XRP price is finally breaking higher after Bitcoin and Ethereum underwent their respective rallies
XRP price is indeed one of the best performing cryptocurrencies in the past 24 hours, with an increase of over 8.5%. However, not many people believe that this Altcoin is in a bull market. They claim XRP is below key resistance.
XRP price will perform poorly if Bitcoin starts to move again
XRP finally broke higher after Bitcoin and Ethereum went through their respective protests. Over the past 24 hours, XRP has increased by 8.5% against the dollar and 9% against BTC – one of the best daily activities for assets for a while.
Still, according to analyst TraderSmokey, the trend of XRP is still unclear.
“Now that the daily demand got retested can we finally send it out of this range? 2400 is such a tasty target for now. With the USD Pair looking like it does and the retest XRP saw on the BTC Pair I think it’s time for it to step on the gas. Otherwise -> 1500 Sats.”
Chart of XRP’s macro price action against BTC by trader Smokey | Source: TradingView.com
This sentiment shows that XRP is in a precarious position that appears when reports have confirmed that the asset has been dealt with a basic blow.
According to data from TIE and eToro, the social volume of XRP is declining.
For their report for the second quarter of 2020, they stated:
“While existing crypto investors became increasingly positive about the industry, there was no mainstream euphoria surrounding crypto post-halving. 73% of cryptos saw a decreased number of tweets in Q2.”
XRP may also be working poorly because right now, the cryptocurrency light is fixed on Bitcoin.
Ari Paul, CIO of BlockTower Capital, wrote on July 26 as follows:
A big part of altcoins rallying for the last few months has been BTC in a tight range. IMO, most alts likely to underperform BTC if it breaks out in either direction.
— Ari Paul ⛓️ (@AriDavidPaul) July 26, 2020
With Bitcoin about to flare up in the next few hours, this inefficiency may continue.
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