoin’s price falls, XRP will likely decrease in value, highlighting the token’s dependence on Bitcoin’s market direction.
As such, even if BTC price corrects, Credibull’s analysis has XRP price rally dropping to the support near $0.5 before spiking and breaking past $0.7.
XRP Bulls Agreeing With Bullish Prediction
Meanwhile, XRP price, which is moving inside a bullish technical pattern, rallied strongly on March 21, before bears pared the token’s gains. If the rally continues, XRP price could reach the resistance near $0.66.
Moreover, the bullish predictions from crypto analysts could favor XRP prices, helping the cryptocurrency token target the 0.786 FIB resistance near $0.71 before correcting.
However, should BTC price drop, or bears take control of XRP prices, the token would invalidate bullish predictions and drop to the 100-day EMA (blue wave) support near $0.587. Breaching the immediate support might force XRP to test the support near $0.236 before recovering.
The RSI for XRP remained neutral, with a score of 52.62 on the daily charts.
