XRP only asset moving the market besides Bitcoin
The latest price gains in the broader crypto market came from XRP’s recent rally.
XRP has been seen as the only crypto asset besides Bitcoin (BTC) capable of determining the direction of the broader crypto market. This claim recently surfaced following the recent market rally. Notably, this surge came from XRP’s recent solo rally.
“XRP is the only cryptocurrency apart from $BTC that is actually moving the entire crypto market,” That was claimed by Dirk Schepens in a tweet on Friday. Schepens, popularly known as XPunkDS, founded xSPECTAR – a community-driven NFT-based community on the XRP Ledger.
$XRP is the only cryptocurrency apart from $BTC which actually moves the entire crypto market.
— DS (@XPunkDS) 31 March 2023
Schepen’s latest tweet pushes Ethereum (ETH) to the background. Reactions have followed the statement, with a few advocates indicating they agree with the claim, given new market realities.
In particular, XRP championed the most recent rally in the market on March 28. Following charges leveled against Binance by the US CFTC, the broader crypto market collapsed, but XRP was riding high. The asset rose on March 28, while most assets recorded losses. XRP too obtained BTC by volume on Korea’s top four exchanges.
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The asset sustained the rally for a few days before the broader crypto market joined. This triggered claims that it contributed to the rise in the market. Despite this, XRP has taken off felling some of the gains, down 5.61% in the last 24 hours, but this has not affected investor sentiment.
XRP at $20: Analyst Makes a Case
Cryptoanalyst Bobby A recently predicted that XRP would follow the same price movements as Terra (LUNA) as it rose to a peak of $20.9 in 2021. LUNA rose from $0.51 on December 26, 2020 to $6 on February 10, 2021. which marks an increase of 1,076% in 44 days. The asset rose another 248% in 41 days to a peak of $20.9 on March 21, 2021.
#xrp that’s how it will go down. And how quickly it will happen. Mark my words. pic.twitter.com/UWwPtpXIvn
— Bobby A (@Bobby_5326) March 29, 2023
According to Bobby A, XRP will register the same movement pattern. Should this materialize, XRP could head towards the $20 price level in June this year. Despite this, this is only an analysis of the asset’s price action and should not serve as investment advice. XRP is trading at $0.5056, up 14.25% in the last week.
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