Crypto investor Alex Saunders predicts that after the sharp decline in XRP from its 2020 high of $ 0.79, a major rally is looming in the altcoin market.
In a new tweet, Saunders Highlights XRP’s nosedive to $ 0.46 doesn’t mean the altcoin season is over.
“Blood on the streets. Incredible. XRP has traced 61.8% of the monster move it had recently. I don’t think ALTS are dead. Not at all. We are in a bull market and I think we are going to see a big relief rally very, very soon. Old season. “
Traders rely on Fibonacci retracement levels to map areas where prices could potentially move higher after a correction. With XRP hitting the Fibonacci level of 61.8%, Saunders believes the third largest cryptocurrency and altcoins in general are poised to spark a big rally.
The investor also notes that XRP offers a solid trading opportunity Outline Key support of $ 0.45.
“In 2017 I refused to trade XRP because I hate the banks. I left money on the table and was stubborn. Now I’m open to swapping what looks best and enjoying converting profits into more ETH. “
When XRP pulled back from a monster move that saw Ripple’s original fortune jump from $ 0.30 to $ 0.79 in less than a week, crypto intelligence firm Santiment reported revealed that it remains the most debated topic in the crypto-verse.
“XRP is cooling down a bit after its awesome + 160% rally, but that hasn’t stopped it from continuing to be the # 1 crypto topic on Santimentfeed metrics.”
At the time of writing, XRP is trading at $ 0.55. according to CoinMarketCap.