According to a tweet from prominent crypto analyst @BCBacker, who has 280,600 followers, the XRP currency is now outperforming the rest of the altcoin market.
In comparison to the whole altcoin market, XRP has outperformed the 200-week moving average. Ironically, a @BCBacker analyst tweeted that XRP is being used to evaluate the crypto market rather than U.S. dollars.
Despite the aforementioned news, he continued, “XRP is currently in a pullback that has been lasting a week so far and may last longer.”
Since Aug. 9, XRP’s price has dropped 9.13%, and it is currently trading at $0.59945.
Today, XRP’s price experienced yet another decline, falling by more over 4% and hitting the predetermined amount.
Another tweet claims that the analyst’s top holding, XRP, is now worth more than either ETH or BTC.
Regarding the two most popular cryptocurrencies, @BCBacker stated that they are more optimistic about Ethereum than Bitcoin. “I can see a potential path forward with ETH, as opposed to with BTC,” he said. So, if there is any, it probably won’t be nearly as much as BTC.
After the SEC’s legal battle against Ripple partially failed, the price of XRP recently increased. Programmatic sales and sales to regular investors on exchanges are not considered to be securities, according to Judge Analisa Torres’ ruling. The judge did note that the company’s sales of XRP to institutional investors constituted security sales, though. Even though the SEC has now appealed this decision, Ripple Labs still views it as a significant triumph.
