Over the past few weeks, we’ve seen many begin to itch for a rally in XRP, Bitcoin Cash, and other high-profile altcoins. With Ethereum starting to outperform, investors have been wondering when others would follow suit.
Luke Martin, a prominent crypto trader featured on CNN last year, summed up the hype well by posting the four charts seen below. Suggesting XRP and other altcoins are poised to surge, the analyst wrote:
“Major alts have high correlation, with charts often looking identical. Some lead. Some lag. But they trend together forming tops/bottoms ~ same time. EOS & XRP lagging behind up only 5% from the lows.”
Altcoin vs. Bitcoin chart from Luke Martin via Twitter
Unfortunately, a textbook chart formation could put a stop to these rallies.
XRP Is At Risk of Correction, as Is Bitcoin Cash
According to crypto trader “Jonny Moe,” both Bitcoin Cash and XRP are showing signs that they are in the midst of a macro correction and could post even lower lows in the future.
Backing this bearish sentiment, the trader cited the below chart, which shows that BCH’s performance against Bitcoin has been printing a “big descending triangle,” which is marked by a static low and a series of lower highs.
Descending triangles, technical analysis information sources suggest, most often resolve to the downside. Case in point: descending triangles are what marked the start of Bitcoin’s 2018 crash from $6,000 to $3,150, and what predicted more downside in 2019 after the rally to $14,000.
This historical precedent would suggest that XRP and Bitcoin Cash don’t have the best technical outlook at the moment. As Jonny Moe wrote:
“I can’t help but wonder if some of these 2017 bubble large caps simply never return to form.”
Bitcoin Cash price chart from Jonny Moe via Twitter
All Altcoins Are at Risk, Some Analysts Say
Although there are these bearish signs forming for XRP and Bitcoin Cash in particular, analysts say that all altcoins are likely to see weakness in the coming weeks and months, citing fundamental trends.
A cryptocurrency trader with the online moniker of “Pentoshi” weighed in on this discussion in a recent Twitter thread, announcing that he will be reducing his exposure to altcoins by 75% for the foreseeable future.
Pentoshi explained that despite the strength seen in many altcoins over the past few weeks, he believes it’s unwise to be investing in non-Bitcoin assets so close to the halving, which has the potential to rapidly increase BTC volatility. This volatility, he explained will result in “alts [getting] rekt.”
The analyst continued that from how he sees it, altcoins are always a “game of musical chairs” as the reasons they are rallying, he opined, are all predicated on “red flags” as opposed to bona fire fundamental developments:
“The reason the alt pumps are unconvincing is because they have followed the same patterns. IEO’s, Interoperability, privacy coins moving together. It’s coordinated as it has been the last 3 years instead of all ships rising together.”
A similar sentiment has been shared by the head of leading crypto fund Pantera Capital, Dan Morehead, who wrote in the company’s March newsletter that Bitcoin will probably out-perform other tokens for a while because
“It’s a project that’s already built, it works, it has an 11-year track record. Many newer blockchain and smart contract projects are still in development and might be stressed to raise funding to complete their development.”
Photo by Paul Schafer on Unsplash origin »
XRP has exploded out of its monthslong downtrend with a two-day buy-streak pushing the cryptocurrency up 18. 5 percent against the dollar and injecting $2 billion into market capitalization—the extraordinary gain coming as the first market response to a series of high-profile partnership announcements by Ripple Labs.
After two years as head of XRP institutional liquidity at Ripple, Catherine Coley is moving to greener pastures. Coley was named CEO at BAM Trading Service at Binance U. S. , according to her LinkedIn profile.
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The post $300 Million Lending Platform Cred Now Offers Loans Collateralized by Ripple’s XRP appeared first on Invest In Blockchain.
Ripple and it’s native coin (XRP), this year has been on track with regards to becoming a global powerhouse when it comes to financial technology and cryptocurrency. Despite having a bad start this year, the digital coin XRP has dusted itself up and making some good progress which has caught the eye of investors and […]
The post Why Ripple Is Attracting World’s Leading Institutions And High-Profile Figures appeared first on ZyCrypto.
Ripple has had no problem when it comes to establishing high-profile partnerships, and it appears as though that trend…
The post XRP News: Ripple Continues to Add International Partners appeared first on Invest In Blockchain.
Ripple’s settlement system that uses a combination of blockchain and cryptocurrency technologies may be going live within the next month or so, according to a statement from a company executive. The product, which utilizes XRP to complete real-time cross border settlements, has already struck some high-profile partnerships, and many investors see it as the main.
In February of this year, Western Union CEO Hikmet Ersek confirmed that his company was indeed experimenting with Ripple’s products for settling transactions and capital optimisation. This came a month after Ripple, which is striving to become the top-name in global money transfers, announced several high-profile partnerships including the potential tie in with Western Union’s rival, Moneygram.
XRP stood firm as crypto markets took a beating on Tuesday. Most coins fell hard, but XRP avoided hitting new lows. Market watchers now wonder if the altcoin might recover faster than other cryptos.
Renowned trader and market commentator Jacob Canfield (@JacobCanfield) has identified XRP as the standout performer among altcoins, sharing a price chart on X that underscores the token’s recent momentum.
Analysts continue to believe in the potential price surge of XRP, predicting that it is still feasible that the crypto will hit the $3 mark. Related Reading: No Sweat! Dogecoin Will Hit $5 ‘Very Easy’ In 2025 – Analyst A market observer even claimed that XRP is on track for a massive price rally in the ongoing digital asset bull market as many cryptocurrencies are hitting all-time highs due to the positive outlook on the industry.
The XRP price recently surged to a three-year high of $1. 6, marking a significant milestone in the cryptocurrency’s recent bullish rally. This remarkable price movement has garnered the attention of many analysts as investors continue to project the trajectory of the price.
Crypto analyst Dark Defender (@DefendDark) has issued a bullish forecast for XRP, projecting a price surge above $5. 85 based on a confluence of technical indicators and chart patterns. Despite recent market stagnation, the analyst highlights several key factors—including the application of Elliott Wave theory—that suggest a significant upward movement is imminent.
On-chain data shows the XRP whales have been making deposits to exchanges recently, something that could be bearish for the asset’s price. XRP Whales Have Made Several Large Moves In The Past Day According to data from the cryptocurrency transaction tracker service Whale Alert, several large moves have been spotted on the XRP network during the past day.
On-chain data shows the total number of sharks and whales on the XRP network has seen a sharp increase recently, a sign that could be bullish for the asset’s price. XRP Sharks & Whales Have Witnessed Their Count Go Up Recently According to data from the on-chain analytics firm Santiment, the shark and whale wallets have registered a notable jump over the past five weeks.
