Joe Weisenthal, co-host of Bloomberg’s “Odd Lots” podcast, has noted that substantial price surges in XRP often signify a local maximum for Bitcoin.
On January 16, XRP hit an all-time high of $3.40 on the Bitstamp exchange, following an impressive price rally that captured headlines in the fourth quarter of 2024.
Bitcoin reached its peak of $108,786 on January 20, which contributed to a broader sense of optimism in the market.
Since then, XRP has experienced a significant decline of 47% from its peak. This correction can be linked to a waning enthusiasm for the SEC’s pro-crypto pivot and a decrease in retail interest.
The token maintains a strong correlation with Bitcoin, which tends to move in sync with U.S. equities during periods of risk-on sentiment.
Last week, Bitcoin demonstrated considerable resilience despite the unprecedented stock market crash. Nonetheless, the cryptocurrency eventually faced selling pressure on Sunday, dropping below the $80,000 mark. Currently, it is trading at $76,896, according to CoinGecko data.
Is Bitcoin already in a bear market?
As reported by U.Today, CryptoQuant CEO Ki Young Ju recently asserted that Bitcoin is already in a bull market because the cryptocurrency’s market cap remains steady, even as the realized cap is increasing. This suggests that significant purchases cannot elevate the price due to persistent selling pressure.
In contrast, financial commentator Peter Schiff has forecasted that Bitcoin and other cryptocurrencies will continue to decline. “None of the tokens possess any real value, including Bitcoin. That’s why they’re all set to fall much lower,” he remarked.
