- XRP/USDT trend shows bulls are in full swing
- Ripple CEO expresses enthusiasm for skyrocketing institutional investor interest
- XRP/USDT hits 0.55 USDT – highest point since November 2018
- Altcoin season has arrived
XRP/USDT trend analysis: to the moon and beyond
As of 16:39 PM UTC, the rate is 0.53177 XRP/USDT. The ongoing trend can be clearly seen in recent Ripple news and indicates that XRP is indeed on a mission to the moon right now.
Bitcoin functioning as an inflation hedge – as quoted by XRP CEO Brad Garlinghouse above – provides XRP with a friendly rope to climb the market mountain. It might not be Everest, but with profits of up to 90 percent seen over two days by traders – the climb for XRP is steep, to say the least.
XRP/USDT 30-minute chart
The 30-minute chart above depicts November the 22nd, 21:00 PM UTC to November the 23rd, 16:30 PM UTC.
The support level is established at around 10:30 AM UTC – indicated by the pinkish semi-circle – and quickly ascends along the 23-degree trendline. This chart shows a steady bullish momentum at the time of creation – developing into a steep jump from 0.46 at 10:30 AM UTC to 0.55 at 14:30 PM UTC. The MACD 4C indicator helps support this statement with the bullish wave visual seeing dramatic development after 10:30 AM UTC.
The arrow in the BTC/USD chart below depicts a fairly quick fall in price during the same hours XRP/USDT rapidly increased. This shows an inverse relationship on the rise, developing between XRP and BTC values.
XRP/USDT: Is Alt season arriving?
As BTC long-traders begin to cash in on the $18,000 target – the same level hit back in 2018 – much of the BTC volume is being removed from the market. What does this stimulate? Altcoin growth and the instigation of Alt season. Market volume domination has been primarily wielded by Bitcoin for much of the year, as it steadily rises to extraordinary heights. As this volume is churned out for profit now by long-term traders, BTC prices will expect some stagnation towards early 2021.
While it might seem to be a bleak winter approaching for BTC prices, Altcoin prices across the market have skyrocketed as volume reallocates. This is to say that Altcoins such as Ripple, Ethereum, Litecoin, and even Cardano will see some spectacular movement in the days to come.
The image above clears up the speculation of where the market is headed.
XRP price sees a 94.25 percent leap in seven days, closely followed by ADA price seeing a 45.40 percent increase over the same period. These figures alone evince Alt season is here and that the volumes shown above will most certainly see some significant movement towards Christmas.
XRP/USDT: Spectacular highs beckon burnout
XRP/USDT rates are on the progressive rise, but as with many highs, what follows often is the crash.
Much like the Bitcoin crash of 2018, the immediate propulsion in XRP price – shown in the chart above- will most likely follow this same pattern by early 2021. As with the aphrodisiac-like reaction seen by the MACD 4C indicator, this stimulation in price will very likely fade just as fast as it rose.
As Altcoin prices continue to ascend, we will keep track and report daily on the situation as it unfolds.