XRP has gained approximately 50% in the past two weeks, following Ethereum on its steep rally higher. Analysts think the altcoin is poised to move higher should it break a critical resistance.

According to a cryptocurrency trader, XRP breaking the $0.321 resistance on a weekly scale will trigger a notable surge higher. He specifically mentioned that a 45.6% move to $0.468 could take place over the course of months.

Also boosting Bitcoin’s bull case is the optimism that some have about Stellar Lumens (XLM). It is well-documented that the price action of XRP closely traces that of XLM (and vice-versa).

As reported by NewsBTC previously, one trader noted that considering XLM’s recent price action and trading volume, it is likely at the start of a longer-term bull trend:

“$XLM is still one of my favorites. Broke a +350 days of accumulation range. Good volume expansion in the breakout. Break in market structure. Currently retesting the accumulation range and making a new higher low.”

XRP’s price action may be dependent on that of Bitcoin due to the correlated nature of the cryptocurrency market.

Unfortunately for XRP bulls, analysts are starting to flip bearish on BTC as the leading digital asset slides lower. As of this article’s writing, Bitcoin is trading for $11,450 — below the critical $11,500 support for the first time in a number of days.

Commenting on Bitcoin’s medium-term outlook considering the recent price action, one analyst wrote:

“$BTC & $ETH. HTF Resistances. I’m only considering 12k+ btc prices once it closes convincingly above the HTF mid range. Until then, expecting lower prices to get back fully into bitcoin and possibly eth.”

This same trader postulated that Bitcoin could fall to the $9,000s and potentially lower last week, citing a CME gap and price rejections at $11,500-12,000.

Should Bitcoin retrace further than it already has, it’s unlikely XRP will trend green for long.

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