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Date:
21st Dec 2020
Author:
CryptoAltum Research Team

Ripple (XRP) to Outperform Bitcoin Says the CEO of a Crypto Hedge Fund


Dan Morehead, the CEO of Pantera Capital, in a recent podcast said XRP and most “high beta” altcoins will likely outperform Bitcoin in the coming days. Over the weekend, the Bitcoin price rallied to over $24k before retracing to spot levels. Still, the CEO believes the market is in the early phase of an extended bull market that will see Bitcoin’s market dominance to fall.


Details: 

A rallying Bitcoin price often leads to suppressed altcoins. This is mostly because of Bitcoin’s market dominance and its perception as a store of value with lower beta than other digital assets. However, Bitcoin’s performance in the last couple of weeks has been nothing but stellar. For this, the hedge fund is placing their bets on Ethereum, XRP, and other altcoins expecting them to benefit from the cool off and rise several fold amid a consolidating BTC market. At the moment, several altcoins, including XRP—as per technical analysts, are on the verge of a breakout that may lift their prices above several resistance levels.


Impact on the XRP Price: 

Bullish. A retracement of BTC prices will benefit projects such as Ripple--whose native currency, XRP, is intertwined with its operations. Besides On-Demand Liquidity (ODL), Ripple is looking to expand into CBDC via the XRPL, a bullish development for XRP prices.


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