Major crypto analyst @BCBacker has posted a tweet, telling his 280,600 followers that the XRP token, favored by many, is currently outperforming the rest of the altcoin market.
XRP has surpassed the 200-week moving average versus the whole altcoin market. @BCBacker analyst ironically tweeted that the crypto market is now measured not in U.S. dollars but in XRP instead.
He also added that, currently, despite the aforementioned news, XRP is in a pullback that has been lasting a week so far and may last longer.
XRP is outperforming the altcoin market.
— Blockchain Backer (@BCBacker) August 15, 2023
FOR THE FIRST TIME in history, XRP shattered the 200-week moving average vs the Altcoin Market.
Instead of being measured in dollars, here is the altcoin market measured in XRP.
As discussed a pullback for weeks, pullback. Nearly there. pic.twitter.com/GPyU3VT4ev
XRP has been in decline since Aug. 9 and has since lost 9.13%, now changing hands at $0.59945.
Today, XRP faced another fall in price, dropping by more than 4% and reaching the aforementioned price level.
Gamza KhanzadaevAccording to another tweet, the analyst now holds more XRP than ETH or BTC; XRP is the number one holding.
As for the two leading cryptos, @BCBacker tweeted that they are more bullish on Ethereum than on Bitcoin. He stated: "I can see a potential path forward with ETH, rather than with BTC. So, if it is any, likely not as big of a % as BTC."
I know most people don't love hearing it, but I'm actually more bullish on ETH than I am on BTC. I can see a potential path forward with ETH, rather than with BTC. So, if it is any, likely not as big of a % as BTC.
— Blockchain Backer (@BCBacker) August 15, 2023
XRP saw a price surge recently after the SEC partly lost its case against Ripple in court. Judge Analisa Torres ruled that Ripple's programmatic sales and sales on exchanges to retail investors do not qualify as securities. However, the judge did state that the company's XRP sales to institutional investors were security sales. Still, Ripple Labs eyes this as a major victory, even though the SEC is now appealing this ruling.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Dan Burgin
Vladislav Sopov