Talking about ATH for a utility token: it's frankly not very logical! So Peter Brandt would have been right to say that the SEC should declare Ripple (XRP) as a security and not a utility? Ripple's CTO had tried to address the lack of adoption of the project. A Ripple that eclipsed Bitcoin (BTC) for a weekend must have put a smile back on his face.
Ripple: the star of the weekend
Ripple is the crypto star of the weekend of November 21, 2020, with a 50% increase during the past week and a new annual ATH - Ripple recorded a daily increase of more than 20% during the week.
Bitcoin remains in the spotlight as it continues its journey towards the $20,000 mark. Other Altcoins such as Ether (ETH) and Litecoin (LTC) followed the same trend.
ETH has just surpassed 500 USD and LTC has increased by 40%. The graphs show that the USD 0.30 threshold was a resistance for Ripple throughout the year.
A new support zone could potentially be established at this level with a new price range and a trend that could finally be reversed for the first time in 3 years.
Altcoins suspended at the price of Bitcoin
Historical data indicates that Q4 is generally unfavorable for Altcoin as Bitcoin's dominance in the cryptos markets continues to increase.
Bitcoin is trading at $18,357 USD at the time of writing. It has attacked twice without success the 19,000 USD, a last line to cross before the 20,000 USD.
However, a correction in the price of Bitcoin could lead to the fall of the Altcoins, raising Bitcoin's dominance above 67%.
If the fluctuations in the price of BTC follow historical trends, a new altseason could occur during the first quarter of 2021.
The BTC/XRP pair is showing clear signs of a potential reversal: the pair is currently testing the previous support zone as a resistance zone. If rejected, a support/resistance reversal would be bearish.
Bitcoin and Altcoins appear to be benefiting from November 2020. Will a BTC above $20,000 boost the price of Altcoins such as Ether and Ripple? The BTC always seems to have a negative correlation with the dollar. It would be a pity if the dean of cryptos systematically overshadowed her younger colleagues.
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