It is no longer news that Bitcoin has led the entire crypto market in a bullish direction, a move that has seen the leading digital asset to achieve a landmark price. Despite little volatility in the previous weeks, Bitcoin began the rally that spread to other altcoins in the market.
One noticeable digital asset that has shown a massive recovery to lead the bullish momentum is XRP. Even though the altcoins have seen a larger chunk of the price increase, it is worthy to note that most of them suffered coming into the breakout week. Talking about the major reason for the surge in the price of XRP in the market, most analysts have pointed to the recent SPARK airdrop that took place some days ago.
Investors are still hodling XRP after the SPARK airdrop
Investors and traders in the crypto market started hoarding large amounts of XRP days after the developers of the remittance coin announced the airdrop. After the SPARK token airdrop came to an end, investors continued to hoard massive amounts of XRP, which in turn led to the climb that the digital asset has witnessed in the last few days.
According to on-chain analysis firm, Santiment, the investors buying massive amounts of XRP for keeps put enough selling pressure on the digital asset days after the SPARK airdrop ended. Analysts at Santiment mentioned that the digital asset showcased some exciting behaviours in the days that led to the surge of the asset.
Furthermore, the on-chain analysis firm mentioned that the interesting behaviours that they saw after the airdrop was the major determinant of its movement. Also, they said that its on metric data showed that most of the investors in the market took advantage of the event to buy XRP while some are still taking advantage of the buying pressure to stock up their reserve of XRP.
Altcoins looking to Bitcoin to sustain momentum
Investors are presently hungry to take more risk with the XRP owing to the recent Bitcoin rally that started some days ago. Trying to make a case of a safe risk, another on-chain analyst that works at the Amsterdam stock exchange, Michael von de Popped said that XRP is likely to experience relief at $0.45.
After the prediction, XRP experienced a massive price surge of about 38% as it moved from $0.45 to $0.61. Giving his review after the price surge, Michael noted that he already considered the fact that XRP showed that it was going to witness bounces in the market; hence, the prediction.
If major altcoins are to continue in this stride, then Bitcoin will need to aid them by trading within specific positions. Looking at the heatmaps of various exchanges, one would notice that Bitcoins resistance is set at around $23,500 to $23,800.
Famous exchange, Bitfinex is presently selling Bitcoin around $23,800 per coin, and this has been the stumbling block that is preventing Bitcoin from going higher. As it stands now, if Bitcoin does not witness a massive price correction, then altcoins would continue to maintain their bullish momentum.
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