Investors Hint at XRP’s Dominance Against Bitcoin Amid XRP’s Sudden Price Surge

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by Bhushan Akolkar · 3 min read
Investors Hint at XRP’s Dominance Against Bitcoin Amid XRP’s Sudden Price Surge
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Ripple’s XRP token has gained more than 10% in just the last three days which has caused traders to turn bullish on the XRP/BTC pair.

XRP token has been one of the poorest performers in the top ten cryptocurrencies in the market. XRP has shed more than 60% of its market cap year-to-date. However, XRP price’s sudden surge over the last few days has drawn investor attention back to the third-largest cryptocurrency.

If we look at the weekly chart of CoinMarketCap, we can see that XRP has jumped by over 10% in just the last three days. At press time, XRP is trading at $0.27 with a market cap of just above $12 billion.

Traders Expressing Contrarian View on XRP/BTC pair

The latest XRP movements have led many popular traders to turn a bullish stand on the cryptocurrency. Although the XRP/BTC seems to look bearish, popular trade The Crypto Dog says that XRP can be dominant against Bitcoin.

However, The Crypto Dog is not alone. Another popular Twitter handle Galaxy predicts XRP price gains anywhere between 170% to 4300%.

Popular technical analyst Peter Brandt showed that XRP is bottoming against Bitcoin.

Trader Luke Martin with over 200,000 followers also expressed his bullish stand on XRP. The analyst sees XRP/BTC going above 4000 satoshis.

So what is causing the XRP price surge all of a sudden? A series of positive news last weeks could be the probable reason behind this pullback. Last week, tech giant Samsung engaged in a partnership with one of the RippleNet members triggering the XRP north run.

Furthermore, Ripple CTO David Schwartz has also proposed the idea of having an XRP-based stablecoin. Another news is that the crypto payments platform BitPay will integrate XRP giving merchants and option to receive the XRP payments thereby improving its liquidity.

The recent price movement of XRP has made it the talk-of-the-town on Twitter. XRP is currently enjoying the most mentions on Twitter over any other cryptocurrency.

On Monday, October 7, Twitter account WhaleAlert also reported a massive flow of funds from Ripple’s funding wallet one of the wallets on Coinbase crypto exchange.

Although the massive Whale transfers are not a new thing in the industry, it highlights major activity for the cryptocurrency.

Ripple’s Strengthening Fundamentals

XRP has continued to be a poor performer this year, but its parent company Ripple is sealing some important partnerships. This could be one of the reasons boosting investor sentiment.

Earlier this year, Ripple announced its strategic partnership with payment service provider MoneyGram. During that time, Ripple CEO Brad Garlinghouse said:

“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.”

Also, Ripple’s major partner Banco Santander SA is looking for aggressive expansions in the global payments market.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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