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Ripple XRP Price Surges by 77.9%; but What Does This Mean for Bitcoin?

The post Ripple XRP Price Surges by 77.9%; but What Does This Mean for Bitcoin? appeared first on Coinpedia Fintech News

The Ripple XRP cryptocurrency has experienced a remarkable surge, showcasing its most impressive performance since August 2021. Over the last seven days, XRP has surged by an astounding 77.9%, marking a significant bullish breakout. Meanwhile, the market leader Bitcoin (BTC) has yet to achieve a similar breakthrough. Market analysts and traders are closely observing XRP’s price action, considering it a potential indicator for Bitcoin’s future performance.

Here are some key insights that you must be aware of!

Understanding the Ichimoku Cloud

The recent surge in XRP was accompanied by a notable development on the weekly chart, where XRP successfully breached a key technical analysis indicator known as the “Ichimoku cloud.” Developed by Japanese journalist Goichi Hosoda in the late 1960s, it is widely used by traders to assess support and resistance levels and gauge potential trend changes.

Source: CoinDesk

The indicator consists of five lines based on price moving averages: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K), and a lagging closing price line. The space between Leading Span A and Leading Span B forms the cloud, and crossovers above or below it are interpreted as bullish or bearish signals for trend changes.

Read More: Ripple News: XRP Futures Shatter Open Interest Record for the Year 2023

Potential Gains Ahead

With XRP now securing a foothold above the Ichimoku cloud, market experts are noting the significance of this move. It comes after a year-long period of consolidation, indicating the potential for further gains ahead. The intermediate-term momentum is positive, with no clear signs of upside exhaustion. This sentiment supports the notion of possible continued upside movement for XRP, with the next resistance level expected around $0.92.

Bitcoin is Making its Way Up!

As XRP sets an example of a bullish breakout, traders are closely watching Bitcoin’s movement, hoping for a similar breakthrough. Presently, Bitcoin remains confined within a narrow range below the Ichimoku cloud resistance (upper end). If Bitcoin manages to breach the higher side of the cloud, a bullish outlook is anticipated, with the next resistance level noted at $31,900.

Related: Crypto Market News: When Will Bitcoin Price Hit ATH? 2023 or 2024?

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