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Bitcoin’s $69,000 holder cost basis becomes next test for XRP

Glassnode says Bitcoin trading back to the short-term holder breakeven level near $69,000 could determine whether XRP lags or outperforms, with the XRP/BTC ratio at about 0.0000171.

Reported · Written up by our desk · Market Structure

Glassnode has flagged Bitcoin’s short-term holder cost basis near $69,000 as the next major recovery test, and the level could spill over into altcoins such as XRP because XRP’s dollar price tends to track Bitcoin moves. According to the framework in Glassnode’s July 15 report, reclaiming the $69,000 area would shift recent buyers back toward breakeven, a point that can draw a strong reaction. The analysis notes Bitcoin is still trading below that level, and while derivatives traders have been unwinding downside positions, spot buying needs to confirm any move upward. The report also points to the XRP/BTC ratio as a cleaner gauge than XRP alone. The ratio is around 0.0000171, down from about 0.0000185 a month earlier, a roughly 7.8% decline against Bitcoin over that stretch, during which XRP’s dollar price has been roughly around $1.09.

CoinGecko data cited in the analysis shows XRP has gained about 0.1% over the past seven days, trailing the broader crypto market’s roughly 1.5% gain. Using the XRP/BTC level, a mechanical scenario has Bitcoin at $69,000 pricing XRP near $1.18 to $1.19, while a stronger outcome would require XRP/BTC to reclaim the roughly 0.0000183 level it closed near on July 4, which would imply XRP around $1.25 to $1.26 if capital rotates into XRP rather than it simply rising with Bitcoin.

Latest closeBitcoin $63,224.40 ▼0.9%|XRP $1.085 ▼0.1%

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