XRP has continued to remain stuck beneath $0.30 for the past several days and weeks in spite of making multiple attempts to break above this level. Its consolidation around $0.30, however, has come about while Bitcoin and most major altcoins face a period of sideways trading as well.
One prominent analyst is now noting that any notable upwards Bitcoin movement could catalyze massive rallies for XRP and other major altcoins.
XRP Stuck Beneath $0.20 as Bulls and Bears Remain Deadlocked
At the time of writing, XRP is trading up over 2% at its current price of $0.297, and it is once again nearing its long-established resistance level at $0.30.
Over the past several weeks, XRP has been pushing up against $0.30 but its bulls have failed to garner enough strength to push it above this level, with each break above this price being immediately followed by a rejection that pushes it back into the upper-$0.20 region.
It is important to note that XRP has been incurring a steady uptrend since late-September when it hit lows of $0.24, although this slow climb upwards stalled after the cryptocurrency at $0.30, and it was not able to mirror that gains recently incurred by Bitcoin, when the crypto surged from lows of $7,300 to highs of $10,600.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, shared his thoughts on how major altcoins like XRP will trade in the near-term, explaining that he believes their price action will largely be guided by whether or not Bitcoin is able to break upwards in the near-term.
“All jokes aside, if we break down from here I would like to see a sweep of the mid $8000s. $8475 golden long entry. If we begin to break up, my focus will be on majors – $ETH, $BCH, $XRP. Ratio pairs have been showing signs of strength, I think $ALTS will outperform,” he said while pointing to the below chart.
All jokes aside, if we break down from here I would like to see a sweep of the mid $8000s. $8475 golden long entry.
— The Crypto Dog📈 (@TheCryptoDog) October 31, 2019
Other analysts have shared bullish sentiments regarding XRP, with Moon Overlord telling his over 60k followers that he will continue buying the cryptocurrency with each dip to between $0.15 and $0.25, a region of major support for the crypto.
“I’m buying $XRP $0.15-$0.25,” he concisely noted.
I’m buying $XRP $0.15-$0.25
I’m holding to zero or big mac parity
— moon (@MoonOverlord) October 30, 2019
XRP investors should closely watch Bitcoin’s price action in the near-term, as it will likely be the driving force behind any noteworthy XRP price movement.