XRP Fails to Break Above Key Resistance Level Amidst Crypto Downturn

The aggregated crypto markets have been caught in a firm downtrend that has sent Bitcoin and other major altcoins to fresh multi-month lows, although XRP is still trading up significantly from its recent lows of $0.24 despite recently being rejected at a key long-term resistance level.

Analysts are now noting that altcoins like XRP may be gearing up for a major movement as Bitcoin’s dominance over the markets nears a key support level that could be followed by a notable drop that fuels an altcoin rally.

XRP Recovers From 24-Hour Lows; Further Gains May Be Imminent

At the time of writing, XRP is trading up just under 2% at its current price of $0.277, which marks a slight recovery from its daily lows of $0.26 that were set yesterday during a sharp sell-off that was quickly bought up by bulls.

XRP’s upwards momentum that has been incurred in the time following its drop yesterday is a bullish sign, and further supports to the notion that the crypto currently has some underlying bullishness.

This latest drop came about after XRP was rejected at its long-established resistance around $0.30, and it appears to have found some notable support at its previous breakout level.

Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this level in a recent tweet, saying:

“$XRP (USD) #Ripple daily – With the $BTC drop, XRP is now back testing recent breakout level #TheStandard.”

Additionally, Josh McGruff, another popular cryptocurrency analyst on Twitter, explained that he believes Bitcoin’s dominance over the aggregated market may be nearing a point at which it dives significantly, with a potential 6% retrace in the cards in the coming few days.

“If $BTC Dominance breaks this level, I see it dropping to the next level around 60% which would fuel alts. A lot of alts are showing signs of bottoming out and live coming into them,” he explained while referencing the chart seen below.

Historically, drops in Bitcoin’s dominance fuel upwards momentum amongst altcoins, and XRP’s bullishness in the time since it set its recent lows of $0.24 may mean that it will lead a surge amongst major altcoins.