US President Donald Trump’s new tariff policy against China and several countries has caused sharp declines in Bitcoin and altcoins.
While BTC ($99,888.77) fell to $91,000, altcoins also suffered major losses. Ethereum (ETH ($2,814.18)) fell to $2,100, XRP ($2.65) to $1.8, and Solana (SOL ($213.46)) to $180.
However, as the market subsequently recovered, market analyst Omkar Godbole said that XRP was signaling a potential breakout against BTC.
The analyst said that although altcoins have been facing difficulties in recent days amid global economic uncertainty, XRP is showing bullish signals.
Starting from the XRP/BTC ratio, the analyst noted that the rate approached the upper Bollinger Band on the monthly chart for the first time since 2017.
Stating that this situation is a strong rise and bullish harbinger, the analyst referred to April 2017.
The analyst stated that in 2017, the XRP/BTC rate broke the upper Bollinger band, after which XRP made a big breakout and experienced a 200% increase.
If history repeats itself and the XRP/BTC ratio breaks the upper Bollinger band, a major rally could be on the horizon for XRP.
XRP, which has gained 9% in the last 24 hours, continues to be traded at $2.6 at the time of writing.
*This is not investment advice.
Continue Reading: Is a Big Rally Coming for XRP? Analyst Evaluates the Latest Situation, Says “The Signal That Previously Brought a 200 Percent Increase Has Burned Again!”
