How traditional financial actors and mainstream organizations view the cryptocurrency industry seems to be very important in terms of adoption. Will Meade, one of the former executives of Goldman Sachs, recently announced that he purchased cryptocurrencies for the first time. Meade’s choice was Ripple (XRP).
Bitcoin shows bullish signals once again
In the Q1 2020, when Bitcoin and other leading cryptocurrencies approached the highest levels of the year, XRP did not perform very well. The fourth most valuable cryptocurrency in terms of volume has lost 7 percent since the beginning of the year. However, Will Meade soon claimed that Ripple had the potential to rapidly rise. So why does the fund manager think so?
The cryptocurrency market, which has been following a horizontal trend for a long time, eventually points to a bull rally. After a long fight with $10,000, bitcoin suddenly dropped to $9,000 area and tried to keeping afloat, above this level. But BTC is on the rise again. At the time of writing, the leading cryptocurrency is trading just above $9,300.
Former Goldman manager: “If BTC walks to the top, XRP will be after.”
XRP also made good use of this latest bullish trend and managed to exceed 20 cents. Cryptocurrency analyst BigCheds claimed that with this latest rally, Ripple created an obvious bull flag. Also, according to the analyst, the XRP/BTC pair broke the 50-day moving average for the first time in three months. Many of the technical indicators are giving new bullish signals for the fourth crypto.
Despite this recent rise, it should be noted that the Ripple token is far from $3.40, its ATH in January 2018. But hopes are not lost, at least Will Meade believes this. If Bitcoin tests the highest level of all time, it will surely take XRP after it, per Meade.