After a strong start to the new year, XRP has sharply reversed its gains against Bitcoin (BTC).
On February 5th, Ripple CEO Brad Garlinghouse gave a shout-out to XRP’s gains relative to Bitcoin. At the time, XRP was significantly outperforming the leading cryptocurrency.
“XRP has outperformed BTC and the broader crypto market in 2020. XRP is up 44% (19.1 to 27.5) vs BTC’s 33% (7,100 to 9,500) so far this year.”
But amid a broader crypto market pullback, XRP is now up 7.77% year-to-date, compared to Bitcoin’s increase of 7.84% at time of publishing, according to the price tracker CoinCodex.
The move comes amid a broader loss of momentum for the altcoin market at large. At time of publishing, many altcoins are further in the red than BTC.
Ethereum (ETH) is down 10.72% at $205.84, XRP is down 10.52% at $0.2082, Bitcoin Cash (BCH) is down 14.79% at $273.70, Bitcoin SV (BSV) is down 13.74% at $199.07 and Litecoin is down 15.03% at $50.04.
However, a number of crypto assets in the top 15 coins by market cap continue to outperform Bitcoin in 2020. Year-to-date, Chainlink (LINK) is up 129%, Bitcoin SV (BSV) is up 108%, Tezos (XTZ) is up 90.12%, and Ethereum (ETH) is up 57%.
Amid the market carnage, analyst Josh Rager says he thinks Chainlink may plummet from its current price of $4.26 to below $3.00. As for Tezos, he expects it to drop from $2.54 to below the $2.00 mark.
When it comes to the king of crypto, Rager says he’s a buyer somewhere below $8,000.
“Lowered my bids for Bitcoin longs. Had low $8,000’s but canceled them for lower targets. The $7ks look to be coming and after selling some ETH at $270, will look to buy ETH lower along with BTC longs. Will also look to short any significant bounces right now…
I may not get $LINK under $3 yet but looks like $XTZ under $2 is coming.”
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