Opinion: XRP Will Set New Records, and Its Dynamics Is Opposite to BTC

Opinion: XRP Will Set New Records, And Its Dynamics Is Opposite to BTC

Source: Shutterstock

The XRP surge predicted yesterday is confirmed. Perhaps the Ripple cryptocurrency will hit $2.0 in this bullish cycle.

Analysts point out that Bitcoin and XRP charts are now in antiphase. XRP surged to $0.75 just as BTC corrected to $18,240 on the early morning of November 24. Bitcoin surged above $18.7K around noon on November 23. XRP at this time was worth less than $0.5. By noon on November 24, BTC had already risen above $19K, XRP had corrected to $0.6. Analysts conclude from these movements in the cryptocurrency market that players are shifting from one currency to another and vice versa in the hope of guessing the moment when the BTC rally will end. At the same time, these interventions do not affect the second cryptocurrency. ETH is growing along with the entire market, but moderately, within 5% per day.

There are experts who claim that the altcoins season is beginning, and the king of cryptocurrencies is about to drop. Indeed, the share of BTC in the total market capitalization is starting to decline. Now Bitcoin Dominance is about 61%, although five days ago it reached 66-68%. However, 3-5% correction does not mean that BTC is ready to cede much market share.

At the end of 2017, this concept appeared – the “altcoins season”. Then analysts warned: the more bitcoin grows, the more dangerous it is to invest in it and the more justified it is to invest in altcoins. Now the situation is almost the same. Bitcoin pulls the entire market with it and the higher its price, the more likely it is to collapse. But now it is XRP that is taking on the role of an alternative to the first cryptocurrency.

Optimists argue that the Ripple’s currency may even take second place in terms of capitalization, although now it is hard to believe in this forecast. XRP is more than 2 times lower than ETH. Ethereum rose above $600 for the first time since May 2018. The all-time high of the leading altcoin is over $1,448, it was reached on January 13, 218. Around the same time, the all-time high of XRP was reached – $3.4. It is possible that both cryptocurrencies are moving towards their records. Moreover, both currencies have fundamental reasons for this. ETH can grow on the launch of Ethereum 2.0, XRP – on the popularity of the central bank’s digital currencies (CBDC). However, it is the theme of CBDC that often appears in the news. While the launch of ETH 2.0 is highly likely to be delayed and will be postponed several times probably.

For XRP to occupy the second rate in the ranking, the coin must be worth $1.52, assuming ETH does not rise from its current level. And this is a very likely scenario. Ethereum may stop at around $600 until at least phase zero is fully launched. Investing in bitcoin is becoming an increasingly risky business. And investors can opt for XRP.