Bitcoin has been incurring some decent upwards momentum in the time since it visited $6,500, which has allowed major altcoins like XRP to similarly put some distance between their current prices and their recent lows.
Importantly, analysts are noting that XRP may see some short-term gains against its Bitcoin trading pair, which could come about as a result of the aggregated crypto market incurring momentum against BTC.
XRP Posts Strong Bounce from Recent Lows of $0.20
At the time of writing, XRP is trading up 1% at its current price of $0.23, which marks a slight climb from its daily lows of roughly $0.22.
XRP has put a significant amount of distance between its recent lows of $0.20 that were set concurrently with Bitcoin’s drop to $6,500, and the drop to this level nearly instantly sparked the bout of extreme buying pressure that has helped lead it higher over the past several days.
Bitcoin’s price action has been heavily influencing XRP, and it does appear that the near-term BTC resistance level that will likely determine whether it – and ergo other major altcoins – see further upwards momentum exists at $8,000.
Bitcoin Jack, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes XRP may soon surge against its BTC trading pair, but also noted that the poor support at its current price levels may mean that further losses are imminent before this surge commences.
“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he said while referencing a chart showing the levels he is targeting.
Let’s give $XRP another go
Support here looks like shit, if it breaks this is where I want to get long
Looks like a decent opportunity to trade it back towards range high pic.twitter.com/C6H8dT1uPg
— //Bitcoin ?ack (@BTC_JackSparrow) November 29, 2019
Major Altcoins May Surge as Much as 100% Against BTC in Near-Term
If Bitcoin does break above its near-term resistance level, the aggregated crypto markets may post a major bounce, with Bitcoin Jack also telling his followers this past week that further momentum could mean that altcoins will surge as much as 100% against Bitcoin.
“If we print a signal of strength, you better be paying attention because things could start moving like before. Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadruple this quickly,” he noted while pointing to the chart seen in the below tweet.
If we print a signal of strength, you better be paying attention because things could start moving like before
Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadrupple this quickly pic.twitter.com/xpBdEAiULC
— //Bitcoin ?ack (@BTC_JackSparrow) November 26, 2019
The coming few hours and days will likely shine a light on where Bitcoin and major altcoins like XRP are heading next, as any further upwards momentum could mean that the market’s recent lows are a long-term bottom and that significantly further gains are imminent.
Featured image from Shutterstock.
The post XRP May Target Short-Term Gains Against Bitcoin; Here’s Why appeared first on NewsBTC.
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Author: Cole Petersen