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Bitcoin’s quest for breakthrough: A catalyst for LTC and XRP?

2min Read

In recent times, LTC AND XRP decoupled from BTC’s dominance. However, the assets might need the king coin’s input to breakout.

Bitcoin news around Litecoin (LTC) and XRP

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  • Although all three cryptocurrencies shed prices, XRP and LTC’s breakthrough might depend on BTC.
  • The volume and sentiment around the asset followed the same direction.

Bitcoin [BTC] needs to break through $26,800 to continue its recent uptick, Michaël van de Poppe tweeted on 9 June. According to Poppe, if the pioneer cryptocurrency flips the said price point to $27, 500, other interconnected assets like Litecoin [LTC] and Ripple [XRP] can also break out.


Realistic or not, here’s LTC’s market cap in BTC’s terms


If Bitcoin surpasses the resistance…

From the chart shared by the MN Trading CEO, BTC faced a crucial resistance at $27,446 on 9 June. But unfortunately, the king coin lost hold of $26,000, exchanging hands at $25,698 at press time.

 

BTC, XPR, and LTC also lost 6.48% and 12.76% of their value respectively in the last 24 hours. Although the decrease was widespread in the market, all three cryptocurrencies displayed strength around the period the SEC came for two of the world’s biggest exchanges.

However, the conversation about LTC hitting $100 or XRP’s ride to $0.6 has now been subdued because of the price action. 

Lately, XRP has been subjected to a rally because of the high anticipation of its victory in the case with the SEC. 

For Litecoin, its upcoming halving, slated for August has been the driving force. But with the uptick quenched, how have the cryptocurrencies been faring?

Riding on the same path

According to Santiment, Bitcoin’s volume increased to 16.78 billion at press time, suggesting that there had been a considerable increase in transactions.

BTC, LTC, and XRP volume

Source: Santiment

XRP’s volume also increased to 2.17 billion while LTC surged to 966.27 million. Since the volume serves as an indicator to determine bullish or bearish price action, then BTC could actually impact the trajectory of LTC and XRP.

Likewise, the weighted sentiment of all the assets followed a similar pattern. For context, the weighted sentiment considers the unique social volume with respect to the broader acumen around an asset. 


How much are 1,10,100 XRPs worth today?


Between the last week of May and 2 June, LTC’s weighted sentiment skyrocketed. Around the same period, the same metric, but in XRP’s terms, also rose. The weighted sentiment of BTC, like the other two, also increased.

BTC, LTC, and XRP sentiment

Source: Santiment

At press time, the metric of BTC, LTC, and XRP has fallen into the negative region. This means that the broader perception toward these cryptocurrencies did not align with a price rise in the short term.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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