Back in April, the crypto winter ended and many cryptos saw a positive price increase. The surge was mainly driven by Bitcoin, and as a market leader, the top coin has always affected the larger market. Over the following months, the crypto market appeared to flourish, and many people had great hopes for 2019. However, while others seem to record a positive increase for the year, XRP didn’t look good.
Fast-forward to November 24th when things got a bit weird again. Bitcoin saw a plunge down to the lows of under $7,000, and many other cryptos experienced turmoil too. XRP is now down to the $0.22 range, a price point that hasn’t been reached in two years.
The Bitcoin Situation
According to a tweet by one crypto aficionado and trader, Harry, Bitcoin is bound to drop further down to around $5k, with many short-selling points in-between, with the eventual target at $4,800 price.
Harry’s argument seems to be in support of a few other crypto investors and traders like Peter Brandt who opines that Bitcoin needs to go lower in order to mount a more robust bullish move to reclaim $10k and possibly reach $50k. Given Bitcoin’s massive influence, its fall or rise will very likely affect XRP.
Buyers Market?
In the crypto market, buying the dip has always been a valid move and that begs the question of whether the current downtrend could really be a good buying opportunity for long-term investors. In Harry’s theory, people who missed the chance to join the XRP bandwagon at the $0.33 range are now looking to enter at the $0.16 – $0.20 price levels.
From a critical point of view, the current dip could present the best buying opportunity for the year, especially considering that Bitcoin is headed for a market-shifting block reward halving in May 2020, an event expected to see the crypto’s value soaring.
