Altcoin round-up: BCH, ETH, XRP price analysis
In the aftermath of some positive price action in the last few days, here’s a look at some top altcoins that could offer promising returns
Bitcoin Cash (BCH) enjoys gains as it approaches halving next month.
Traders on the lookout for good returns could do a lot worse than Bitcoin Cash, which is set for its next halving event 15 days from now.
BCH has made gains of around 55% since the crash on the 12th March and could be set to continue in its current bullish movements.
However, some suggest that the price will struggle to push through the $250 mark, as there is too little underlying volume to give enough momentum to push through resistance.
The more bullish outlook considers the Bitcoin Cash halving in 15 days’ time that is likely to give the coin a boost soon.
Altcoins’ price movements often mirror BTC’s to a certain extent, and Bitcoin’s future direction is currently uncertain as it trends in its channel.
Ethereum could surge past Bitcoin in the coming months
Ethereum (ETH) is also in the green, which, along with the gains made in the last few days, has some promising news to support its fundamentals.
For instance, at the beginning of the year, the smart contract platform enjoyed a 100 percent rally and outperformed Bitcoin in January and February, priming it for investment.
The decentralised finance world is also growing, spelling positive news for the currency’s outlook – with the possibility of smart contracts and decentralised functions giving ETH a huge advantage over Bitcoin in the coming years.
For example, Uniswap, an Ethereum-powered exchange today released the second version of its protocol, showing that Ethereum’s decentralised development tools are proving to be actively used and showing good potential for future investments.
Ripple sends shockwaves by sending 130 million XRP to unknown wallet
While XRP also enjoyed gains alongside Bitcoin and the rest of the market, the developers of the team, who own large holdings of XRP, moved huge sums of the centralised currency to an unknown wallet – a move that has sparked much speculation.
One of the central criticisms levelled against Ripple is that they have centralised control of XRP, allowing for possible market manipulation from the developers.
Nevertheless, XRP has been firmly established among the top 5 cryptocurrencies by market cap for some time, and its team have adamantly denied that they could influence price, even if they wanted to.
The large holdings move has caused speculation that this means a significant move is coming, either to the upside or the downside.
Some have cited that the technical indicators suggest a move to the upside, as a falling wedge formation can be found.
New buyers of XRP will be almost certain to see a big move in the near future, however the direction it takes is yet to be seen.