Following the footsteps of Ethereum, XRP has surged higher over the past 24 hours. The asset has decisively crossed above $0.20, which has long been a key resistance level for the asset.
The asset is now trading for $0.215, which is a price up approximately 5% in the past 24 hours.
While many analysts think the asset has room to rally, there are some signs that a bull run in XRP is not certain.
Adding to the uncertainty, there are some that expect all smaller altcoins to underperform as Bitcoin and Ethereum take the reins of the crypto market.
Despite XRP’s strong price performance in the past 24 hours, there remain investors that believe the asset is not yet in a bull market. This comes in spite of analyses indicating the asset has pierced crucial macro resistance levels.
XRP Is Breaking Out, But Price Could Stall
One prominent crypto trader shared the chart below after XRP began rallying on Saturday. He wrote, “this is literally the very beginning for XRP,” adding that investors should “let it ride.”
Chart of XRP’s macro price action against Bitcoin by trader Crypto Dog (@TheCryptoDog on Twitter). Chart from TradingView.com
Despite this, not everyone is convinced the asset has legs in the longer run.
As reported by Bitcoinist previously, XRP remains below a level of macro support despite the ongoing rally. The loss of this technical level led one analyst to suggest the asset could drop by 30-40% against Bitcoin. Referencing the chart, this analyst wrote:
“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 bleed out. Bounces are for shorting until proven otherwise,” the analyst said in reference to the macro downtrend.
Chart of XRP’s macro price action against Bitcoin by trader “Bagsy” (@Imbagsy on Twitter). Chart from CoinTrader and TradingView.com
Further bolstering the XRP bear case, the asset’s community is shrinking per social data. According to a recent report released by The TIE and eToro — a blockchain data firm and exchange/trading platform, respectively — XRP’s social media volume actually went down over the second quarter by around 21.81%:
“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.”
All Altcoins Are Poised to Suffer
There are some analysts that are bearish on all altcoins, not just XRP.
The head of technical analysis at Blockfyre recently opined that in an environment where Bitcoin and Ethereum are “trending,” it is a poor idea to long altcoins:
“If $BTC and $ETH start trending. I’d be cautious on longing #ALTS. Especially if this is the start of a new BTC trend upwards. The most likely out come would be alt/btc pair ratios getting drained while BTC moved past 10.5k in that scenario. I also wouldn’t look to fade 1st move.”
He added in an earlier message that his analysis of the Bitcoin dominance chart indicates a short-term pullback.
Featured Image from Shutterstock
Price tags: XRPUSD, XRPBTC
Charts from TradingView.com
XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain origin »
How cryptocurrencies like Bitcoin or XRP are distributed can impact a specific asset’s success, both in terms of trust in the asset, but also how scarcity might affect an asset’s long-term value. And while XRP is often the target of much distaste surrounding the way the asset was distributed, becoming a Ripple whale and joining.
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The essence of it is simple, Johnson believes that Ripple XRP is not a cryptocurrency, it is a crypto 2.
SBI Holdings announced that its newly released digital asset exchange — SBI Virtual Currencies — will use XRP as the only digital asset supported at launch.
The post SBI Virtual Currencies to Exclusively List XRP at Launch appeared first on Ripple.
Since 2012, XRP has been the only digital asset with a clear institutional use case by working to solve the multi-trillion dollar liquidity problem that plagues banks, payment providers and corporates worldwide.
Much of the public discussion about digital assets today revolves around price. Companies hope for a pop on an initial offering to raise funds, investors seek to ride an asset for a long-term payday, or consumers try to time market moves for a quick buck.
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Since the announcement of a partnership between Western Union, the global money transfer service and Ripple, which saw Western Union pilot and test Ripple’s xRapid, rumours have been rife on the topic of XRP being used as a viable currency within Western Unions international money transfer service.
The XRP market just hit a historic milestone as the first U. S. spot XRP ETF, Canary Capital’s XRPC, officially debuts on Nasdaq, sending bullish shockwaves for the XRP price and other assets in the market.
XRP has spent the past week on the continuation of a downtrend from the previous week, slipping from above $2. 50 before rebounding around $2. 12 and now hovering around $2. 30. The price action reflects a market struggling to find direction, caught between bullish optimism and lingering selling pressure.
XRP community figure Diep Sanh made a tongue-in-cheek prediction about future market behavior, saying investors would be “Shi**ing their pants” if XRP slid from $1,200 to $1,000 sometime around 2070.
XRP has been a top performer during this recent bull market, beating Ethereum and almost all other cryptocurrencies in ROI. But could a recent bearish signal suggest the top altcoin could drop by 70-80% from current levels? XRP Triggers Bearish Crossover of Monthly LMACD XRP monthly LMACD has crossed bearish for the third-time ever The two past bearish crossovers resulted in an 87% and 71% drawdown AFTER the signal fired The signal is still unconfirmed, so bulls must push price much higher this month or risk seeing the signal confirm pic.
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.
XRP stood firm as crypto markets took a beating on Tuesday. Most coins fell hard, but XRP avoided hitting new lows. Market watchers now wonder if the altcoin might recover faster than other cryptos.
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.
