XRP Price Flips Green, Shows Signs of Decoupling From Broader Altcoin Market
Highlights
- XRP bulls have sent the XRP price back above $0.51.
- XRP is decoupling itself from other altcoins.
- Investor FOMO could set in once the XRP price crosses $2, says one legal expert.
XRP bulls have taken over after the price became eerily close to dipping back below the $0.50 level. In a matter of minutes, XRP shot up over 2% to back above the $0.51 area on solid volume of $2.2 billion.
Most of the trading is unfolding on Binance and KuCoin in the XRP/USDT and XRP/BUSD pairs. Over the past week, XRP has rallied 12% to as high as $0.52.
It’s been a wrestling match between the XRP bulls and bears lately, one that could continue at least until Ripple’s fate in the SEC lawsuit is certain.
XRP is showing signs of decoupling from other altcoins in the crypto market, according to Santiment. The market intelligence firm points out that in the past couple of days, the XRP price has experienced over a 4% decoupling between itself and the rest of the altcoin market. This is a similar trend that emerged earlier this year when XRP was trading independently from bitcoin.
😮 #XRPNetwork has now had its 2nd & 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between $XRP & the #altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more. https://t.co/601m4SYUOy pic.twitter.com/AF8k4qtPQv
— Santiment (@santimentfeed) May 30, 2023
XRP and FOMO
John Deaton, founder of CryptoLaw, believes the SEC needs to be held accountable for the harm it’s done in the cryptocurrency industry, particularly in its handling of the Ripple case. He predicts that a wave of FOMO is going to kick in among investors once the XRP price crosses the $2 threshold.
#XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2.
— John E Deaton (@JohnEDeaton1) May 29, 2023
Bitcoin Bears
Meanwhile, bitcoin is grappling with the $27,000 area as it loses the recent upward momentum it had captured. The leading cryptocurrency is on track for an 8% decline in the month of May in what’s shaping up to be its worst monthly performance since November at the time of the FTX collapse.
Bitcoin has trimmed its gains for the year from more than 80% when it reclaimed the $31,000 to around 60% since it fell to the $27,000 area. Bitcoin has been unable to escape the uncertainty that has been weighing on the economy and the broader financial markets.
