Ripple Price Analysis: XRP/USD has outperformed Bitcoin reckons Mike Novogratz

• Ripple surprises Michael Novogratz by outperforming Bitcoin in 2020.
• Ripple price settles above $0.28 after correcting from highs marginally above $0.2850.

Ripple is back in the limelight following last year’s downtrend from the high at $0.5 achieved in June. From the low traded in December at $0.1750 marked the beginning of the ongoing bullish action. Ripple has performed incredibly well in January as well as the first week of February. The gains this week, particularly have seen XRP close in on $0.30.

Galaxy Digital’s Michael Novogratz positive change of heart

The CEO and founder of Galaxy Digital, an asset management company, Mike Novogratz has for a long time been known as the Bitcoin bull evangelist and not a very big fun of altcoin including Ripple and Ethereum. In his tweet on Thursday, Novogratz said that said his firm is “a big investor in Ripple Labs.” In another comment last year, the investor said that the poor performance of XRP was mainly “because Ripple owns a lot of them.”

However, he continued to say that in 2020, “the broader altcoin market, including XRP has outperformed BTC.” He added in his tweet “this has surprised.”

“This year the broader alt market, including $XRP has outperformed $BTC.  This has surprised me.   That said, I see more and more large accounts getting educated and set up to be accumulators of $BTC and believe on a risk adjusted basis it’s the best place to bet on crypto.”

4. XRP and many other cryptos, like $eth are still in the ‘proving’ phase. They aren’t going to succeed as soley a store of value as $btc has taken that lane. $xrp does have its own fervent community (largely in Asia) but has a large supply to absorb (some 57 percent or so).

— Michael Novogratz (@novogratz) February 6, 2020

Ripple price technical picture

Ripple’s surge stepped slightly above $0.2850 and settled above $0.2800. The key resistance at $0.30 is still unconquered but not entirely out of reach. If the current positive technical levels remain intact, the journey towards $0.30 is very likely to happen before the weekend session. For now, the bulls need to defend the initial support at $0.28 as well as the ascending channel support. There are other support areas to keep in mind including the 50 SMA (above $0.27) and 100 SMA (above 0.26). The former resistance level at $0.24 – $0.25 has also turned into a vital support area.

XRP/USD 1-hour chart