Crypto Strategist Says Huge Altcoin Relief Rally Coming After XRP’s Massive Drop From Yearly Highs

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. “

Crypto Strategist Says Huge Altcoin Relief Rally Coming After XRP's Massive Drop From Yearly Highs
Source: Alex Saunders / Twitter

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. “

Crypto Strategist Says Huge Altcoin Relief Rally Coming After XRP's Massive Drop From Yearly Highs
Source: Alex Saunders / Twitter

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.”

Crypto Strategist Says Huge Altcoin Relief Rally Coming After XRP's Massive Drop From Yearly Highs
Source: Santiment

At the time of writing, XRP is trading at $ 0.55. according to CoinMarketCap.