With recent declining trend in the general crypto space. It is important to take into account the potential emergence of Bull Traps. We can see one occurring currently now with a 13% sharp drop to XRP, 14% in LTC and ~4 to 5% dancing 2 hr short candles for DOGE, BTC and UNI. Impulsive traders may see the current moment as a good idea to go Long by banking in on a potential reversal. But let me explain fundamentally why this is potentially not a good idea.
With the recent outpouring of good news from the XRP side of things (recent and YTD): The relist on major exchanges, the partnership with several banks of albeit non-major countries and corporations, as well as the successful yet partial victory of its court case against the SEC; we have yet to see its impact across the wider crypto space. The legal clarity of XRP itself did not provide a significant bullish sentiment towards Bitcoin which it is still dependent upon as an market indicator. Bitcoin still remains the invisible tether that virtually pegs other altcoins to it.
Unless XRP itself can shift and sail away Bitcoin. We will still be depending on Bitcoin's bullish outlook for XRP increase in value. Until then, we await Grayscale's Lawsuit with the SEC regarding Grayscale's BITCOIN ETF venture that will presumably finished this week. Or the next, who knows.
With the recent outpouring of good news from the XRP side of things (recent and YTD): The relist on major exchanges, the partnership with several banks of albeit non-major countries and corporations, as well as the successful yet partial victory of its court case against the SEC; we have yet to see its impact across the wider crypto space. The legal clarity of XRP itself did not provide a significant bullish sentiment towards Bitcoin which it is still dependent upon as an market indicator. Bitcoin still remains the invisible tether that virtually pegs other altcoins to it.
Unless XRP itself can shift and sail away Bitcoin. We will still be depending on Bitcoin's bullish outlook for XRP increase in value. Until then, we await Grayscale's Lawsuit with the SEC regarding Grayscale's BITCOIN ETF venture that will presumably finished this week. Or the next, who knows.