The Santa Rally is real and happening this year too, laying a new ATH for BTC under the tree and taking XRP off the mud. It's 17 hours since I wrote about the Santa Rally, questioning you guys if you believe it's still in cards and we are actually having it.
Bitcoin rallied over $1,000 since the moment my post went out, and claimed a new ATH at $24,644.30, with the whole market capitalization adding around $20 billion in hours. Even Ripple got saved by the crypto Santa.
XRP went from around $0.25 to $0.37 during this Santa rally and it's now chilling at 35 cents. Seems that the top 5 shitcoin was a good trade after all the dump it suffered the past few days. Even I was thinking to buy myself some XRP bull on Poloniex, but not into trading anymore... and definitely not into XRP at all.
I still consider that the lawsuit against Ripple was orchestrated to happen right after it had that massive spike caused by the airdrop they had and the opportunists played the cards well. I believe that whales, exchanges included, are still manipulating the markets a lot.
BTC seems to have become less likely to be manipulated as it has barely moved during the recent market correction, but the altcoins market still feels like easy to manipulate. Regarding XRP and Ripple, I had the feeling that they're not doomed right from when the saga started.
As long as XRP is listed on tons of exchanges, being a top 5 crypto, and people easily forgetting bad events, while new meat almost never doing any type of research before jumping into investments, is not game over for XRP. Hence, it has proved to be a bargain at $.25, from what I remember it even reached $.21 a couple of days ago, and here you have it now... alive and well.
A 50% rally in 24 hours, and weeks from now that dump won't even matter. It's bull market and people forget easy, money are thrown around at almost anything and the overall trend is clearly up. Yes, we haven't had that awaited healthy correction yet for BTC and probably January will come with it, but for now it seems that BTC still has fuel to the rocket.
Wouldn't say the same thing about altcoins as they can't simply drag down Bitcoin from its 67% market dominance and it's probably a natural thing for bull markets. No proper altcoin season yet and who knows when will that occur. For now all the fatty whale are accumulating BTC, are squeezing BTC shorts as it happened today and alts still have a lot to recover to even reach their previous ATHs.
That doesn't mean we shouldn't celebrate BTC's new ATH on this Christmas Day, enjoy the market recovery and hope for a strong bull market in 2021. I know that 2020 was generous, but my gut feeling tells me 2021 will be even more spectacular. Have a great Christmas day, my crypto friends, and see you to the next one.
image source
Thanks for attention,
Adrian
Initially Posted Using LeoFinance Beta
