The XRP strength against bitcoin weakens which are only growing into the latest market-wide rally so a drop of 50% can be expected. Let’s find out more in the following Ripple XRP news.
Many of the altcoins were able to hold up well against Bitcoin over the course of the latest uptrend, but Ripple’s XRP had a hard time following which resulted in shedding 2% of the value. This weakness also restrained the USD trading pair from going on a further momentum. One analyst said that the cryptocurrency could decline soon by as much as 50% as the weakness mounts.
It’s not new that XRP is considered the worst performing asset over the past few years after struggling to gain any sustainable momentum. The price action caused Ripple to post massive losses against the Bitcoin trading pair as the BTC price did quite well over the same time period. Some of the analysts are noting that the weakness of the altcoin can be far from over as one even predicts that Ripple could decline by 50% against Bitcoin. The potential decline could do serious damage to the already weak structure of the market.
At the time of writing, XRP is trading down by 2% at the current price of $0.20 while the crypto is also trading down by 2% against the BTC trading pair with a price action of the day that marked an extension of the weakness seen over the past few months. One factor that could be crushing the price action is the fact that Ripple and the company’s estranged co-founder Jed McCaleb hold huge amounts of the cryptocurrency. They both conducted regular sales of the tokens and placed a steady stream of selling pressure on XRP.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (101,063,166 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) June 1, 2020
Whale Alert also noted that the 500 million tokens were unlocked from Ripple’s escrow wallet that was worth $100 million:
“500,000,000 #XRP (101,063,166 USD) unlocked from escrow at Ripple Escrow wallet.”
This news scared the investors and their fear could be the reason why XRP is failing to garner greater momentum today. One analyst also offered a chart that outlines the scary path to the embattled cryptocurrency. He explained that although he is open to trading XRP and Bitcoin’s trading pair, he will do so once the XRP Strength comes back:
“I will trade XRP vs BTC when it shows strength. Any weekly close above green and I’m interested. Until then who knows what can happen, currently down 91% since ATH but has seen 95% drops before, which is close to another 50% drop down. Move slow.’’
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