The recent price surges in the broader crypto market came from XRP’s latest rally.
XRP has been regarded as the only crypto asset besides Bitcoin (BTC) capable of determining the direction of the broader crypto market. This assertion recently sprang up following the recent market-wide upsurge. Notably, this surge came from XRP’s latest solo rally.
“XRP is the only cryptocurrency apart from $BTC which is actually moving the entire crypto market,” Dirk Schepens asserted in a tweet Friday. Schepens, popularly known as XPunkDS, founded xSPECTAR – a community-driven NFT-based society on the XRP Ledger.
$XRP is the only cryptocurrency apart from $BTC which is actually moving the entire crypto market.
— DS (@XPunkDS) March 31, 2023
Schepens’ latest tweet relegates Ethereum (ETH) to the background. Reactions have trailed the statement, with a few proponents indicating that they agree with the assertion, given new market realities.
Particularly, XRP championed the latest upsurge in the market on March 28. Following charges leveled against Binance by the U.S. CFTC, the broader crypto market collapsed, but XRP stood tall. The asset rallied on March 28, while most assets registered losses. XRP also overtook BTC in volume on Korea’s top four exchanges.
The asset maintained its rally for a few days before the broader crypto market joined in. This triggered assertions that it contributed to the uptrend in the market. Notwithstanding, XRP has started shedding some of its gains, with a 5.61% decline in the past 24 hours, but this has not impacted investors’ sentiments.
XRP to $20: Analyst Makes a Case
Crypto analyst Bobby A recently predicted that XRP would follow the same price movements that Terra (LUNA) made when it rallied to a high of $20.9 in 2021. LUNA surged from $0.51 on Dec. 26, 2020, to $6 on Feb. 10, 2021, marking a 1,076% rise in 44 days. The asset rallied by another 248% in 41 days to a peak of $20.9 on March 21, 2021.
#xrp this is how it will go down. And how fast 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 pattern of movements. Should this materialize, XRP could be gunning for the $20 price level in June of this year. Notwithstanding, this is only an analysis of the asset’s price action and should not serve as investment advice. XRP is trading for $0.5056, up 14.25% in the past week.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.