The altcoin season 2021 is still enjoying a great amount of fanfare and excitement. This is due to the bullish movements of most of the altcoins like Ethereum,Link, BNB, Litecoin etc.
These bullish movements of course,is championed by the Lord of all cryptocurrencies; Bitcoin.This is because in him, all cryptocurrencies live and have their being.
Bitcoin And Ethereum Both Hit New Highs
Bitcoin hit its new high of $34k this week with a convincing promise of ending the week at $37k or even $40k. Ethereum on its own also hit a new high of over $1k dollars. Other coins like BNB , Bitcoin Cash and also Litecoin are also enjoying their new highs this week.
But unfortunately, behind all these fun and merriment in the crypto market lies the blood of a once valuable cryptocurrency ,XRP.
It is very obvious that the recent bullish season was singlehandedly influenced by XRP . One would ask how this happened and how true this assertion can be. I'll prove it.
XRP Lawsuit
Just a month ago,XRP was hit with a lawsuit by SEC for an alleged fraud in their dealings with them in the year 2017. This lawsuit which started gradually to progress to a very serious issue came after XRP hit its 2020 high of over $0.4 quenching the excitement and momentum which was building around the coin.
This lawsuit later came with an order which warned all exchanges to delist XRP from their markets or face sanctions. Hours after the order came, about 7 exchanges delisted the coin with immediate effect (Coinbase and the rest).
This led to a heavy crash in value of the coin as a panic sell by investors took place immediately.
Just in the space of three or more days,the price came crashing from $0.4 to $0.2.
Whales Started To Dump
Whales like Grayscale ( A Crypto asset manager company)started dumping on the coin.
It first of all removed the XRP asset from its large cap by selling it and buying more Bitcoin, Ethereum and litecoin.
Even XRP co-founder Jed Caleb had to recently sell his share of the coin ( about $411million worth of XRP) to make his total gain of the coin to $546million.
But then, one thing was sure out of all these panic selling and dumping by whales and traders. They where converting their XRP coin into Bitcoin and Ethereum thereby leading to the recent pumping of these coins. Other traders also converted into other altcoins like Bitcoin Cash, litecoin etc..
So then, I can categorically say that the recent bullish season is thriving on blood of XRP just like the Church thrives on the blood of the Martyrs that died years ago. This does not negate the fact that the bullish season were also affected by other fundamental and technical factors.
But in all, XRP was the chief factor
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