- Analyst CryptoInsightUK argued an engulfing candle at a critical support level has been confirmed for XRP.
- Similarities between the pattern and a previous one that led to a 50% rally were noted.
- Bitcoin’s surge above $50K could spark an XRP comeback, per the analyst.
Market analyst CryptoInsightUK has detailed the potential response of the XRP price in light of Bitcoin (BTC) initiating a rally beyond the critical $50,000 price threshold. The analyst first highlighted that the weekly close for XRP shows a combination of positive and negative indicators.
Update – We have the weekly close for $XRP.TA and news.
Pros;
– We have a confirmed weekly engulfing candle at a level of key support.
– We have survived FUD narratives without setting new lows.
– We saw a similar set up in October and rallied over 50% in the following 3… https://t.co/uQbcNRI3XT pic.twitter.com/HFWufJ0WbD
— Cryptoinsightuk (@Cryptoinsightuk) February 12, 2024
From an optimistic perspective, the market analyst noted that a weekly engulfing candle at a critical support level has been confirmed. The analyst noted similarities between the current pattern and a previous occurrence in October …
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