XRP Is Not ‘As Hot As’ Bitcoin Right Now: Three Reasons Why

The epic surge for Bitcoin meant a lot of new things – especially after the dominant cryptocurrency hit a new milestone in the daily cryptocurrency news. However, the Bitcoin news were only exciting for BTC – and not every altcoin was triggered in the same way as BTC. XRP is not “as hot” as Bitcoin right now and analysts think that Ripple’s token may be a true loser right now.

The reason for that is simple. Ripple’s XRP token is barely trading water while most of its peers are enjoying new and meteoric gains. At $0.2965, XRP is up by 1.52% on the day and trading with a $12.82 billion market cap. Even though the gains were positive yesterday as well, Ripple’s token is still far from a rise that would propel it to a new high.

Moreover, the Ripple news show that XRP did not manage to sustain the $0.3000 level and by trading in the $0.2900 region, it proves that it is an altcoin that may fall very soon. It has been quite a while since cryptocurrencies posted tremendous gains.

There are three main reasons why Ripple’s token is not “as hot as Bitcoin” according to analysts. They include the following:

1. XRP is struggling as it faces key resistance area – According to Peter Brandt who is the most followed crypto trader on Twitter, XRP would bottom out once it moves above resistance at $0.3038. This may soon catapult the XRP token to new highs of at least $0.4691.

Pending a close above .3038 the diamond bottom will be completed with an initial target of .4691 $XRP pic.twitter.com/zQdus7xtp6

— The Factor Report (@PeterLBrandt) October 25, 2019

2.Ripple may be forming a reversal structure – The second reason for the lack of strength may be the fact that Ripple saw bulls tapping resistance of $0.30 on three occasions. This may indicate that resistance is crumbling and prompting Brandt’s optimistic forecast.

3.XRP is converting the downtrend line into support – XRP is not ready to rise soon, but is definitely converting the downtrend line into support. Last week, Ripple’s token managed to take out the downtrend line of the channel when it breached resistance of $0.28. This enabled the token to rally to as high as $0.3153 on Oct. 26.

Bottom pickers who bought XRP below $0.24 may be confident right now and use this rally to take out some profits. However, the common fact is that XRP lacking strength in the near term.