Crypto investor Alex Saunders is predicting that a big relief rally in the altcoin market is on the horizon after XRP’s sharp decline from the 2020 high of $0.79.
In a new tweet, Saunders highlights that XRP’s nosedive to $0.46 does not indicate that the altcoin season is over.
“Blood in the streets. Incredible. XRP has retraced 61.8% of the monster move it had recently. I don’t think ALTS are dead. Not at all. We are in a bull market and I think we will see a huge relief rally very, very, soon. Altseason.”
Traders rely on Fibonacci retracement levels to map out areas where prices could potentially move higher after a correction. With XRP hitting the 61.8% Fibonacci level, Saunders believes that the third-largest cryptocurrency and altcoins, in general, are poised to ignite a big bounce.
The investor also notes that XRP offers a solid trading opportunity as he outlines key support of $0.45.
“In 2017, I refused to trade XRP because of my hate for the banks. I left money on the table and was stubborn. Now I keep an open mind, trade what looks best, enjoy turning profits into more ETH.”
As XRP pulls back from a monster move that saw Ripple’s native asset surge from $0.30 to $0.79 in less than a week, crypto intelligence firm Santiment reveals that it remains the most discussed topic in the cryptoverse.
“XRP is somewhat cooling off after its fantastic +160% rally, but that hasn’t slowed it down from continuing to be the #1 crypto topic, according to Santimentfeed metrics.”
At time of writing, XRP is trading at $0.55, according to CoinMarketCap.