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Home Cryptocurrency news Ripple

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

Tony Spilotro by Tony Spilotro
8 months ago
in Ripple, Cryptocurrency news
Reading Time: 2min read
xrp shitcoin sheep manure
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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.

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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.

Related Reading | XRP Tanks Compared To Crypto Counterparts Bitcoin And Ethereum, But Why?

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.

xrp sheep manure shitcoin

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.

Related Reading | Ripple Effect: Whales Buy Up A Sea of Small Fish Selling

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.

Tags: altcoincryptoripple xrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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