Its more likely that it will cause panic across the board. I cant see the price of Bitcoin dropping and people being able to transfer it to any other coin to keep the same profit. Yes Ripple rallies after Bitcoin dips but you can see it is affected. A major drop in Bitcoin will cause a major drop in all coins. How much it affects Ripple and for how long is unclear.
Long term holders wont be as affected as much and prices do tend to bounce back. Whales though, will ensure they cash out at the most opportune time. Keen to hear others thoughts because surely we know no coin is exempt from this?
I'm happy XRP has gone up since I invested but wondering how much control the whales actually have over the price, they are in it to make money rather than see coins succeed :s