• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
XRP
Nexo Logo

Data Suggests Investors are Giving Up on XRP; Could This Fuel a Parabolic Rally?

Cole Petersen by Cole Petersen
2 years ago
in Cryptocurrency news, Ripple
Reading Time: 2 mins read
Advertisement

XRP was one of 2019’s biggest losers, posting sizeable year-to-date losses in spite of the massive gains incurred by Bitcoin and some other major altcoins. This poor price action has largely stemmed from controversy surrounding the token’s close ties to FinTech company Ripple.

It is important to note that one key piece of data suggests that investors are starting to give up on the cryptocurrency, and this negative sentiment could be just what is needed to fuel the next major price rally.

XRP Stuck Beneath $0.20 as Investors Flee the Cryptocurrency

At the time of writing, XRP is trading down just under 1% at its current price of $0.19, posting a slight climb from its recent lows of $0.186 that were set just over one day ago.

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

The embattled cryptocurrency has been struggling to break above the $0.20 region for the past several weeks, with every attempt to move above this level being closely followed by a swift rejection that sends it back into the $0.19 region.

Investors who watched their XRP holdings consistently decline in value throughout 2019 appear to be losing faith in the crypto, which is emblematic while looking at the major decline in active wallet addresses the crypto has experienced as of late.

Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that there is a direct correlation between active address growth and price action.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“The 4 major coins with declines in active addresses for 2019 all had negative performance for the year: $ETH, $XRP, $XLM, $ZEC. Top 3 best performers had solid active address growth: $BTC, $XTZ, $LINK,” he noted.

The 4 major coins with declines in active addresses for 2019 all had negative performance for the year:$ETH, $XRP, $XLM, $ZEC

Top 3 best performers had solid active address growth:$BTC, $XTZ, $LINK

h/t @coinmetrics pic.twitter.com/SxakRLuz9V

— Luke Martin (@VentureCoinist) January 2, 2020

Massive Decline in Investor Sentiment May Fuel a Rally

Although the dwindling hope amongst XRP investors appears to be overtly bearish, it is imperative to note that extremely negative sentiment is often viewed as a counter indicator that precedes major trend shifts.

Mr. Anderson, another popular cryptocurrency analyst, explained in a recent tweet that XRP’s macro price action looks quite bearish, but that many altcoins including XRP will only be able to form long-term bottoms when investors “throw in the towel.”

“$XRP: By the way, we are only two months past the OP & somehow this thing managed to drop another 40%. Be very leery of those providing several insane price predictions. Some of these POS coins might actually bottom. However, that will occur when people throw in the towel on them,” he explained while pointing to the chart seen below.

$XRP

By the way, we are only two months past the OP & somehow this thing managed to drop another 40%

Be very leery of those providing several insane price predictions

Some of these POS coins might actually bottom. However, that will occur when people throw in the towel on them pic.twitter.com/ENMdYcbWwd

— Mr. Anderson (@TrueCrypto28) January 2, 2020

How XRP trades against both Bitcoin and USD in the near-term will likely continue to be bearish, but another bout of capitulation could be just what is needed for the crypto to form a long-term bottom and begin another parabolic ascent.

Featured image from Shutterstock.
Tags: cryptoRipplexrp
Tweet123Share222ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Cryptocurrencies With Incredibly High Market Caps

Cryptocurrencies With Incredibly High Market Caps

1 hour ago
Avalanche Might Continue Its Downtrend As Price Slips To $16

Avalanche Might Continue Its Downtrend As Price Slips To $16

4 hours ago
Polkadot

Polkadot Under Strong Bearish Influence , Will The Nearest Support Level Hold?

7 hours ago
Ethereum

Decline In Ethereum Futures On CME Suggests Institutional Investors Are Still Bearish

9 hours ago
VeChain VET VETUSDT

VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend

10 hours ago
bitcoin

Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

10 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

Secure Your Finances With These Top DeFi Tokens: Gnox (GNOX), Solana (SOL), and Avalanche (AVAX)

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. 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.