As you know, the market for the most liquid altcoins traditionally follows the price of Bitcoin and this factor can definitely not be excluded. But this time something went wrong, CoinMarketCap data, in particular, testifies to this.
Today on October 7, the price of the first cryptocurrency fell below the $8000 mark again, pulling the rest of the market with it. Only the XRP token went up against the general trend, which grew by 5.6%.
Bitcoin, on the contrary, demonstrates a decline, and most of the altcoins followed this activity. Another record holder who did not display the movement of the first cryptocurrency was Chainlink. Its figure has grown by more than 10%. Both record-holders, Ripple and Chainlink, show further growth.
At the same time, the sharp increase in the XRP price attracts special attention.
Perhaps this is the way of the coin to new heights. As a user of Twitter under the nickname @ElectroneumBoy noted the “XRP closed the week with a fourth green candle against Bitcoin”. In addition, the price of XRP will be able to rise over $7. He displayed this movement graphically:
XRP Prospects 2019-2020
Let’s talk about whether or not to invest in this cryptocurrency, what are the forecasts for its development, what should be expected in the medium term. As we can see, it experienced several periods of rise and fall.
Note that during the last rally, the XRP’s rate was more than $ 3.5. Then the holders of the coin were embraced by a panic purchase. And now this situation can be repeated again. If you investigate the history, you can see that the first major pump of XRP token was already six months after listing on cryptocurrency exchanges.
Against the background of news about the conclusion of partnership agreements with several large banks, the price rose more than 10 times: from $0.005 at the start of sales to $0.06 at the end of December 2014.
The next phase came in the spring of 2017, then in just a month, XRP grew from $0,03 to $0,42. The last pump was observed in December 2017 – early January 2018, then the price rose from $0,23 to a new ATH of $ 3.6.
Thus, we can conclude that the long-term investment in Ripple is promising because according to the chart, it is defensible that sooner or later there will be multiple increases in the value of this crypto.
Other Currencies Are In Red
According to Diar, Ethereum quotes continue to be pressured by massive sales of ICO startups that still have 2.2 million ETH at their disposal.
The price of the LEO token from the Bitfinex exchange first crossed the $ 1 mark and is trading under it.
The cryptocurrency market cap is $ 213 billion. Trading volume at Bakkt is 16 BTC, at CME – $ 69.3 million.
Contracts traded so far today: 16 BTC
Last traded price: $7,845.00
— Bakkt Volume Bot (@BakktBot) October 7, 2019
Recall, the researchers found out how the emission of USDT affects the price of Bitcoin.
Tether expects the company will be sued with charges of market manipulation. It will allegedly be based on an unpublished and unexplored community study.