XRP Leaves Other Altcoins Behind, Here's What Happened

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.

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

— Blockchain Backer (@BCBacker) August 15, 2023

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.

Related

Wed, 08/16/2023 - 10:20

Ripple CTO Sparks Heated Debate as He Reflects on Elon Musk's X Revolution

Gamza Khanzadaev

According 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.