The price of Bitcoin (BTC) is finally back on the rise. It seems the crypto market as a whole is also following Bitcoin’s road to recovery. Specifically, many altcoins are showing bullish signs at the moment.
In detail, Bitcoin’s price is going up, it has surpassed $38,000, experts and analysts say it will only go higher from here on out. The recent dips were due to corrections based on various factors. From now onwards the price of Bitcoin will continue going up.
Like most times, when the price of Bitcoin goes up, so does the price of altcoins. In particular, XRP saw a surge in its value over the past week. In fact, its value went up by over 20%. According to CoinGecko, at the time of writing, XRP stands at $0.6678.
Presently, the price seems to have settled within a restricted channel. Hodlers are waiting for stronger cues before making their next move. In particular, XRP charts highlight a bull flag breakout. Once hit, the price rose immediately. Now, the market is playing between buying and selling.
The history of Ripple and XRP is an interesting tale. The technology and XRP Ledger offer a great solution to an existing problem. However, due to the run-in with the SEC, the price of XRP suffered. It seems now may be the time that this crypto will recover.
The Squeeze Momentum Indicator suggests a declining bullish momentum. Although black dots indicate that the market is entering a gains and squeeze phase, this could be limited if volatility returns.
On the other hand, the Relative Strength Index is trading bullishly. Furthermore, XRP is expected to enter a death cross. This will likely take place in a few months. Perhaps this will be what will define the path for XRP’s future. All in all, XRP bulls may run out of steam. However, most hodlers are waiting for stronger cues before making their final decision. With the upcoming death cross, the tides could change for the crypto’s value. One thing is certain, the potential for XRP gains is hard to ignore.