Bitcoin is Flashing Signs of Weakness as It Trades Below Crucial Level

15m
bitcoinist

101Investing: New crypto broker tested

1h
cryptoticker

A Panel of Experts See Bitcoin Averaging $12,948 by Year End

2h
thebitcoinnews

Crypto Adoption: Newly Launched Binance Card To Serve 60 M Plus Merchants Across Europe

2h
coingape

Economic Expert: Libra, Interesting But Will Never Launch

2h
coininsider

Can Chainlink’s Market Cap Surpass That Of BCH and BSV Combined?...

2h
zycrypto

Investors Expect Chainlink To Reach $10 Before Bitcoin Recaptures $10,000

2h
zycrypto

Appeals Judge Allows NY Investigation Into Tether Stable Currency

2h
livebitcoinnews

Did this Texan falsely file for PPP loans only to buy crypto with the funds?

3h
zycrypto

Did‌ ‌this‌ ‌Texan‌ ‌falsely‌ ‌file‌ ‌for‌ ‌PPP‌ ‌loans‌ ‌only‌ ‌to‌ ‌buy‌ ‌crypto‌ ‌with‌ ‌the‌ ‌funds?

3h
zycrypto

Chainlink Sees “Off the Chart” Exchange Inflows as Whales Look for an Exit

3h
bitcoinist

Bitcoin Could Soon Enter a Bull Run, Indicator Shows

3h
cryptoglobe

Why Bitcoin.org’s secret owner wants Bitcoin price to stay in the...

3h
zycrypto

Binance Rolls Out Crypto Debit Card in Europe and UK

3h
zycrypto

From Politics to Crypto: The BTC Journey of Craig Bergman

4h
livebitcoinnews

Block Crunch - Why Avalanche is Not an Ethereum Killer - John Wu, Ava Labs

4h
letstalkbitcoin

Nearly 60% Of Bitcoin Investors Say They’ll HODL To The Grave If The Price Stays Below $10,000

4h
zycrypto

US Army Requests Information on Tools to Track Cryptocurrency Transactions

5h
thebitcoinnews

Bitcoin & Cryptocurrency FinTech Apps Outperform Non-Crypto Peers: Report

5h
coingape

Bitcoin Closing Beneath One Crucial Level Could Decimate Altcoins

5h
bitcoinist

TTS 266 Elections, Lockdowns, Protests, and Liberty: Live from PorcFest with Ernest Hancock

5h
letstalkbitcoin

Cryptocurrency News Roundup for July 14, 2020

6h
beincrypto

Strong fundamentals mean Cardano (ADA) could keep up with its July rally

6h
cryptoslate

Bitcoin's Price Stability Is a ‘Good Thing’, Bitcoin.org Co-Owner Argues

6h
cryptoglobe

The Hash Ribbon Is Back, Suggesting further BTC Gains

6h
livebitcoinnews


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