Bitcoin [BTC] and the crypto-markets continued its downtrend this weekend as BTC broke below $8000. The total market capitalization of crypto markets fell below $215 billion, as selling continued. However, XRP has defied the trend for the last couple of days; it has been in an uptrend.
The price of XRP at 5: 00 Hours UTC on 7th October 2019 is $0.265. It is trading 4.36% higher on a daily scale. Moreover, w.r.t. Bitcoin XRP tested high at 0.00003441. It is the highest price recorded since its break-down in July.
Peter Brandt, trading analyst, and chart expert suggested that XRP might have reached its lowest support level, and is primed for consolidation and reversal. He tweeted,
There is some chart evidence that $XRP is bottoming against $BTC $XRPBTC
Another crypto-trader Escobar was also optimistic about the XRP/BTC charts. However, the current choppy conditions in Bitcoin [BTC] have refrained him from opening positions. He tweeted,
$ longs, I have 0 contracts rn. But this is the one I want to ride the most. Vertical szn soon I reckon, just waiting for $ to finish bleeding so I can try get stronger dollar entry. Will proudly scream XRP army soon.
Ripple has continually increased its efforts via blockchain-based products to increase the efficiency of the global financial system. However, the actual utility of XRP tokens in these systems and their adoption are still unclear. Moreover, there is also an impending question of XRP to be regulated as a security.
Nevertheless, trading analysts and chart experts are viewing a bullish reversal on the Bitcoin scale. However, Bitcoin’s dominance over the crypto-markets and the bearish market on it is adversely affecting the sentiments.
Hence, in the event of a revival of positive sentiments towards the crypto-markets, XRP could rise handsomely.
Do you think that altcoins could rise despite selling pressures in Bitcoin? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com