XRP Surges as Crypto Markets Express Bearish Volatility
Throughout the first half of 2019, XRP’s price was stagnant within the mid-$0.20 region, and it failed to incur any momentum that matched that incurred by other major altcoins that posted meteoric gains throughout the first several months of 2019.
It is important to note, however, that the embattled crypto has been able to garner some upwards momentum over the past couple of weeks, surging even in the face of instability surrounding Bitcoin and the aggregated crypto market.
XRP Surges Towards $0.30 as Bitcoin Takes a Break
At the time of writing, XRP is trading up roughly 4% at its current price of $0.29, which marks a notable climb from its daily lows of $0.27.
XRP’s climb today comes about as Bitcoin shows multiple signs of bearishness that were formed during its recent drop to the lower-$8,000 region, and XRP is currently trading up over 5% against its BTC trading pair.
Importantly, analysts do anticipate altcoins to put some distance between their recent lows, which could come about as Bitcoin’s dominance over the markets begins to recede.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is looking to long multiple major altcoins, with a rally amongst these cryptos potentially being driven by a drop in Bitcoin’s dominance over the markets.
“I think $BTC Dominance is cooked for a little while. I chose $BNB, $XRP, $TRX, and $ETH to long… how about you?” he said while referencing the below chart.
I think $BTC Dominance is cooked for a little while.
I chose $BNB, $XRP, $TRX, and $ETH to long… how about you? pic.twitter.com/2lp5kKfF7g
— The Crypto Dog
(@TheCryptoDog) October 14, 2019
Altcoins May Continue Surging as Bitcoin Consolidates
In the near-term, analysts anticipate altcoins like XRP to continue climbing higher in the near-term, which could be bolstered by a bout of consolidation for Bitcoin.
Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, pointing to the fact that XRP has been able to continue climbing higher despite BTC’s bout of consolidation.
“Backside, frontside, any side – no $BTC bounce from this retested support zone yet. Back below the monthly and I’m back to waiting for a better setup to join the trend when it starts. The one nice takeaway is $XRP can keep chugging along while Bitcoin rests,” he noted.
Backside, frontside, any side – no $BTC bounce from this retested support zone yet.
Back below the monthly and I'm back to waiting for a better setup to join the trend when it starts.
The one nice takeaway is $XRP can keep chugging along while Bitcoin rests. pic.twitter.com/7VN4VPZKfx
— Luke Martin (@VentureCoinist) October 14, 2019
It does appear that XRP may have broken its correlation with Bitcoin, which could mean that it will continue to surge higher in the near-future regardless of whether or not Bitcoin is able to find any significant support around its current price levels.
Featured image from Shutterstock.
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Cole Petersen, Khareem Sudlow