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) $ 63,048.00
    ethereum
    Ethereum (ETH) $ 2,316.79
    binance-coin
    Binance Coin (BNB) $ 548.79
    xrp
    XRP (XRP) $ 1.67
    tether
    Tether (USDT) $ 0.997944
    cardano
    Cardano (ADA) $ 1.37
    polkadot
    Polkadot (DOT) $ 40.60
    uniswap
    Uniswap (UNI) $ 33.44
    litecoin
    Litecoin (LTC) $ 258.37
    dogecoin
    Dogecoin (DOGE) $ 0.121601
    chainlink
    Chainlink (LINK) $ 35.23
    bitcoin-cash
    Bitcoin Cash (BCH) $ 765.29
    stellar
    Stellar (XLM) $ 0.599150
    theta-token
    Theta Network (THETA) $ 11.78
    usd-coin
    USD Coin (USDC) $ 0.993244
    filecoin
    Filecoin (FIL) $ 164.58
    vechain
    VeChain (VET) $ 0.158231
    tron
    TRON (TRX) $ 0.133098
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 63,035.00
    klay-token
    Klaytn (KLAY) $ 2.84
    eos
    EOS (EOS) $ 7.13
    solana
    Solana (SOL) $ 24.91
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.240637
    terra-luna
    Terra (LUNA) $ 15.31
    compound-ether
    cETH (CETH) $ 46.50
    monero
    Monero (XMR) $ 313.55
    iota
    IOTA (MIOTA) $ 2.01
    cosmos
    Cosmos (ATOM) $ 23.11
    okb
    OKB (OKB) $ 20.34
    bitcoin-sv
    Bitcoin SV (BSV) $ 285.72
    binance-usd
    Binance USD (BUSD) $ 0.991985
    bittorrent-2
    BitTorrent (BTT) $ 0.007661
    aave
    Aave (AAVE) $ 392.52
    ftx-token
    FTX Token (FTT) $ 54.44
    tezos
    Tezos (XTZ) $ 6.21
    avalanche-2
    Avalanche (AVAX) $ 36.18
    neo
    NEO (NEO) $ 64.11
    elrond-erd-2
    Elrond (EGLD) $ 232.01
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021763
    kusama
    Kusama (KSM) $ 442.02
    algorand
    Algorand (ALGO) $ 1.41
    huobi-token
    Huobi Token (HT) $ 20.32
    nem
    NEM (XEM) $ 0.399599
    pancakeswap-token
    PancakeSwap (CAKE) $ 22.55
    thorchain
    THORChain (RUNE) $ 14.31
    cdai
    cDAI (CDAI) $ 0.021228
    holotoken
    Holo (HOT) $ 0.017329
    dai
    Dai (DAI) $ 0.995889
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.367169
    havven
    Synthetix Network Token (SNX) $ 18.79