Ripple XRP price movement is often independent of Bitcoin and Ethereum owing to the very nature of the coin. Ripple XRP is truly the jack in the cryptocurrency realm owing to its hybrid nature between a hardwired cryptocurrency and a stablecoin.
This time around, however, it seems Bitcoin price was leading the top cryptocurrencies’ movement in the industry since the flash rise yesterday. Another similarity in the current movement is the similarity in the whale accounts’ movement as recorded by the Whale Alert service since the 27th of January.
— Whale Alert (@whale_alert) January 28, 2020
Ripple XRP price movement synched with Bitcoin?
While a recursive increasing pattern is evident in the Ripple XRP price movement for the past few days before the flash rise. However, analysts were claiming a quick decline to $0.08 level that didn’t play out after the flash rise came into action.
Moreover, if we observe at the price movement since the flash rise, the chart movement has been pretty identical to that of Bitcoin and Ethereum. This is not something completely unprecedented, as, in the past, Ripple XRP price has shown synchronized movement with Bitcoin resulting in rapid rises. The maxed-out point was witnessed in 2018 when the XRP price had hit $3.0.
While crypto analysts very active on trading view, Alex Clay had also predicted a further decline in XRP price by now that didn’t play out. At the time of writing, the price seems to be stabilizing around $0.237 region. Current support levels are found at $0.232 and further below at the $0.230 mark.
On the other hand, Ripple XRP is facing strong resistance at $0.238, $0.240, and $0.242 points, respectively.
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Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.