XRP Outpaces Other Altcoins, But Faces Pullback After Rally
Prominent crypto analyst @BCBacker made waves this week with a tweet to his 280k+ followers highlighting XRP’s recent outperformance against other altcoins. He jokingly stated that the crypto market seems to now be measured in XRP instead of USD.
XRP has surged past its 200-week moving average compared to the broader altcoin market. However, @BCBacker pointed out the token is now facing a pullback after its stellar rally, having declined over 9% since August 9th.
On Thursday, XRP dropped over 4% to around $0.60 amidst the ongoing multi-week retracement. Despite the current decline, the analyst revealed he holds more XRP than either Bitcoin or Ethereum now, making it his top holding.
BCBacker remains more optimistic about Ethereum than Bitcoin in the long run. As he put it, he sees more potential upside for ETH rather than BTC at this point.
XRP’s robust performance comes on the heels of a legal victory for Ripple Labs against the SEC. A judge ruled Ripple’s XRP sales to retail investors were not securities. However, sales to institutions were deemed securities.
While the SEC plans to appeal, Ripple still considers this a major win. The legal clarity has likely boosted XRP’s price, though it’s now consolidating those gains after the parabolic move up.
In summary, XRP has left other altcoins in the dust lately, but is taking a breather after its epic rally. Major analysts like @BCBacker remain bullish on XRP outpacing Bitcoin and Ethereum moving forward. However, investors should expect some continued near-term volatility as the cryptocurrency consolidates.
