Source: Travis Wolfe
- Ripple’s XRP has been decoupling from the rest of the crypto market with strong network activity.
- Chainlink’s bear market resilience shows that LINK could be poised for a greater rally.
Ripple’s native cryptocurrency XRP has been on investors recently after some positive developments in its case against the U.S. Securities and Exchange Commission (SEC). While all other cryptocurrencies continue to remain stable XRP has rallied more than 16 percent over the last week.
As of press time, XRP is currently trading at $0.51 with a market cap of $25.6 billion. Amid the recent XRP price action, market traders have turned bullish about XRP. Popular crypto market analyst DonAlt stated that he would scoop up more XRP in case of a sell-off.
He stated: “If I get a breakdown on Bitcoin, the one coin that I want to be buying is XRP”. The trader added that he would be purchasing more of XRP in case it goes back to $0.38. However, there’s a “good chance” that he won’t get it. “I feel like, I’m just looking at this chart [and]this wants to go up,” he added.
Onchain data provider Santiment also mentioned that XRP has been largely decoupling from the rest of the crypto market. Also, the XRP network activity has touched a three-month high. It added:
XRPNetwork has jumped back over $0.52 on a mild decoupling from the rest of the #crypto back today. Yesterday’s network growth was the highest in three months, with over 2,773 $XRP new addresses created.
Ripple’s XRP has recently emerged as one of the top-performing altcoins in the market. Any positive development in its case with the SEC can boost the price going ahead.
Two other altcoins on Radar
Oracle service provider Chainlink has also been among the top picks of traders. Crypto trader DonAlt stated that Chainlink (LINK) has been on his radar due to its ability to outperform during the bear market. He said:
It’s a really interesting setup above $8. I think if we get this wipeout that I’ve been talking about it’s obviously not going to show this strength right now, but at some point it will. It’s been outperforming for a while now on the Bitcoin pair (LINK/BTC). So it’s an interesting chart for me to follow. It’s not necessarily something that I’m going to rush into buying after [a]wipeout, but it’s one of the ones that I’m looking at closest…
If you think back in 2018, 2019, 2020, we had LINK outperform the entire market. LINK was going up, and I think that’s a good narrative to follow and it’s been outperforming in the last few weeks… I think LINK could have another run.
Don Alt’s views are similar to that presented by another crypto analyst Michael Van de Poppe. Last week, Van de Poppe said that the LINK price between $6-$8 could be an opportunity of a lifetime. As of press time, Chainlink is trading at $7.45.
In addition to Chainlink, DonAlt is bullish over another altcoin which is the Ethereum Layer-1 competitor Solana. “I know there’s a bunch of bigger guys interested in Solana. So if they see a bottom forming in crypto as a whole, I think they’re going to jump into something like Solana first. So I want to be buying Solana if we wipeout, and then I’m going to sell that relatively quickly,” he said.
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