XRP is currently suffering even as Bitcoin is trading well above its former record level. The reason for the altcoinThe fight is due to the SEC stores the currency’s parent company and are top executives with a lawsuit.
The crypto community has been quick to blame for laughter, despite its dangerous implications for the larger industry. Others are calling for the token to collapse to near zero, but one trader says XRP will one day rise again regardless of the situation with the SEC. This is why.
XRP can recover with Next Altcoin Season, trader’s claims
Bitcoin is trading at over $ 28,000 as 2020 draws to a close. Crypto investors have been drooling for a long time, not only over the top-ranked assets by market cap to hit a new record ever, but also for the “alt season” expected to arrive shortly thereafter.
During the last market cycle, as soon as Bitcoin’s bull market was confirmed with a new high above its 2013 peak, altcoins skyrocketed in value.
Bitcoin took center stage again when the asset went completely parabolic, making headlines in the mainstream media in 2017. Again the active peaked, and the altcoin season that came right after was what legends are made of. Ethereum soared to over $ 1,400 and XRP to over $ 3 per token.
Then even “abandoned coins” exploded by 100,000% in weeks, including projects with no working product, no teams, no social footprint, or worse. Even outright scams like Bitconnect rose in price when stupid money poured in.
The SEC lawsuit has not been friendly to XRP | XRPUSD on TradingView.com
This time around, stupid money has yet to pour in and the capital that comes in is institutional money focused solely on Bitcoin. Altcoins except maybe Ethereum and DeFi tokens have basically been ignored.
Related reading | Bitcoin Dominance Doji: Why 2021 Could Be Doom for Altcoins
For now, Bitcoin dominance could be a signal that altcoins in general are doomed, so there’s a chance that the altcoin season this trader is asking for never actually arrives, causing XRP and others to die a slow death in the wake of Bitcoin’s next bull run.
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