There remain analysts that believe XRP price unlikely to benefit from a rally in the altcoin market
While quite a lot of altcoins are booming in recent times, such as Chainlink just gained new ATH, as AZCoin News reported; many people believe that XRP price does not seem to benefit from a rally in the altcoin market.
XRP price seems to drop significantly
XRP has been performing quite well over the past week but is unlikely to grow significantly.
According to analysts Bagsy, as long as there are no exceptions, XRP will not be able to fight Bitcoin. Instead, XRP will plummet against BTC.
$XRP General thoughts:
I don’t think this pumps without fundamentals and for now I don’t see anything in the calendar.
Personally I’m waiting for orange or a HTF reclaim of the former floor that lead to this bleedout. Bounces are for shorting until proven otherwise. pic.twitter.com/YoIBlvhFu6
— Bagsy (@imBagsy) July 12, 2020
The shared chart shows XRP is on the decline from its current range of ~ 2,200 satoshis to 1,100 to 1,400 satoshi in the third quarter of this year. That would mark a reduction of at least 40% – 50% for XRP.
The lack of positive fundamentals of XRP is not the only thing that shows XRP will continue to decline compared to Bitcoin. As AZCoin News reported, Tom Demark Sequential printed a sell “9” candle for the cryptocurrency. The sequential is a time-based indicator that prints “8,” “9,” and “13” at crucial points in an asset’s trend.
Traders who expect Bitcoin to undergo a V-shaped reversal process at $ 3,700 are also falling in price on XRP. He said in early June that altcoins were ready to drop by 50% compared to Bitcoin due to their inability to hold essential support levels:
Jokes aside, 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
Some perspective? pic.twitter.com/g3SPB8kH3h
— //Ethereum ?ack ? (@BTC_JackSparrow) June 2, 2020
The fact of the matter is that XRP is trading below key support levels currently acting as resistance. And without primary drivers to boost demand, the assets could flow out further.
The rumor that VeChain and Ripple might enter into a partnership
It seems that one of the things driving XRP price always comes from news from Ripple. Recently, there was a rumor that Ripple may be cooperating with VeChain through SBI Holdings’ plan to build a traceability system for agriculture based on VeChain blockchain.
SBI Holdings is getting into the #VeChain space. Traceability as a service. Building a supply chain platform for agricultural products utilizing blockchain/distributed ledger technology. https://t.co/bnmYVRNgKb
— CryptoEri (@sentosumosaba) July 3, 2020
However, there is no clear sign in the article that SBI Holdings will rely on VeChain’s technology. Information from Crypto Eri indicates that SBI Holdings will build a blockchain solution in collaboration with CTIA Co., Ltd, which handles the blockchain business, and Hakusho Market Co., Ltd, which exports Japanese rice:
“Once the proof experiment is complete, SBI Holdings and CTIA will build a supply chain platform for rice export, and Hakusho Market will export and sell rice to North America, Hong Kong, and Singapore.”
It is therefore questionable which source Crypto Eri is referring to. The exact source Crypto Eri uses is therefore questionable. The origin of the rumor could, however, be a “like” of the investment incubator CREAM, which is a strategic partner of VeChain, as another Twitter user remarked:
However, another sign of cooperation may also come from VeChain’s CEO, Sunny Lu. Also around the time, the rumor was circulating by Crypto Eri, Lu said in an interview with the “Digital Asset Investor” on YouTube.
Surprise Answer to @vechainofficial top competitors and potential partners. @ripple #xrp pic.twitter.com/06PkgaXXzz
— Digital Asset Investor (@digitalassetbuy) July 2, 2020
In this context, Lu explained that VeChain and Ripple could be good partners:
“Well, let’s make it Ripple, XRP. Well, I mean, we could be good partners in the future I would say because we are focused on different things. We are focused on business activities, non-financial applications, while XRP is focused on payment solutions which could be a good combination.”
Read more:
- A New Job Opening At Ripple Is Placing A Spotlight On Efforts To Scale Its XRP-Based Payment Products Across The World
- XRP Price Been In Brutal Downtrend On The BTC Trading Pair And Remains Over 90% Down From Its Peak