Bitcoin reclaiming its $69,000 holder cost basis could open XRP’s path to $1.26
Glassnode has identified Bitcoin's short-term holder cost basis near $69,000 as the market's next major recovery test, potentially affecting the outcome for altcoins such as XRP. Reclaiming that level would give the...
Bitcoin 1 Minute
A notable development has hit the crypto markets. Glassnode has identified Bitcoin's short-term holder cost basis near $69,000 as the market's next major recovery test, potentially affecting the outcome for altcoins such as XRP. Reclaiming that level would give the current rebound real room to run, and the firm's own July 15 report frames it as the point where recent buyers move back toward breakeven, the kind of level that typically draws a strong reaction either way. Bitcoin currently trades below that level, and Glassnode notes that derivatives traders have been unwinding downside bets, while spot buying still needs to confirm the move.
A chart shows Bitcoin at $64,400, below its $69,000 short-term holder cost basis, the level Glassnode identifies as the recovery test. Why XRP/BTC is the number to watch XRP's dollar price tends to loosely follow Bitcoin's moves, which makes the XRP/BTC ratio a cleaner way to gauge what happens if Bitcoin gets there. That ratio currently sits near 0.
Market Dynamics
0000171, down from about 0. 0000185 a month earlier, a decline of roughly 7. 8% against Bitcoin during a stretch when XRP's dollar price has moved around $1.
XRP can rise in dollar terms and still lose ground against Bitcoin, which is closer to what's happened over the past month. CoinGecko puts XRP's 7-day gain at just 0. 1%, well behind the broader crypto market's 1.
5% gain over the same stretch. Holding XRP's current ratio to Bitcoin constant, a Bitcoin move to $69,000 mechanically prices XRP near $1. 19, the baseline level XRP reaches by simply standing still against Bitcoin.
Market Impact
A stronger response is possible if XRP repeats the pattern it showed during Bitcoin's early-July rebound. Between June 30 and July 4, Bitcoin gained about 7. XRP gained roughly 11.
3% over the same stretch, moving about 1. 47 times as much as Bitcoin. Applying that same ratio to a Bitcoin move toward $69,000 puts XRP closer to $1.
The XRP/BTC ratio closed near 0. 0000183 on July 4, XRP's strongest recent reading against Bitcoin. Reclaiming that level with Bitcoin at $69,000 would price XRP around $1.
Crypto markets are watching this development closely as investors weigh its potential impact on prices.
