Buy XRP, not Bitcoin, analyst suggests

2023-12-06 16:27:48

The JWK Show’s crypto analyst predicts XRP’s rise and anticipates short-term Bitcoin gains awaiting a possible ETF approval.

The analyst revealed he invested personally in XRP, trading around $0.62 at the time of his video. He said he “bought even more XRP” on Dec. 3rd based on specific technical analysis signals.

Based on the charts right now, we are expecting XRP to move up. We are expecting XRP to clear these highs at around the $0.71 mark. We’ll see if that plays out.

JWK Show

Beyond the analyst’s technical analysis, he believes broader gains in the crypto market, catalyzed by Bitcoin’s (BTC) rally, stand to benefit XRP. Furthermore, the analyst sees little potential in Bitcoin investments:

Bitcoin going up is great for the entire crypto market. It’s good for XRP. It’s good for ETH. It’s good for all coins and so on. But there’s not much gains for Bitcoin. Even if Bitcoin goes to, let’s say, $100,000 and you invested at $20,000, which barely anyone did, that is only a 5x in your investment. There is very little money to make in Bitcoin.

JWK Show

The analyst also noted recent data showing that the XRP-USD trading pair ranks as the 5th most popular in crypto, despite XRP sitting 8th among digital assets by market capitalization.

The analyst believes crypto adoption is accelerating quickly, especially in trading activity. He expects “a rapid acceleration in crypto adoption” in the years ahead, which could provide tailwinds for XRP alongside Bitcoin and the broader crypto space.

Esta página puede contener contenido de terceros, que se proporciona únicamente con fines informativos (sin garantías ni declaraciones) y no debe considerarse como un respaldo por parte de Gate a las opiniones expresadas ni como asesoramiento financiero o profesional. Consulte el Descargo de responsabilidad para obtener más detalles.