The Price Trend of XRP Stunningly Reflects That of Sheep Manure Stock

Tony "The Bull" Severino

5 years ago

2 mins read

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XRP price has struggled throughout the last two years of the bear market. It has ranked amongst the worst performing altcoins, despite trailing right behind Bitcoin and Ethereum in market cap.

Investors may have finally given up on the asset and are capitulating. It’s not uncommon to see former supporters now referring to the asset as a “shitcoin.” But what is unusual, is the fact that the cryptocurrency price chart almost exactly matches that of sheep manure.

Cryptocurrency Price Chart Matches Sheep Manure

The commodities market is filled with agricultural and other production-based products and byproducts. It’s also literally filled with feces.

Just like soybean and corn trade in the commodities market, sheep manure used to fertilize crops on farms can be a steaming hot commodity.

Traders piled on the selling during the Black Thursday panic collapse, flushing away any prior gains. The stock market and crypto also saw similar drops and V-shaped recoveries over the last several weeks.

Recent data shows that the cryptocurrency called Ripple, has underperformed Bitcoin and Ethereum significantly over the last 30 days

It’s difficult to say exactly what’s behind the poor performance, but it certainly stinks for XRP holders.

All puns aside, the cryptocurrency’s recent price action strangely mimics the price chart of sheep manure.

Legendary commodities trader Peter Brandt first shared the sheep manure chart on Twitter, however, it closely resembles XRPUSD price action.

Ripple XRPUSD Sheep Mature Fractal | Source: TradingView

Sheepish Investors Capitulate Right Into XRP Whale Wallets

XRP and other crypto assets usually somewhat follow Bitcoin price action. But Ripple is showing extreme weakness even despite continued underperformance.

The asset was ranked among the worst-performing assets for the last two years in a row. It and XLM had especially negative bear market drawdowns following their peaks.

But even XLM has since recovered more so than XRP, leaving investors fed up. Ripple remains down by as much as 94% on the USD pair, and over 90% on the BTC pair.

XRPUSD and XRPBTC continue to crash, and the selling could be the last wave of small-time holders capitulating. While this happens, data shows whales are absorbing all of this selling.

Blockchain data indicates that the largest wallets are growing as prices further tank. This data could suggest that large scale accumulation is taking place ahead of a longer-term recovery.

For now, the asset’s price action continues to both literally and figuratively look like crap.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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