Analysis News

Does Ripple (XRP) pushes up bitcoin (BTC)?

Despite the possible reversal of the trend, more and more analysts are moving from bear to bull team. They find more and more evidence for the growth of the Corn. One of them looks paradoxical – that the Corn growth because of XRP.

Chicken and Egg

This version resembles the problem – which came first, the chicken or the egg? Judging by the dynamics of the XRP, it clearly began to grow after the BTC took off in early April. But now, indeed, XRP is showing solid growth, while the Corn is almost a trend reversal.

Nevertheless, analysts are finding more and more evidence that BTC’s 2x is not an accident. They say “Bull season is now at 99%”. And this time extends up to 2022. The sequence of market cycles was drawn, in particular by the crypto trader Josh Rager.

It looks beautiful, and according to the picture it follows that the collapse is not expected before this high. Well, we appreciate the optimism, guys.

But skeptics still remain, they expect a collapse of at least one level – that is, up to $ 4,200. Such a prophecy was announced by vlogger Nicholas Merten (aka DataDash):

– I think there’s a very good chance that over a longer-term decline, we could still come back down to this line of support at $4,200

Influential Nouriel Roubini argues that behind the current “bitcoin bubble” is Bitfinex with its dark schemes along with Tether:

– Most likely Bitfinex leading another manipulative pumping of BTC via new Tether issuance.

And yet there is light at the end of the tunnel! Observing what impressive dynamics XRP began to show, analysts immediately found an explanation. It turned out that Coinbase, a popular cryptoexchange in the US, launched XRP trading for New York residents. XRP is trading in a pair with dollar, euro and bitcoin. In addition, XRP has been added to NowPayments platform. And in this regard, research firm FXC Intelligence once again conducted a comparison with its competitors – now not only with SWIFT, but also with JPM Coin.

Impressive. And we are always happy to see a new adaptation. But it is more like Bitcoin still remains a market driver, despite a temporary correction. And that’s what’s really plausible – that after the Bitcoin rally, as a rule, there comes the alts rally (altcoins to play catch up once Bitcoin’s surge cools off). In support of the Corn, a message from the Taiwanese manufacturer of premium smartphones HTC also appeared. The flagship model Exodus 1 is positioned this way: groundbreaking web 3.0 blockchain phone. It supports Bitcoin, Ethereum, Litecoin, several ERC20 and ERC-721 tokens. And you don’t even need to use exchange to swap tokens – the smartphone has a built-in wallet. Wow! This news undoubtedly pushed the Corn and alts simultaneously. It was first announced on Saturday, the first day of the Magical Crypto Conference in New York. At the prestigious Consensus Summit, which ends there today, HTC representatives also speak.

So it’s a bit early for a trend reversal.

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