XRP was one of 2019’s biggest losers, posting sizeable year-to-date losses in spite of the massive gains incurred by Bitcoin and some other major altcoins. This poor price action has largely stemmed from controversy surrounding the token’s close ties to FinTech company Ripple.
It is important to note that one key piece of data suggests that investors are starting to give up on the cryptocurrency, and this negative sentiment could be just what is needed to fuel the next major price rally.
XRP Stuck Beneath $0.20 as Investors Flee the Cryptocurrency
At the time of writing, XRP is trading down just under 1% at its current price of $0.19, posting a slight climb from its recent lows of $0.186 that were set just over one day ago.
The embattled cryptocurrency has been struggling to break above the $0.20 region for the past several weeks, with every attempt to move above this level being closely followed by a swift rejection that sends it back into the $0.19 region.
Investors who watched their XRP holdings consistently decline in value throughout 2019 appear to be losing faith in the crypto, which is emblematic while looking at the major decline in active wallet addresses the crypto has experienced as of late.
Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that there is a direct correlation between active address growth and price action.
“The 4 major coins with declines in active addresses for 2019 all had negative performance for the year: $ETH, $XRP, $XLM, $ZEC. Top 3 best performers had solid active address growth: $BTC, $XTZ, $LINK,” he noted.
The 4 major coins with declines in active addresses for 2019 all had negative performance for the year:$ETH, $XRP, $XLM, $ZEC
Top 3 best performers had solid active address growth:$BTC, $XTZ, $LINK
h/t @coinmetrics pic.twitter.com/SxakRLuz9V
— Luke Martin (@VentureCoinist) January 2, 2020
Massive Decline in Investor Sentiment May Fuel a Rally
Although the dwindling hope amongst XRP investors appears to be overtly bearish, it is imperative to note that extremely negative sentiment is often viewed as a counter indicator that precedes major trend shifts.
Mr. Anderson, another popular cryptocurrency analyst, explained in a recent tweet that XRP’s macro price action looks quite bearish, but that many altcoins including XRP will only be able to form long-term bottoms when investors “throw in the towel.”
“$XRP: By the way, we are only two months past the OP & somehow this thing managed to drop another 40%. Be very leery of those providing several insane price predictions. Some of these POS coins might actually bottom. However, that will occur when people throw in the towel on them,” he explained while pointing to the chart seen below.
$XRP
By the way, we are only two months past the OP & somehow this thing managed to drop another 40%
Be very leery of those providing several insane price predictions
Some of these POS coins might actually bottom. However, that will occur when people throw in the towel on them pic.twitter.com/ENMdYcbWwd
— Mr. Anderson (@TrueCrypto28) January 2, 2020
How XRP trades against both Bitcoin and USD in the near-term will likely continue to be bearish, but another bout of capitulation could be just what is needed for the crypto to form a long-term bottom and begin another parabolic ascent.
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After ending 2019 with poor performance, recording a loss of more than 46%, XRP started 2020 on a green note. Though the situation is still bad, with the digital asset down 95%, it has made its way up from $0.
XRP has had a rough 2019, with the embattled cryptocurrency setting fresh yearly lows just in the past several weeks with its drop down to $0. 20. This bearishness has led XRP to be one of the worst performing major cryptocurrencies in the markets over this past year, and it does appear that further losses could.
Although XRP’s poor performance in the market has rung a few alarm bells, Ripple has managed to assuage the community by promoting enormous growth in terms of its global footprint and mainstream partnerships.
Ripple, the company behind the XRP token has stated it expects, in the short term, their sales of XRP in Q2 2019 will be substantively lower – as a percentage of reported volume – than.
XRP Price Analysis XRP recorded a poor price performance this week. Despite the market leader bitcoin increasing to form new 2019 highs, XRP has only recovered a fraction of the losses it recorded last week.
Ripple prices stable but bullish Federal Bank has a partnership with Ripple Inc Increasing prices will lift participation levels above 20 million Fidelity Investment will forge on and develop supporting infrastructure as they aim at hedge funds, pension funds and professional investors despite falling—but recovering digital asset prices.
Ripple, has been in the news for so many reasons this year. The digital coin XRP was recently making waves for being the preferred choice now to global leading partners. For a coin, which started the year on a very poor note to turn things around, should at least bring a little joy and hope […]
The post Op-Ed: Is Ripple (XRP) a Deceptive Cryptocurrency? appeared first on ZyCrypto.
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