Bitcoin breaks all-time high-what does that mean for the XRP course?

The cryptomarkt remains a roller coaster ride, with peaks and troughs that follow each other quickly. At the beginning of April, XRP was still around $ 1.65. A month later the currency tapped $ 2.62 – an impressive increase of almost 59%. In the meantime there is a correction and the price is lower again. But a quick recovery is certainly not excluded.

Bearish of bullish?

The local top of $ 2.62 was reached on May 14. Since then, the trend is clearly downwards. On May 19, XRP even fell shortly below $ 2.30, but now some recovery is visible around $ 2.40. The question that keeps many investors: continuing this decrease, or can the bulls take over again quickly?

A ‘healthy’ correction?

Corrections are part of the world of crypto. They are not necessarily a reason for care. On the contrary, temporary falling can laid the foundation for a stronger, healthier upward trend. They shake the weaker hands out of the market and create a solid foundation for the next increase.

Bitcoin breaks all-time high

A possible recovery from XRP could be faster than expected, thanks in part to the recent breakthrough of Bitcoin above his historic all-time high. Such milestones often have a positive effect on sentiment in the wider market. When Bitcoin rises, other crypto coins – including XRP – often raise. Many investors therefore count on a so-called Domino effect, whereby the Bullish Momentum of Bitcoin sets the rest of the market in motion.

More good news

Moreover, in the longer term there are several developments that justify optimism. For example, there are eleven applications for a Spot Exchange-Traded Fund (ETF) at the American Securities and Exchange Commission (SEC). Although the regulator has announced a delay so far, approval seems to be just a matter of time.

The long -term lawsuit between Ripple and the SEC also seems to be coming to an end. Both parties have since reached a settlement and are still waiting for the approval of judge Analisa Torres. If this case is finally completed, that can provide extra price pressure upwards.