Trader: Bitcoin Bull Run Could “Force XRP Army To Surrender,” Admit Defeat

Tony "The Bull" Severino

1 year ago

3 mins read

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This week, Bitcoin shocked the world with a push beyond $15,000 and nearly hitting $16,000. At the time, altcoins bled out, but few more so than XRP.

One crypto trader has shared a nasty looking long-term chart for Ripple, and believes that Bitcoin’s rally could finally force the “XRP army” to surrender and “admit defeat.” Here’s how such a scenario plays out and how a reversal in Ripple may unfold.

Bitcoin’s Rally Ripple-Effect Crushes Top Altcoins

The leading cryptocurrency by market cap this week after taking out last year’s high at $13,800, rocketed another $2500 and nearly 20% higher to $15,900.

Bitcoin FOMO is back, and it has caused crypto investors to dump altcoins en masse to fund whatever BTC buying they can. Top altcoins dropped across the board and some even fell to new lows against BTC.

XRP, an altcoin that has suffered worse than most throughout the last three years since its previous peak, has just been absolutely decimated on the BTC trading pair.

The fourth-ranked cryptocurrency has set five significant high-timeframe lower lows since the bear market began. Bitcoin is now in a bull market, according to community consensus and the confirmed higher low and higher high.

XRP, however, is still in a downtrend on the BTC pair. And according to a well known crypto trader, it could be enough to finally get the army of Ripple supporters to capitulate.

Will the Ripple army finally wave the white flag and capitulate as Bitcoin blasts off? | Source: XRPBTC on TradingView.com

Will The XRP Army Surrender To The Ongoing BTC Rally?

Luke Martin, trader, and host of the VentureCoinist podcast believes that the Bitcoin bull run that’s begun recently, to “finally force the XRP army to surrender and admit defeat.”

The comment shared along with the chart above, showing XRP falling to what is essentially the only remaining support level left. If the altcoin drops any further, it could cause waves of Ripple supporters to finally wave the white flag.

However, that capitulation could also be what finally causes Ripple to roar once again. In Martin’s chart, a strong piercing of the lower support resulted in an elastic band-like effect that sent XRP to its all-time high against BTC.

As Martin says, the XRP army could finally admit defeat during the early onset of Bitcoin’s bull run, however, that selloff could be the final drop before Ripple’s bull run starts, and like the last time, what began as a trickle, soon turned into a waterfall of record-shattering ROI.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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