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.”
$XRP (USD) #Ripple daily – With the $BTC drop, XRP is now back testing recent breakout level #TheStandard pic.twitter.com/DwtzGVRs3w
— Cheds (@BigCheds) October 23, 2019
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.
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. pic.twitter.com/Df6HPnHi3k
— Josh McGruff (@JoshMcGruff) October 24, 2019
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.