XRP Price Movement Correlates with Bitcoin as Investors Bet $1.2 Billion Against XRP
XRP has experienced price volatility, causing uncertainty among investors about market direction. It recently reclaimed the $3.0 support level, but short sellers have placed substantial bets against it, with $1.2 billion in short positions.
XRP's Correlation with Bitcoin
- XRP's price movements have closely followed those of Bitcoin, particularly during Bitcoin's recent drop from $124,000 to $112,000.
- Analyst CrediBULL Crypto suggests that XRP could rise to between $3.6 and $4.0, dependent on Bitcoin's performance.
- Long-term expectations for XRP remain bullish, with potential to reach $10, according to various analysts.
XRP's Future Prospects
- XRP is currently down 3.14%, slipping below the crucial $3.0 support level.
- EGRAG Crypto indicates XRP must stay above $3.03 for a record monthly candle close.
- Dark Defender anticipates targets of $3 to $4.39–$5.85, with support levels at $3 and $2.85.