XRP (XRP) is no doubt one of the most popular cryptos. It is gaining in adoption, its ratings are on the rise, and more exchanges are listing it. But its value is pretty much stagnant at this point. Unlike a few weeks ago when this could be attributed to Bitcoin (BTC)’s declining price, Bitcoin is currently rising in value, and is currently trading above $7700. So is this a good time to put money in Ripple XRP, or is it best to wait it out.
Looking at the market at this point, one quickly realizes that bitcoin (BTC) dominance in the market has shot up to 46%. On top of that, it is outpacing the altcoins market in performance. Unlike in the past when altcoins have moved in tandem with bitcoin, many of them are unresponsive at the moment. Things are even thicker for Ripple XRP, the most popular altcoin in the market. That’s because while bitcoin has shot up from $5800 to $7700, XRP (XRP) is still trading at between $0.45 and $0.50.
This can be attributed to the fact both bitcoin and XRP (XRP) have news coming up, but bitcoin (BTC) news are more positive, and are likely to come out earlier than those related to XRP (XRP). At the moment, the market is looking forward to the approval of the Bitcoin ETF, which is expected to happen sometime in August or September. That’s why there is lots of money flow out of the altcoins market and into bitcoin (BTC). On the other hand, XRP (XRP) is awaiting news as to whether it is a security or not. This is a negative cloud hanging over XRP (XRP) and is holding it down, rendering any other news irrelevant to the price. Until the cases against ripple come to a conclusion, chances are that XRP (XRP) will stay depressed, even as bitcoin (BTC) and a host of other altcoins gain momentum.
If by any chance, XRP (XRP) is declared a security, which is the biggest fear of most investors, then the value of XRP (XRP) could tank in the short-term. It could also lead to further increase in the dominance of Bitcoin (BTC), since the confusion that would ensue would lead to more uncertainty in the altcoins market.
Therefore, for a smart investor looking to buy into XRP (XRP) for the long-term, it would be more pragmatic to pivot towards Bitcoin (BTC) at the moment. That’s because as long as the expectation of the ETF is in the air, its value will continue to rise. It will rise even faster if this news is confirmed. In essence, an XRP (XRP) investor would benefit more by investing in Bitcoin (BTC), building up the capital then pivoting back to XRP (XRP) at the right time. The right time in this case, means when there is some level of clarity on the status of XRP (XRP). Pragmatism is what leads to success in the markets, much more than the emotionally investing in a specific crypto.