XRP has the potential to start something of a mini alt season within the next few weeks as BTC enters a period of accumulation, potentially leading to the kind of gains not seen for years with a select few coins. Where XRP leads select other alts could follow, as gains trickle down to other coins in a move that could spark a larger alts move and a drop in Bitcoin dominance.
A Swell Reason to Jump
XRP is driven mainly by a combination of fundamentals and history, with November’s Swell conference three weeks away, an event that has historically led to a huge rise in the token price in expectation of huge announcements. 2017’s conference saw a 115% increase in advance of the event, while last year saw a more than 200% jump. The other side of the event can also be a profitable time – the past two years have seen a 47% average price drop as people sell the news. October has already seen a 26% rise in the token price, and given the solid history of XRP’s action around the Swell conference it would take a brave man to bet against the same happening again.
$XRP run the shit!
– FA (Swell 2019).. check!
– SMA/EMA 1D cross.. check!
– long-term s/r about to break and hold.. soon check!
– Good R:R for “buy the rumour, sell the news”.. check!
and so on. pic.twitter.com/ZfEDahy8n1
— Rafty (@donrafty) October 15, 2019
LINK Could Follow XRP…Unless BTC Says Otherwise
LINK is one of a number of promising alts that have the potential to make big gains. Despite its recent rises, LINK has the chance for more upside, although a retest of the moving averages is probably necessary before it does so. The 25- and 99-day moving averages converge around the $2.17 mark, making this a potential nice entry if it acts as support. There is still plenty of support around this project, and we have already seen how the coin moves when it has momentum. Of course, these moves are dependent upon BTC, which is looking unpredictable at the moment, although the fact that its recent big moves haven’t resulted in much movement in alt coins, which is suggestive that they are gaining strength, meaning that waiting for lower entries could end up being a fool’s errand.