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

Crypto investor Alex Saunders is predicting that a big relief rally in the altcoin market is on the horizon after XRP’s sharp decline from the 2020 high of $0.79.

In a new tweet, Saunders highlights that XRP’s nosedive to $0.46 does not indicate that the altcoin season is over.

“Blood in the streets. Incredible. XRP has retraced 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 will see a huge relief rally very, very, soon. Altseason.”

Source: Alex Saunders/ Twitter

Traders rely on Fibonacci retracement levels to map out areas where prices could potentially move higher after a correction. With XRP hitting the 61.8% Fibonacci level, Saunders believes that the third-largest cryptocurrency and altcoins, in general, are poised to ignite a big bounce.

The investor also notes that XRP offers a solid trading opportunity as he outlines key support of $0.45.

“In 2017, I refused to trade XRP because of my hate for the banks. I left money on the table and was stubborn. Now I keep an open mind, trade what looks best, enjoy turning profits into more ETH.”

Source: Alex Saunders/Twitter

As XRP pulls back from a monster move that saw Ripple’s native asset surge from $0.30 to $0.79 in less than a week, crypto intelligence firm Santiment reveals that it remains the most discussed topic in the cryptoverse.

“XRP is somewhat cooling off after its fantastic +160% rally, but that hasn’t slowed it down from continuing to be the #1 crypto topic, according to Santimentfeed metrics.”

Source: Santiment

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

READ  Pantera Capital CEO says bitcoin adoption is changing the crypto narrative - The Block Crypto

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Follow Us on Twitter Facebook Telegram



Please enter your comment!
Please enter your name here