Wednesday, June 19, 2024

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    A cryptanalyst reveals why it won’t accumulate anymore

    Sentiment surrounding the price of XRP has been mostly positive lately with numerous predictions for a potential upside. However, not everyone joined in large numbers after being disappointed with XRP’s price performance. One analyst in particular has expressed his displeasure with XRP’s performance over the years, and as a result, the analyst wants to exit the token.

    XRP price value is weakening

    One analyst who uses CryptoCheck on the TradingView platform outlined the reasons why he is no longer bullish on the price of XRP. Analysis shows how XRP has underperformed the rest of the crypto market over the years, leading to the belief that the value of the token has weakened.

    CryptoCheck points to the fact that XRP has failed to regain its first and only all-time high even though Bitcoin and many altcoins have done so multiple times. The crypto trader finds this price performance unusual compared to other assets in the industry.

    The analyst laments XRP’s inability to achieve the same kind of performance as other coins over the years despite its value proposition as an institutional cryptocurrency. “Other coins have long surpassed their ATHs. But XRP made one high and never again. This speaks of weakness in terms of value. And that can no longer be ignored,” writes the analyst.

    Furthermore, CryptoCheck compares the token to Dogecoin (DOGE) which is widely known to have no value and is a meme coin. Despite this, DOGE has hit multiple all-time highs, while the price of XRP continues to lag behind. “The truth is, if I had bought as much DOGE as I have XRP, my portfolio would have grown x100 compared to now,” CryptoCheck adds.

    Weak support and stronger resistance | Source:

    It will no longer accumulate XRP

    The culmination of CryptoCheck’s analysis comes from the fact that he will no longer be buying the token. According to the crypto trader, he religiously bought XRP because of his strong belief and ideology about the token’s value proposition. However, the price performance of XRP is nothing to write home about.

    The analyst attributes this to the low trading volume for the token and lack of interest from investors to purchase the token. Also, CryptoCheck points to what it called “Pump and Dump” price action that has seen XRP continually form “zones of weak support and zones of strong resistance.”

    Additionally, he explains that the growing unpopularity of XRP leads to low trust. As such, investors who already hold tokens are looking for a good opportunity to sell and exit, especially short-term traders.

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