Even though Bitcoin remains rather bearish at this time, some other top markets note very strong momentum right now. The XRP price is an interesting example in this regard. It is the only top three market in the green right now, primarily because of a healthy increase where the XRP/BTC ratio is concerned. This momentum will please a lot of holders and traders, albeit its longevity remains rather uncertain, for the time being.
XRP Price Forms a Sudden Uptrend
It is not entirely abnormal to see XRP perform rather well when Bitcoin comes under a fair bit of pressure. Over the past two years or so, the price chart of XRP and BTC seemed inversely correlated, albeit they do tend to follow similar patterns every now and then as well. Today proves how these markets can head in opposite directions at a crucial time. XRP is moving up swiftly across the board, whereas Bitcoin is somewhat struggling for momentum as of right now.
To put this in perspective, the XRP price has gained 4.8% to rise to $0.363051. The bigger story is how there is a net 6.52% gain in XRP/BTC, which brings that ratio back to 7,324 Satoshi. It has been a while since XRP rose above 7,300 Satoshi, as this ratio has been subjected to an ongoing downtrend for several weeks now. Why the situation is suddenly turning around, remains a bit unclear. Traders and holders will not complain, though, as it is the bullish sign they have been looking for.
On social media, there is always at least one rumor which will trigger a lot of attention. Bull Run Wonka claims XRP will become the official currency of Venezuela. There is no evidence to back up these claims, nor is there any real reason to expect any evidence to materialize. Venezuela has its own cryptocurrency and it would be rather odd to see XRP make any meaningful impact in this country moving forward.
So #XRP becomes the official currency of Venezuela 🇻🇪
— 🔥Bull Run Wonka🔥 (@WillyWonkaXRP) April 5, 2019
David Clough is trying to make sense of this current trend. That is very difficult to achieve, as it seems this uptrend has materialized seemingly out of the blue. While it is possible a minor bull run is taking shape, it will primarily depend on how dire things get where Bitcoin is concerned. For the time being, traders need to take the gains when they materialize and remain patient when the momentum shifts again.
Another jump in the price in just 30 minutes !! another Mini-run? #XRP
— David Clough (@David_Cloughy) April 5, 2019
Dutch xrPal is seemingly one of the least patient XRP holders and traders on Twitter today. It is certainly true XRP has tried to break an upside resistance level three times and failed miserably every single time. With a fourth attempt now being launched the coming weekend may prove to be rather interesting where this market is concerned. However, making any accurate predictions at this time is pretty much impossible.
— Dutch xrPal (@Dutch_XRP) April 5, 2019
While the current XRP momentum may get some people excited first and foremost, it remains unclear how long this market can buck Bitcoin’s negative trend. The gains in XRP/BTC are very promising in that regard, although it seems unlikely the $0.37 level will be reached in the very near future. Even so, it seems this market is in rather good shape, which may come as a surprise to plenty of enthusiasts and traders.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.