XRP Weekend Notably Targets Short Term Gains, Sync Markets
The momentum of Bitcoin has increased recently since it stood at $ 6,500. Last weekend's support allowed key altcoins like XRP to position a decent distance between their recent subordinates and their current prices.
Most importantly, analysts believe that XRP could see short term gains against its XRP/BTC pair; which to say the least comes about due an aggregated crypto market momentum against the leading coin.
Ripple (XRP) Posts Strong Bounce from Recent Lows of $0.20
Ripple (XRP) is currently trading upwards by 1% and its press time price is $0.23. Indicating a significant surge from its ultimate daily lows of approximately $0.22. Meanwhile, XRP mounted massive pressure on the distance between its recent $0.20 lows that were set in sync with Bitcoin weekly low of $6,500.
A drop which, nonetheless, sparked extreme buying pressure - which notably has led to XRP price increase for the past six days. It is worth noting that Bitcoin’s price performance has massively influenced the pricing of XRP. Therefore, there is a likelihood of Bitcoin resistance level in the short term that could probably determine whether other altcoins will retest upward momentum. However, this is only justifiable if Bitcoin corrects beyond the $8,000.
A leading Twitter crypto analyst, Bitcoin Jack explained that XRP could surge in the near against its Bitcoin trading pair. The analyst also noted that current price’s poor support could translate into further losses before a price surge takes place. Bitcoin Jack wrote in the tweet:
‘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”
There is a possibility of aggregate crypto markets posting a major price bounce in case Bitcoin breaks beyond its near term resistance level. At the beginning of the week, Bitcoin Jack also predicted that an upward correction could surge altcoins in sync with Bitcoin to as much as 100% against the leading coin.