Recent price increases in the broader crypto market came from the latest XRP rally.
XRP has long been regarded as the only crypto asset other than Bitcoin (BTC) capable of determining the direction of the broader crypto market. This claim came up recently following the recent surge across the market. Notably, this rise came from XRP's latest solo rally.
โXRP is the only cryptocurrency other than $BTC that is actually moving the entire cryptocurrency market.โ Dirk Schepens claimed in a tweet on Friday. Schepens, popularly known as XPunkDS, founded xSPECTAR, a community-driven NFT-based partnership on the XRP Ledger.
$XRP is the only cryptocurrency apart from $BTC which is actually moving the entire crypto market.
-DS (@XPunkDS) March 31, 2023
Schepens' latest tweet relegates Ethereum (ETH) to the background. Reactions have followed the statement, with some advocates indicating they agree with the claim, given the new market realities.
In particular, XRP defended the last rise in the market on March 28. Following charges brought against Binance by the US CFTC, the broader crypto market crashed, but XRP held its ground. The asset rallied on March 28, while most assets posted losses. XRP too advancement BTC in volume on the four major exchanges in Korea.
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The asset held its rally for a few days before the broader crypto market joined in. This prompted claims that it contributed to the uptrend in the market. However, XRP has started shedding some of its gains, with a fall of 5.61% in the last 24 hours, but this has not affected investor confidence.
XRP at $20: Analyst Makes a Case
Crypto analyst Bobby A recently predicted that XRP would follow the same price movements that Terra (LUNA) did when it peaked at $20.9 in 2021. LUNA rose from $0.51 on Dec 26, 2020 to $6 on Feb 10, 2020. 2021, marking an increase of 1,076% in 44 days. The asset rallied another 248% in 41 days to a high of $20.9 on March 21, 2021.
#xrp this is how it will go down. And how quickly it will happen. Remember what I tell you. pic.twitter.com/UWwPtpXIvn
โBobby A (@Bobby_5326) March 29, 2023
According to Bobby A, XRP will register the same pattern of movements. If this comes to fruition, XRP could be targeting the $20 price level in June of this year. However, this is only an analysis of asset price action and should not serve as investment advice. XRP is trading at $0.5056, up 14.25% from last week.
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