He shared the chart below on July 28th, amid the rally, arguing that the asset remains below a crucial resistance level:
Now that the daily demand got retested can we finally send it out of this range? 2400 is such a tasty target for now. With the USD Pair looking like it does and the retest XRP saw on the “BTC Pair I think it’s time for it to step on the gas. Otherwise -> 1500 Sats.”
This sentiment that XRP is in a precarious spot comes as reports have confirmed that the asset was dealt a fundamental blow.
As reported by Bitcoinist, The TIE and eToro — a blockchain data firm and exchange/trading platform, respectively — reported that XRP’s social volume is on the decline. For their report for the second quarter of 2020, they wrote:
“While existing crypto investors became increasingly positive about the industry, there was no mainstream euphoria surrounding crypto post-halving. 73% of cryptos saw a decreased number of tweets in Q2.”
XRP may also underperform because right now, the crypto spotlight is fixed on Bitcoin. Ari Paul, the CIO of BlockTower Capital, wrote on July 26th:
A big part of altcoins rallying for the last few months has been BTC in a tight range. IMO, most alts likely to underperform BTC if it breaks out in either direction.
— Ari Paul (@AriDavidPaul) July 26, 2020
With Bitcoin preparing to break out in the hours ahead, this underperformance may continue.
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