More

    3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

    Despite the fact that all eyes have been on Bitcoin as of late, the hype around a rally in XRP and other altcoins has grown over the past few weeks. After all, Ethereum has embarked on an extremely strong rally against BTC over the past few weeks, retaking support level after support level on the back of institutional buying pressure via Grayscale and positive fundamental news.
    Luke Martin, a prominent crypto trader featured on CNN last year, summed up the hype well by posting the four charts seen below. In reference to them, he wrote:
    “Major alts have high correlation, with charts often looking identical. Some lead. Some lag. But they trend together forming tops/bottoms ~ same time. EOS & XRP lagging behind up only 5% from the lows.”

    These charts would suggest that barring a large sell-off in the crypto market, XRP (and EOS for that matter) is poised to achieve a considerable upside against Bitcoin. If it follows Ethereum to a T, XRP could gain 20% against the market leader.
    But, there are signs that the altcoin will not be subject to the same strength that altcoins across the board are seeing.
    Ripple Loses Key Executive: Report
    According to a report from CoinTelegraph, Ripple — the American fintech company closely affiliated with XRP — has just lost its Head of XRP Markets, Miguel Vias. His role in generating sales of the cryptocurrency, which boosted the adoption of the asset, is now complete.
    This is the latest in a series of executive departures at the company. Cory Johnson, Chief Market Strategist, and Catherine Coley, who now is the CEO of Binance’s U.S. exchange, are among the other members of Ripple’s top brass that have recently sought new roles.
    A Shrinking Community
    Adding to this, new data shows that the community surrounding XRP and Ripple has begun to shrink despite positive fundamental developments with the asset. 
    According to “The State of Digital Assets, Q1 2020” by eToro and The TIE, over the first quarter of this year, the number of Twitter users “discussing” the cryptocurrency fell by 16% while the asset declined by 9.51% during the same time frame.
    To add to this, data shared by crypto trader Zytek indicated that the number of members in crypto-centric Telegram chatrooms has fallen off dramatically. For Ripple’s channel, in particular, members have dropped off by 63.89% since June 2018, with the count falling from 64,525 members to 23,299 today.
    XRP Still Has Harrowing Technical Outlook
    In terms of technical analysis, many traders are still convinced that XRP’s chart against the U.S. dollar is harrowing, which doesn’t bode much better for the asset’s performance against Bitcoin.
    Per previous reports from Bitcoinist, crypto chartist Byzantine General made this sentiment clear when he shared the chart seen below on April 13th, accentuating that XRP is in a bad spot from a macro perspective.
    Pointing to the “double rejection” at key horizontal support regions and the fact that XRP is currently entering a region where there is little historical liquidity, he said:
    “This is probably one of the scariest charts I’ve ever seen. I wouldn’t want to be bagholding this.”

    Photo by Haidar Rais on Unsplash

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,473.00
    ethereum
    Ethereum (ETH) $ 2,586.38
    tether
    Tether (USDT) $ 0.998956
    binance-coin
    Binance Coin (BNB) $ 339.18
    cardano
    Cardano (ADA) $ 1.36
    xrp
    XRP (XRP) $ 0.755810
    usd-coin
    USD Coin (USDC) $ 0.998920
    dogecoin
    Dogecoin (DOGE) $ 0.207981
    polkadot
    Polkadot (DOT) $ 18.30
    binance-usd
    Binance USD (BUSD) $ 0.999584
    uniswap
    Uniswap (UNI) $ 22.41
    bitcoin-cash
    Bitcoin Cash (BCH) $ 546.27
    chainlink
    Chainlink (LINK) $ 22.71
    litecoin
    Litecoin (LTC) $ 145.68
    solana
    Solana (SOL) $ 35.31
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,475.00
    matic-network
    Polygon (MATIC) $ 1.08
    stellar
    Stellar (XLM) $ 0.286939
    ethereum-classic
    Ethereum Classic (ETC) $ 51.93
    theta-token
    Theta Network (THETA) $ 6.11
    vechain
    VeChain (VET) $ 0.089613
    internet-computer
    Internet Computer (ICP) $ 42.32
    dai
    Dai (DAI) $ 0.999073
    okb
    OKB (OKB) $ 19.71
    filecoin
    Filecoin (FIL) $ 55.71
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022056
    terra-luna
    Terra (LUNA) $ 11.33
    tron
    TRON (TRX) $ 0.065324
    cdai
    cDAI (CDAI) $ 0.021514
    monero
    Monero (XMR) $ 242.05
    aave
    Aave (AAVE) $ 324.80
    eos
    EOS (EOS) $ 4.10
    compound-ether
    cETH (CETH) $ 51.84
    ftx-token
    FTX Token (FTT) $ 35.06
    cosmos
    Cosmos (ATOM) $ 12.99
    amp-token
    Amp (AMP) $ 0.071045
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.44
    the-graph
    The Graph (GRT) $ 0.698649
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.128431
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    neo
    NEO (NEO) $ 44.00
    leo-token
    LEO Token (LEO) $ 3.02
    bitcoin-sv
    Bitcoin SV (BSV) $ 144.36
    algorand
    Algorand (ALGO) $ 0.861406
    maker
    Maker (MKR) $ 2,992.60
    klay-token
    Klaytn (KLAY) $ 1.05
    celsius-degree-token
    Celsius Network (CEL) $ 6.15
    tezos
    Tezos (XTZ) $ 3.12
    iota
    IOTA (MIOTA) $ 0.899498
    avalanche-2
    Avalanche (AVAX) $ 13.55