Bitcoin reclaiming $69K could lift XRP toward $1.26

Glassnode’s July report says Bitcoin reclaiming its $69,000 short-term holder cost basis would create conditions that could push XRP toward $1.25–$1.26 if the XRP/BTC ratio recovers to about 0.0000183. The firm identifies $69,000 as the price where recent Bitcoin buyers move back toward breakeven.

At the time of the report Bitcoin was trading near $64,400. Glassnode notes that derivatives traders have been reducing bearish positions while spot buying has not yet confirmed a sustained advance.

The XRP/BTC ratio is the clearest measure of whether XRP is gaining demand on its own or simply following Bitcoin. That ratio sits near 0.0000171, down from about 0.0000185 a month earlier, a decline of roughly 7.8% versus Bitcoin over the period when XRP’s dollar price hovered near $1.09. Market data showed a seven-day gain for XRP of about 0.1%, versus a 1.5% gain for the broader crypto market over the same span.

If Bitcoin reaches $69,000 and the XRP/BTC ratio holds near 0.0000171, XRP would be mechanically priced around $1.18–$1.19. Between June 30 and July 4, Bitcoin rose about 7.7% while XRP gained roughly 11.3%, an outperformance of about 1.47 times. Applying that level of outperformance to a $69,000 Bitcoin would place XRP near $1.22. If the XRP/BTC ratio climbs back to roughly 0.0000183-the level seen on July 4-XRP could approach $1.25–$1.26.

The report sets out an alternative scenario: if Bitcoin rejects the $69,000 level, or clears it while the XRP/BTC ratio continues to fall below about 0.000017, XRP could remain below $1.18. That outcome would indicate XRP’s dollar performance remains driven by overall market moves rather than by capital rotating into XRP specifically.

Macroeconomic indicators cited in the report include ten-year real yields near a 2026 high around 2.4% and the U.S. dollar trading above its 200-day average since May. Those trends have reinforced Bitcoin’s usual inverse relationship with the dollar. Bitcoin dominance was near 58.4% of an approximately $2.2 trillion crypto market in the report’s data, a market structure that links XRP’s upside to Bitcoin clearing its own hurdle first.

Glassnode’s analysis concludes that reclaiming $69,000 would open a path for XRP gains, but the token reaching the $1.25–$1.26 range would require the XRP/BTC ratio to recover to about 0.0000183 while Bitcoin advances.