• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Nexo

XRP’s Bear Case Strengthens as Ripple Unlocks $210 Million From Escrow

Nick Chong by Nick Chong
12 months ago
in Altcoin Price
0

Update: 900 million XRP has since been locked back in Escrow at Ripple, negating a portion of the bear case mentioned in this article. 

Ever since the highs of the 2017-2018 bull market, XRP has not done too well. The third-largest cryptocurrency by market capitalization, per data from TradingView.com, has collapsed by more than 94 percent from its all-time high around $3.40.

Although XRP has recovered with the rest of the crypto market over the past few days, there’s a growing confluence of signs that the altcoin is poised to outperform competitors like Ethereum and Bitcoin.

One such sign is the below transaction (and another one just like it) recorded by Whale Alert on April 30th.

The Twitter bot discovered that Ripple, the fintech company closely affiliated with XRP, has just received access to 1,000,000,000 of the cryptocurrency, currently valued at $210 million as of the time of this article’s writing.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (105,615,284 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/tRata3IUYM

— Whale Alert (@whale_alert) May 1, 2020

The fear is that the cryptocurrency that can now be accessed by Ripple will be sold on the open market, pushing prices lower, despite the company’s CEO claiming that his firm is not forcefully keeping XRP depressed.

Not The Only XRP Warning Sign

Although there’s a good likelihood Ripple ends up stashing a good portion of the millions of XRP just released from the escrow, there are other factors suggestive of an imminent correction in the asset — at least a correction against Bitcoin.

A pseudonymous derivatives trader explained that while the cryptocurrency may be predicated on “promising technology,” there is no guarantee that it will ever see gains that match 2017’s ever again.

Referencing how the charts below look like XRP, the analyst wrote:

“Here are just a few of the hundreds of 10-year charts you can find for ‘promising tech’. See a similarity? Many of these same charts have forums of people still talking about the recovery to come.”

xrp similar charts
Chart from @CanteringClark (Twitter)

The trader continued that from how he sees it, those still clutching onto a hope that XRP will rally have become subject to the “spell of cognitive biases” due to their emotional attachment to their investment in the cryptocurrency.

In terms of technicals, a top chartist warned that the cryptocurrency’s macro chart is one of the “scariest charts” out there, referencing the lack of historical liquidity on the downside and pointing to how XRP was rejected a key horizontal.

The Whole Altcoin Class Is Poised to Underperform

Some have even gone as far as to say that the entire altcoin asset class is poised to underperform Bitcoin in the coming months.

A crypto trader working for research firm BlockFyre remarked that he is strongly reducing his exposure to altcoins because he believes Bitcoin’s block reward reduction will cause volatility that results in altcoins “getting rekt.”

The analyst continued that from how he sees it, altcoins are always a “game of musical chairs” as the reasons they are rallying, Pentoshi explained, are all “red flags,” not fundamental developments:

“The reason the alt pumps are unconvincing is because they have followed the same patterns. IEO’s, Interoperability, privacy coins moving together. It’s coordinated as it has been the last 3 years instead of all ships rising together.”

Photo by Zdeněk Macháček on Unsplash
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.