The price target for XRP is $1.5, with a potential upside of up to 100%. Ripple has surged by 5.1% in the past 24 hours, trading at $0.6054. If this uptrend continues, experts predict that the price of XRP could double to reach the $1.5 mark.
Bitcoin's influence drives the rise of XRP
Bitcoin has gained $10,000 in the past 24 hours, reaching $89,561, which has led to the entire cryptocurrency market, including XRP, to surge. This spike has pushed the total market capitalization to $3.117 trillion, and XRP has risen by 19.2% in the past week.
According to Blockchain Correlation data, the annual Pearson correlation coefficient between XRP and Bitcoin is 0.59. This indicates that if Bitcoin rises, there is a 60% chance that XRP will appreciate in value.
Increased trading volume and growth signals
According to Coingecko data, Ripple's 24-hour trading volume has surged by 6.6%. Additionally, Coinglass data shows that traders have started to take long positions on XRP, which is interpreted as a bullish signal. The total leverage ratio on exchanges like Binance, Bybit, and OKX indicates a positive market sentiment, with long positions at $75 million, exceeding short positions at $51 million.
As Bitcoin is expected to reach a historic $90,000, the potential for XRP to break through $1 and rise to $1.5 is gaining attention. Positive developments in crypto-friendly regulations may also provide significant advantages for Ripple and XRP.
The high correlation between XRP and Bitcoin provides a noteworthy indicator for traders. The potential breakout of the trend line and the increase in trading volume enhance the bullish outlook for XRP. Considering Bitcoin's supportive role, traders are closely monitoring the performance of XRP.
