XRP price has risen 10% higher over the past 24 hours as Bitcoin started to consolidate around mid $ 19,000. As soon as BTC is up about 6%, to $ 19,500 or at times trading as high as $ 19,900 on some of the top exchanges, XRP doesn’t miss the chance to follow suit. At press time, the cryptocurrency is trading around $ 0.653, up nearly 5% over the past 24 hours.
XRP/USD 4-hour chart | Source: TradingView
XRP price is expected to move higher in the coming days if Bitcoin continues to go up
Analysts are optimistic about XRP as the currency tries to consolidate despite a massive rally last week. XRP has begun to hold key resistance on a short-term basis, which one analyst said could happen ahead of the next bull run.
The chart below shows this trend is occurring. As can be seen, XRP is in consolidation above a key technical level in the near term. According to the chart, there might not be much resistance until the price gets out of the current range.
XRP’s performance is somewhat predicted based on Bitcoin. Analysts mixed as Bitcoin was stagnant below $ 20,000, although the fundamentals of the coin remained bullish. This will give XRP a boost in the future.
Commenting on last week’s decline, Willy Woo, a renowned chain analyst, and the technical analyst said:
“Margin longs will be spanked until they go short. Was bullishness was way overheated. Exchange flows are neutral; spot sellers are matched with buyers. Fundamentals a great. The next few weeks? A great time to scoop cheap coins for 2021.”
Analysts also believe that institutional buying pressure will cause Bitcoin to soar soon.
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