XRP needs to skyrocket more than 1500% in order to reach its all-time high of $3.50 because it has a lot of months of stagnation behind it, but the bulls are coming back. Following our Ripple XRP news today, we can see that BTC rallied about 8% in the past day while other altcoins are strongly underperforming this year.
Over the past day, XRP gained 3.2 percent and the asset even gained 13% but the popular altcoin is actually underperforming BTC on the daily time frame while it tries to match the speed of the number one cryptocurrency on a weekly time frame. XRP bulls saw the price performance as a positive sign but the asset still has a huge way to go until it reaches its all-time high of $3.50. In early 2018, XRP reached an all-time high of $3.40 on major exchanges but even with the recent rally, the asset remained far from the all-time high. At a current price now, the asset is down by 93 percent from its all-time high so in order to revisit it, XRP needs to skyrocket by 1500 percent.
Bitcoin is down by 45 percent from its $20,000 all-time high and has a market price of $11,000. Unfortunately for the asset, the cryptocurrency is facing some bearish trends despite Ripple Labs that support the coin, is building strong partnerships after the 2018 bull run. In a report by eToro , The Tie trading platform and blockchain analytics company reported that XRP’s social volumes have been on the decline suggesting that XRP saw a 21% drop in tweets during the second quarter of 2020 than in the first one:
“While existing crypto investors became increasingly positive about the industry, there was no mainstream euphoria surrounding crypto post-halving. 73% of cryptos saw a decreased number of tweets in Q2.”
Peter Brandt, the long-term commodities trader said that he is bearish on the cryptocurrency and that the asset could drop by 90 percent against Bitcoin. He added in a separate comment that he doesn’t like how many XRP is centralized in Ripple Labs despite the executives arguing that they are naturally vested in the access’ success and will not do anything to suppress its price. Unless BTC manages to establish a range and volatility drops, analysts are not convicted that other altcoins will outperform as Nik Patel said:
“Wouldn’t surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.”
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