I think people are setting up to cash in profits (to FIAT) before or after new years (depending on tax benefits). BTC
has been in a down channel
for a few days and XRP moves up after each slip. I think market liquidity is moving to XRP (as the cheapest and quickest major currency) to be sold for FIAT around New Years. Example: I trade on Binance but must use Kraken if i want to transact in USD (not tether). When i want to take profits in FIAT, i sell whatever altcoin into BTC
, then buy up ripple and move that over to Kraken which is the most economical way to liquidate (for me). Plus XRP price action has been a better hold position than BTC
this past week or two. So if i was holding, waiting to sell, i'd be amassing XRP.
I think what we're seeing this type of action now as people set up to take profits. Or i could just take off my tinfoil hat and enjoy the ride...