When will XRP and Litecoin take off? | Bitcoin magazine
The crypto market has been in a state of stagnation for a few days. No cryptocurrency, neither bitcoin nor altcoin, has seen a major rally so far. In fact, this can be clearly demonstrated by the falling market capitalization. Currently, its total market cap is down 4.07% in 24 hours and stands at $ 1.375 billion.
Total market capitalization for cryptocurrencies | Source: Tradingview
However, here’s what to expect from two of the largest and most famous altcoins out there – Litecoin (LTC) and XRP.
XRP price has not seen a major rally in the past 10 days. However, the short-term deadline has been extended. This altcoin, for example, quickly rebounded on its own after entering the $ 0.52 area on June 23. As can be seen from the graph below, the price of XRP is also making higher highs and lows.
It should also be noted that the XRP price has been rising for most of the time after a higher low. If buyers keep buying at this point, the rally of XRP will likely come sooner than expected.
In fact, XRP was one of the worst altcoins on the market in 2017. However, within 30 days of Bitcoin’s $ 20,000 high, XRP has grown more than tenfold, bringing its total profit over its cycle to 62.947%. Renowned analyst CredibleCrypto claims that XRP’s bull run is still intact:
“Don’t dictate its fate just because it got off to a slow start.”
However, in the short term, the $ 0.50 area has acted as strong support in the recent past and break below that level appears unlikely at this point.
The LTC price has plummeted in the past few weeks. It posted an ATH in May when it topped the $ 410 mark. Note, however, that the decline has been sharp and LTC has been trading in the $ 100 area for several days.
In the last 24 hours alone, the price of LTC has fallen by more than 4%. Amid the ongoing decline, analysts and traders have now begun to claim that the LTC bull cycle is over. Stories like “LTC is dead” and “LTC is on the way to the cemetery” are causing a stir on social media.
The lack of price promotions following Charlie Lee’s announcement of a “game-changing update” and David Burkett’s MW update added fuel to that devastating fire.
However, CredibleCrypto has untangled the above confusing claims and reiterated its bullish stance on LTC. According to him, LTC is well on its way to doing the opposite of what the community expects.
Well, as the attached graph shows, LTC even saw a similar decline in 2017. It is noteworthy that shortly afterwards it resumed its upward momentum.
“I really think we’re going to see something similar to 2017 on the left … I still think that LTC will reach a new ATH soon.”
According to AMBCrypto