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Over the past few weeks, Bitcoin, not Ethereum or XRP, has been the focus of many crypto traders. But, two top analysts believe that the third-largest cryptocurrency, XRP, could soon gain strength against the market leader, citing simple technical factors that suggest upside is imminent.
XRP To Outpace Bitcoin?
On March 31st, Luke Martin, a prominent crypto trader featured on CNN, recently posted the below chart, showing that he expects for XRP to appreciate strongly against Bitcoin in the coming weeks.
While his comment attached to the chart was nebulous, his chart showed XRP rebounding strongly off the lower level of a long-term range against BTC, boding well for the bullish narrative.
I don't know how, and I don't know why, but this is what I expect for $XRPBTC pic.twitter.com/6hkUj0aGq8
— Luke Martin (@VentureCoinist) March 31, 2020
Michael Van De Poppe, a trader at the Amsterdam Stock Exchange and contributor to CoinTelegraph, echoed this sentiment in a recent analysis, posting the below chart that shows XRP/BTC has held a key level of support as Martin indicated.
Per previous reports from NewsBTC, Van De Poppe suggested that the defense of the 2,600 satoshis level could lead to a 20% rally over the coming month, which will likely pause at the overhead resistance around 3,100 satoshis.
Related Reading: Crypto Tidbits: Bitcoin Holds $6,000s, Federal Reserve To Do “QE Infinity,” U.S. Digital Dollar Proposed
Don’t Bet On It
While the trader is eyeing such a rally, some aren’t too sure that altcoins will outperform the market leader moving forward.
Per previous reports from NewsBTC, in “Crypto In This Crisis: Pantera Blockchain Letter, March 2020,” Dan Morehead and Joey Krug of blockchain-centric fund Pantera Capital explained that Bitcoin will “probably out-perform other tokens for a while,” explaining that it is one of the crypto projects that are entrenched and doesn’t rely on funding per se:
It’s a project that’s already built, it works, it has an 11-year track record. Many newer blockchain and smart contract projects are still in development and might be stressed to raise funding to complete their development.
They further explained that “there’s typically a flight-to-quality” or flight to safety “where people want to put money in the mega-caps, the safest asset, “the Treasuries” of the industry.” In the case of crypto assets, Bitcoin is a Treasury bond, as it is much more liquid than the rest.
Related Reading: Top Investors Think Bitcoin Can Breach $20,000 In Coming 12 Months: Here’s Why
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