For the third or fourth day in a row, bulls have decisively taken control of the cryptocurrency market. Leading the pack wasn’t Bitcoin or Ethereum (ETH), it was XRP, the third-largest cryptocurrency by market capitalization and an asset that is either despised or loved.
As reported by NewsBTC previously, the Ripple-linked token surged on Monday, rallying as high as 12% and tapping $0.22 as buyers stepped in en-masse. For some perspective, Bitcoin gained a mere 6% on Monday, tapping $8,000 in an amazing surge higher.
While the momentum has paused for XRP, analysts are saying that the asset’s rally could be bullish for Ethereum and other major cryptocurrencies.
Ethereum Getting Ready to Jump Higher
Cryptocurrency trader Hsaka noted that XRP’s double-digit daily candle, something that “we haven’t seen in a long while,” is likely a sign that “other majors” (meaning other leading altcoins such as Ethereum and Litecoin) will soon see a similar trend of posting jaw-dropping gains in a single trading session.
$XRP flexing with a double digit daily candle, something we haven’t seen in a long while.
Question is, if this is an outlier, or an indication of what lies ahead of other majors.
My money’s on the latter. pic.twitter.com/uZyh76zvnM
— Hsaka (@HsakaTrades) January 6, 2020
That’s far from the end of it.
Below is a chart from prominent cryptocurrency trader Dave the Wave — an analyst who called Bitcoin’s decline to the $6,000s when BTC was trading above $10,000. It the chart, the pseudonymous trader is depicting that the aggregate market capitalization of all altcoins has bounced off a key logarithmic support, partially due to XRP’s strong uptick, and is thus poised to rally higher into 2020 and beyond.
Not to mention, the Relative Strength Index of this metric has formed a double bottom just as it did in a previous market cycle, implying a strong breakout to the…