While Bitcoin, Ethereum, and other top cryptocurrencies are near year-to-date highs, the same cannot be said for XRP.
As the chart below depicts, the leading altcoin is trading at $0.185 as of this article’s writing. This is below the start-of-2020 price ~$0.19 and more than 40% below the year-to-date highs of $0.34.
Chart of XRP’s price action since the start of the year. Chart from TradingView.com
For some context, Bitcoin is up around 25% while Ethereum has gained over 70%.
XRP may be an outlier, but a trader recently shared a fractal analysis suggesting that Ethereum could follow the altcoin lower.
This adds to the growing bear case against ETH, which is also predicated on fundamental trends.
XRP Fractal Predicts Ethereum Could Dive Lower
XRP is one of the only large-cap cryptocurrencies actually trading lower than its start-of-year price. That’s to say, its weakness has not permeated to the rest of the digital asset market.
But one analyst says that this could change. He shared the two charts below on July 7th, showing that the top XRP formed in May and June looks eerily similar to Ethereum’s price action now.
Attached to the charts, he wrote: “What if $XRP is the leading indicator of $ETH?”
XRP and Ethereum fractal analysis by crypto trader il Capo of Crypto (@CryptoCapo_ on Twitter). Chart from TradingView.com
The trader is suggesting that XRP’s recent underperformance could bode poorly for Ethereum. The charts suggest that if the fractal plays out to a T, ETH could soon trade under $200, a ~15% drop from current levels.
Ethereum is facing other bearish technical trends, other traders have said.
As reported by Bitcoinist, the cryptocurrency has historically underperformed in the second half of many previous years:
“If ETH follows its cycle this time then high of the year could be in & we’ve 6 month correction,” the analyst who shared the chart below wrote.
Ethereum price analysis by cryptocurrency trader ‘Edward Morra’ (@edwardsmorra_BTC on Twitter). The chart from TradingView.com
A Bearish Fundamental Case
ETH could also be depressed by a forming bearish case based on fundamentals.
Ethereum has enjoyed a surge in adoption over recent weeks, benefiting from the growth of its decentralized finance applications. Yet analysts say that this influx of adoption has had bearish side effects: high transaction fees.
Crypto analyst Qiao Wang said that after experiencing high Ethereum fees, he’s convinced the blockchain could be dethroned:
“I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”
I've changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there's an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX. https://t.co/vXAAFET3YK
— Qiao Wang (@QWQiao) June 28, 2020
This was echoed by Scott Lewis, the co-founder of Concourse Open Community. He said that since ETH fees are so high, the Ethereum community should be slow to admit that they’ve won.
Featured Image from Shutterstock
Price tags: ethusd, xrpusd
Charts from TradingView.com
XRP's Recent Collapse Could Force Ethereum Under $200, Analyst Suggests origin »
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Three altcoins are trending right now—Ripple (XRP), Ethereum (ETH), and Solana (SOL). Ripple (XRP) remains a leader in cross-border payments, cementing its role in the global financial ecosystem. Ethereum (ETH) continues to dominate the blockchain space, with DeFi innovation and implementing advanced scaling solutions like Ethereum 2.
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XRP spent the last several years as the worst performer in the cryptocurrency market. And even though the altcoin has been beaten and battered, it has recently sunk even lower compared to Bitcoin and Ethereum.
Криптовалютная биржа Binance запустила опционные контракты на Ethereum и XRP от Ripple. Так же, как и опционы на Bitcoin, на первых порах эти инструменты доступны только в мобильном приложении биржи.
Ethereum, Litecoin, and XRP entered a stagnation phase in late November. Thus far, the buy and sell orders behind these assets are not significant enough to bring back volatility to them. The following technical analysis explores what would happen if volume picks up.
In the past few weeks, we have seen a constant reshuffling of the top 10 rankings of cryptocurrencies according to market capitalization. Only a few days ago, we saw Tron (TRX) make an entry into the top 10 riding on the wave of investor interest created by the BitTorrent (BTT) token sale and airdrop.
In the world of cryptocurrency, most eyeballs are glued to the top markets. That list encompasses Bitcoin, Ethereum, XRP, and perhaps Litecoin. As far as the Ethereum price is concerned, things are not looking bad nor good right now.
There is currently a lot of indecision in the cryptocurrency markets. Both bitcoin and ethereum are forming Doji candles on their daily charts. A Doji candle is a candle where the open and the close are around the same point and typically reflect uncertainty from traders.
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Ethereum Ousts XRP As Second Cryptocurrency Over recent weeks, as covered extensively by Ethereum World News, XRP, the go-to asset for fintech startup Ripple, began to underperform Ether (ETH). ETH began running in mid-December, outpacing a majority of other cryptocurrencies as it bounced off its year-to-date low at $81 to a multi-week high of ~$157 […]
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Cryptocurrency, Ethereum (ETH), XRP–While the crypto markets limp into the final week of 2018, down over $700 billion since the start of the year, some optimism is brewing for the industry in 2019 and beyond.
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In the last one hour, Ripple’s XRP has overtaken Ethereum in terms of market capitalisation. In the last two days the token XRP has seen a 80% surge since the company announced that their product xRapid was about to launch.
XRP is the next immediate challenger to Bitcoin in terms of market cap, as the cryptocurrency surges over 75% to dethrone Ethereum for the second spot.
The post Ripple Surpasses Ethereum To Become The Second-Largest Cryptocurrency By Market Cap appeared first on CoinSpeaker.
Ripple сумела сбросить Ethereum со второй позиции по величине рыночной капитализации. Теперь последней границей перед XRP стал Биткойн.
Сообщение Ripple обогнал Ethereum и занял 2 место по рыночной капитализации появились сначала на Freedman.
Less than 2 hours ago, and through our partner publication of Crypto Crimson, we had anticipated the rise of XRP to the number 2 slot by edging out Ethereum (ETH) in the process. When the prediction was made, XRP was closing in on a $2.
Курс криптовалюты XRP продолжает своё стремительное восхождение в эту пятницу. В результате ещё одного скачка XRP, начинавший день как третья крупнейшая криптовалюта, вышел на вторую позицию, одновременно потеснив Ethereum.
The crypto community burst with joy earlier today as cryptocurrency prices surged beyond even their most optimistic expectations. Contrary to what everyone has expected, the new price surge was not sparked by Bitcoin, as it usually happens.
XRP has been on a consistent downward trend since the beginning of the just concluded week. A steady flow of consecutive bearish candles on the daily timeframe has pulled the price lower each day, eventually guiding it toward an important support at the time of writing.
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Renowned trader and market commentator Jacob Canfield (@JacobCanfield) has identified XRP as the standout performer among altcoins, sharing a price chart on X that underscores the token’s recent momentum.
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The XRP price recently surged to a three-year high of $1. 6, marking a significant milestone in the cryptocurrency’s recent bullish rally. This remarkable price movement has garnered the attention of many analysts as investors continue to project the trajectory of the price.
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On-chain data shows the XRP whales have been making deposits to exchanges recently, something that could be bearish for the asset’s price. XRP Whales Have Made Several Large Moves In The Past Day According to data from the cryptocurrency transaction tracker service Whale Alert, several large moves have been spotted on the XRP network during the past day.
