DADI Cryptocurrency Rebrands to EDGE » The Merkle Hash

29m
cryptonewmedia

McDonald’s and Nestlé Dive Into New Blockchain Pilot to Stop Fraud

1h
dailyhodl

Do ICO’s keep their promises? Analyzing the roadmaps of 2018’s ICOs

1h
bitcoinwarrior

Sally Ho’s Technical Analysis 18 July 2019

1h
cryptonewmedia

Sally Ho's Technical Analysis 18 July 2019

1h
cryptodaily

Central Banks and Cryptocurrencies: Natural Born Enemies, or Soon-to-Be Friends?

1h
cryptoglobe

Which One Should You Invest More? » The Merkle Hash

2h
cryptonewmedia

BTCPay Server Announces Crowdfunding Campaign for Tor Project

2h
beincrypto

Litecoin Leads The Way: As Bitcoin Plummets, Altcoins Rise Across the…

3h
cryptonewmedia

Trade smarter, only on Coinbase

3h
cryptonewmedia

Coinbase Announces Three Data-Based Trading Signals for Users

3h
cointelegraph

Rebel Nintendo Scorns Sony and Microsoft With Updated Switch

3h
cryptonewmedia

EOS Price Prediction: Will It Go Up To $10 At The End of 2019

3h
nulltx

Ocasio-Cortez Criticizes Corporate-Controlled Money in House’s Libra Hearing

3h
cointelegraph

Litecoin Leads The Way: As Bitcoin Plummets, Altcoins Rise Across the Board

3h
cryptonewmedia

Lotus is Building a Sensational Electric Hypercar » The Merkle Hash

3h
cryptonewmedia

Meltem Demirors Weighs in on ‘Shitcoin’ vs. Bitcoin – for Congress

3h
dailyhodl

Key Comments From Libra Hearing at US House of Representatives

3h
cointelegraph

FaceApp Thrusts User Privacy into Spotlight amid Russian Ties

4h
cryptonewmedia

Bitcoin Could Shed 20% & Drop to $7,400 Because Bulls Look Exhausted

4h
cryptonewmedia

Coinbase imposes minimum deposit restriction for British users

4h
bitcoinwarrior

Coinbase Releases New Data Tools for ‘First-Time’ Crypto Investors

4h
coindesk

Litecoin Leads The Way: As Bitcoin Plummets, Altcoins Rise Across the...

4h
newsbtc

Netflix Stock Implodes, Subscriber Exodus Ignites 12% Plunge

4h
cryptonewmedia

World Economic Forum Report Evaluates the Value of Blockchain

4h
cryptonewmedia


XRP to Fall by 50% if Bitcoin Sees "Immediate Correction": Altcoin Skeptic

XRP may be in for a harrowing next few weeks.

Just as fast as bulls have brought this market to and past $10,000, bears have slammed Bitcoin, pushing the leading cryptocurrency down by around $2,000 in the past 48 hours.

With this move, analysts have begun to fear the worse not only for BTC, but for altcoins too. According to legendary commodities trader, Ripple’s go-to cryptocurrency, XRP could drop to $0.16 — 50% of its current U.S. dollar value — should BTC see an “immediate correction”. Such a move would set XRP’s market capitalization to $7 billion, which is what it was trading well over a year ago.

If $BTC has intermediate correction then $XRP will go to $.1600 pic.twitter.com/tqQ0nuHZr4

Brandt seems to be backing this pseudo-call by noting that XRP against the Dollar is currently trading in somewhat of a wedge, which has held for around 9 months. Should that wedge fail to the downside, the cryptocurrency may not be in for a good time, that’s for sure. It is unclear where the $0.16 figure was derived from though.

Just a pertinent aside, Brandt has generally bearish on altcoins, recently telling a number of outlets that he wouldn’t be surprised to see 95% (if not more) of non-Bitcoin crypto assets fail with time. He has expressed some relatively optimistic thoughts towards Litecoin and Monero, but that’s about it.

On XRP, Brandt is under the belief that the cryptocurrency is “manipulated”, presumably citing the fact that Ripple Labs sells a large portion of the coins, which artificially depresses prices.

Ripple is a well managed company consisting of very brilliant people — it is also the bag-holder for a manipulated digital asset

Brandt’s scary quip comes as Ripple has seen a series of strong fundamental news. Most notably, the fintech company has recently joined in a partnership with MoneyGram, one of the world’s most prominent money transfer firms.

As reported by Ethereum World News previously, this partnership, which is currently contracted to last for two years (which can be extended), Ripple will be MoneyGram’s primary partner for cross-border payment and forex settlement through the medium of digital assets. In other words, MoneyGram will be utilizing XRP in its primary business line — money transfer. For those that are fans of Ripple and its go-to cryptocurrency, this news is monumental.

It is important to note that Brandt is extremely short-term bearish on crypto markets right now. He claimed earlier this month that if BTC was to break its parabola, a strong correction, maybe even one of up to 80%, could be had. This is an obvious reference to the historical precedents that broken parabolas in the Bitcoin market lead to massive drawdowns.

But, he is long-term bullish, extremely so. In fact, per previous reports from this very outlet, Brandt claimed that the parabolic phase that BTC is seeing could take the asset to $100,000 by early-2020.

While this would represent a gain of around ten-fold in under a year’s time, Brandt accentuates that Bitcoin is very special in that it can embark on these parabolic moves time and time again, with seeming no signs of stopping. The career analyst writes, “no other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments