Cryptocurrency XRP has shown a nice increase today, but according to an analyst it could skyrocket even faster. But then Bitcoin (BTC) will have to cooperate for a while.
XRP could break out today
The market is starting to buzz again and a new upward wave appears to be in the making. But Bitcoin has been rejected for the umpteenth time at the tough sell-off around $92,000.
This time it was a hard fall. In a very short time the price has fallen from 91,900 to 91,100 dollars. This morning Bitcoin was still below $91,000.
Every attack is resolutely repulsed, but the positive thing is that higher and higher lows follow. That’s exactly the kind of price action that gets bulls excited. The selling pressure is slowly drying up, and the chance of a real breakout is increasing by the hour.
According to Dutch analyst Michaël van de Poppe, BTC could even shoot towards $100,000 once it convincingly clears the zone around $94,000. And that is only 3 percent above the current rate.
Meanwhile, most coins are slightly red today, but XRP is the exception. The currency is up 1.47 percent, and according to analyst CW, this could easily be the start of something much bigger.
On the hourly chart, XRP briefly made a feint below its symmetrical triangle, but has now fully returned to the pattern. The lines converge today, which means that an outbreak is now really imminent. If XRP breaks through the upper trend line, the price can start a strong sprint.
New exchange fund for XRP is coming
There is also big Ripple news today. 21Shares may launch its exchange-traded fund for XRP in the United States next Monday.
Four other XRP ETFs have already been created in recent weeks. Canary Capital, Bitwise, Grayscale and Franklin Templeton all already offer the fourth largest crypto on the exchange.
According to data from SoSoValue, almost $644 million has already flowed into the funds. With that money, XRP was actually taken from the market to cover the value of the funds. They closely track the underlying price and offer investors a way to gain exposure through a regulated fund.
Source: https://newsbit.nl/xrp-koers-kan-vandaag-hard-stijgen-maar-bitcoin-worstelt-bij-92-000/
