The altcoin market is fighting off Bitcoin’s dominance in the field as the “rest of the crypto market” started off on a bullish note. According to Coingecko, 13 of the top 15 cryptocurrencies in market capitalization soared by double digits in in the past week – only Bitcoin (8.2%) and Tezos (9%) did not break the threshold. XRP, the third largest crypto, soared over 10% in the past week, as the coin targets to break its bearish wedge channel resistance against its BTC pair.
XRP set to sky above 2800 sats, perfect ‘stack sats’ mission?
The daily XRP/BTC charts shows a possible bullish momentum is forming on the pair as the price of XRP tested an intraday high of 2742 sats on Jan. 17 before a short reversal in the early trading hours in the Asian market set the rate aback to 2666 sats, as at time of writing.
According to Luke Martin, a top crypto trader and analyst said the prospects of XRP look better than EOS in stacking sats in the short term. Currently standing at a similar price to September BTC ratio – just before the October bull run – XRP looks set to break above 2800 sats.
Bullish Fundamentals and Technical aspects
Higher timeframe technical indicators signal a possible bullish run in the near term to 2800 sats, which means the coin will have breached its key resistance with a target to 3000 sats, not too ambitious for bulls. The 20-day Bollinger Bands oscillates in a narrow channel, ready for a breakout with the price balancing on the middle band, which provides near term support.
The relative strength index (RSI) on the daily charts oscillates from the overbought levels easing out the buying pressure of XRP/BTC as bulls gather strength for the next bull run. The spike in trading volumes across the cryptocurrency market in the past week signals an increasing interest in the market with both retail and institutional investment increasing steadily.
XRP/BTC will be on a path to 3000 sats in the coming week if the volumes keep increasing and bulls are able to breach the key resistance at 2800 satoshis. Strong fundamental prospects such as Ripple announcing they will not be dumping XRP in the market in this quarter may prove to be the difference for XRP in its quest to break resistance.