XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain

XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain

“I don’t think this pumps without fundamentals and for now I don’t see anything in the calendar. Personally I’m waiting for orange or a HTF reclaim of the former floor that lead to this bleed out. Bounces are for shorting until proven otherwise,” the analyst said in reference to the macro downtrend. 

Chart of XRP’s macro price action against Bitcoin by trader “Bagsy” (@Imbagsy on Twitter). Chart from CoinTrader and TradingView.com

Further bolstering the XRP bear case, the asset’s community is shrinking per social data. According to a recent report released by The TIE and eToro — a blockchain data firm and exchange/trading platform, respectively — XRP’s social media volume actually went down over the second quarter by around 21.81%: “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.” All Altcoins Are Poised to Suffer There are some analysts that are bearish on all altcoins, not just XRP. The head of technical analysis at Blockfyre recently opined that in an environment where Bitcoin and Ethereum are “trending,” it is a poor idea to long altcoins: “If $BTC and $ETH start trending. I’d be cautious on longing #ALTS. Especially if this is the start of a new BTC trend upwards. The most likely out come would be alt/btc pair ratios getting drained while BTC moved past 10.5k in that scenario. I also wouldn’t look to fade 1st move.” He added in an earlier message that his analysis of the Bitcoin dominance chart indicates a short-term pullback. Featured Image from Shutterstock Price tags: XRPUSD, XRPBTC Charts from TradingView.com XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain

 

source: https://bitcoinist.com/xrp-is-surging-but-not-everyone-is-convinced-a-bull-run-is-certain/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-is-surging-but-not-everyone-is-convinced-a-bull-run-is-certain

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