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

bitcoinist

19d ago

Nick Chong | Jul 26, 2020 | 01:00

Despite XRP’s strong price performance in the past 24 hours, there remain investors that believe the asset is not yet in a bull market. This comes in spite of analyses indicating the asset has pierced crucial macro resistance levels.

One prominent crypto trader shared the chart below after XRP began rallying on Saturday. He wrote, “this is literally the very beginning for XRP,” adding that investors should “let it ride.”

Chart of XRP’s macro price action against Bitcoin by trader Crypto Dog (@TheCryptoDog on Twitter). Chart from TradingView.com

Despite this, not everyone is convinced the asset has legs in the longer run.

As reported by Bitcoinist previously, XRP remains below a level of macro support despite the ongoing rally. The loss of this technical level led one analyst to suggest the asset could drop by 30-40% against Bitcoin. Referencing the chart, this analyst wrote:

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.”

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:

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