Benjamin Cowen highlights a strategic and calculated approach to investing in XRP.
In today's XRP price news, Benjamin Cowen, a Ph.D. A PhD in Engineering with a background in computational mathematics, highlights XRP's impressive rise from $0.67 to $2.17, discusses BTC's dominance reaching 60%, and maintains portfolio value and shares important lessons on effective timing of altcoin investments.
Image source: @intocryptoverse, X (Twitter)
Identifying the XRP setup: On November 12th, when XRP was trading at $0.67 and 771 Satoshis (value relative to Bitcoin), he spotted a “double bottom” pattern on the XRP/BTC chart. did. This pattern often indicates the potential for a price spike.
BTC Dominance Insights: He started paying attention because Bitcoin's dominance reached 60% (his goal three and a half years ago). In this prevailing uptrend, altcoins such as XRP typically lose value (“bleed”) against Bitcoin, making it wise to hold on to Bitcoin.
XRP performance since then: After his observation, the XRP price in USD soared to $2.17 and its value against Bitcoin increased significantly to 2200 Satoshis.
Important lesson on timing: While XRP holders who waited years realized profits in this recent rally, Cowen held Bitcoin during Bitcoin's ascendancy phase and has seen a strong setup against Bitcoin. They argue that it would have been more profitable to switch to altcoins like XRP when the
Cowen emphasizes that you shouldn't hold onto altcoins for years waiting for the occasional rally. Instead, you should analyze the chart of the BTC pair to identify favorable entry points and maximize your potential returns.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
