Analyst Highlights Unconventional XRP and Crude Oil Price Correlation

Independent market technician Dom has highlighted the XRP/USOIL ratio, noting its significance in technical analysis. Key points include:

XRP has repeatedly faced resistance between 0.0418 and 0.0430 since December.
Recent attempts to break this level resulted in sharp downward price movements.
Over the past week, $210 million of XRP has been sold, yet the price increased by 20%, suggesting professional liquidity providers are absorbing selling pressure.
A breakout above the resistance zone may lead to a new all-time high for XRP/USD.
If XRP falls below the support level of 0.0394, it could indicate further declines to lower support levels.

Dom suggests that monitoring the XRP/USOIL ratio can provide valuable insights into market dynamics, reinforcing the importance of viewing price action from different perspectives. As of now, XRP is trading at $2.46.