Is it possible for XRP to follow in Ethereum’s footsteps?
The year 2021 was very favorable for Ethereum. With significant market dominance, the largest altcoin has witnessed an exponential increase in volumes traded in recent months.
While the price of alt appeared to be consolidating at the $ 3.3k mark, the $ 10k buzz has been circulating for some time now, especially in crypto-Twitter.
Source: Glassnode
As indicated in the graph above, the number of profitable ETH addresses reached a new historical record recently. Institutional investors could potentially bring ETH’s recovery to $ 10,000. Since the beginning of 2021, the Ethereum market has seen a new injection of funds. As Ki-Young Ju, CEO of CryptoQuant, recently pointed out, US institutional investors were buying ETH in bulk at Coinbase.
Fundstrat, an independent research firm, said the entire crypto-economy was on its way to reaching the $ 5 trillion mark.
Source: Funndstrat
His latest report stated:
“Ethereum’s market capitalization has increased to 30% of that of Bitcoin in recent weeks. During the last market cycle, Ethereum broke that level and reached 80% of Bitcoin’s value. ”
Source: Fundstrat
Citing the rise in Bitcoin price as a precedent, the popular analyst ‘Credible Crypto’Accessed Twitter to declare:
“Do you remember that time when BTC broke 20k and then flew to 60k in a matter of weeks? Well, now ETH wants to play at following the leader. 3k is just the beginning. ”
In the case of XRP, the analyst stated that the digital asset would mirror the steps of Ethereum.
He also went on to reaffirm that if the XRP remade, he would buy the dive. He stated:
“Almost 60% above where my bids were previously filled in the“ ideal bid ”region. Now entering the supply of H4. Catching some profits here and I will reload if we have a drop in the $ XRP. ”
Source: AMBCrypto
