{"id":408261,"date":"2019-12-21T22:53:20","date_gmt":"2019-12-21T22:53:20","guid":{"rendered":"https:\/\/wncen.com\/?p=408261"},"modified":"2024-06-11T13:35:37","modified_gmt":"2024-06-11T13:35:37","slug":"xrp-could-soon-fall-against-bitcoin-analyst-warns-as-pressure-builds","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/xrp-could-soon-fall-against-bitcoin-analyst-warns-as-pressure-builds\/","title":{"rendered":"XRP Could Soon Fall Against Bitcoin, Analyst Warns as Pressure Builds"},"content":{"rendered":"<p>Over the past few days, <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> has strongly outperformed altcoins, especially Ethereum and XRP. On Wednesday, when BTC was trading 8% down on the week, both ETH and XRP \u2014 the second and third-largest cryptocurrencies by market capitalization, respectively \u2014 were down nearly 15% since the weekly open, crushed under the pressure of BTC volatility.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/21\/crypto-market-long-term-trend-positive-binance-ceo\/\" data-wpel-link=\"internal\">Crypto Market\u2019s Long-Term Trend is Positive: Binance CEO Explain Why<\/a><\/h6>\n<p>Despite the fact that the cryptocurrency market&#8217;s capitalization has since recovered, the two aforementioned altcoins are still rather down on the week against Bitcoin. Traders expect this trend to continue.<\/p>\n<h2><strong>XRP to Fall Against Bitcoin, Analyst Warns<\/strong><\/h2>\n<p><a href=\"https:\/\/twitter.com\/JacobCanfield\/status\/69386496\" rel=\"nofollow\">According to<\/a> popular cryptocurrency trader Jacob Canfield, XRP&#8217;s pair against BTC has just lost the support of the 20-week simple moving average after trying to hold it as support for weeks. He notes that if this level breaks down, he expects for the XRP\/BTC to fall &#8220;much lower.&#8221;<\/p>\n<p>https:\/\/twitter.com\/JacobCanfield\/status\/69386496<\/p>\n<p>It isn&#8217;t only the fact that XRP\/BTC failed to hold its 20-week moving average that is a harrowing sign for bulls of the cryptocurrency.<\/p>\n<p>Trader Velvet remarked that he expects for Bitcoin\u2019s dominance metric to hit 78% \u2014 some 10% higher than current levels \u2014 by March, just four-odd months away. He remarked that for this to take place, there is likely to be a \u201cslow bleed\u201d in the prices of XRP and ETH. This comment was made in tandem with his assertion that <a href=\"https:\/\/wncen.com\/2019\/12\/19\/how-bitcoin-price-could-hit-20000-march-analyst-explains\/\">BTC will hit $20,000 by March 2020,<\/a> which is a move that will force altcoins relatively lower.<\/p>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/cbovaird\/2019\/12\/17\/xrp-falls-to-lowest-since-2017-as-crypto-markets-see-red\/#590e809b4a86\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Speaking to Forbes<\/a>, Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, remarked that the aforementioned altcoin is likely to suffer more, despite XRP already trading at its lowest price in over two years. DiPasquale remarked:<\/p>\n<blockquote><p>\u201cXRP has been historically very sensitive to adoption-related news pertaining to banking and money services partners, since they represent the biggest clientele for Ripple\u2019s services\u2026 Now, with Bitcoin\u2019s price also experiencing downward pressure, we expect the cryptocurrency to slide further due to this news.\u201d<\/p><\/blockquote>\n<p>This comment was made in reference to news that MoneyGram, one of Ripple\u2019s most prominent financial institution partners, that it doesn\u2019t actually hold or \u201cHODL\u201d the asset that it uses.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/21\/crypto-tidbits-bitcoin-returns-7200-ripple-tron-ceo-thunberg\/\" data-wpel-link=\"internal\">Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg<\/a><\/h6>\n<h2><strong>Ripple Completes Funding Round, Could be Boon<\/strong><\/h2>\n<p>Not all is lost for <a href=\"https:\/\/wncen.com\/2019\/12\/21\/ripple-ceo-claims-half-of-top-20-banks-will-own-crypto-in-2020-is-this-feasible\/\">Ripple<\/a>, though.<\/p>\n<p>According to a\u00a0<a href=\"https:\/\/fortune.com\/2019\/12\/20\/ripple-raises-200-million-xrp-cryptocurrency\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">report from Fortune<\/a>, the company has just <a href=\"https:\/\/wncen.com\/2019\/12\/20\/ripple-closes-200-million-fundraising-round-but-community-questions-motives\/\">completed a massive funding round<\/a> that values the company at $10 billion, making Ripple one of the largest blockchain companies on the market at the moment. The investment that valued it at $10 billion, $200 million \u2014 sourced from global investment firm Tetragon, Japanese pro-XRP finance-centric conglomerate SBI, and Route 66 Ventures.<\/p>\n<p>Apparently, the funds, while not needed to fund operations, will give the company \u201cBalance sheet flexibility\u201d as it looks to hire upwards of 150 new employees in 2020 and introduce new overseas offices to facilitate said employee additions.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/12\/21\/banking-unbanked-bitcoin-podcaster-finds-restaurant-shunned-banks-btc\/\" data-wpel-link=\"internal\">\u00a0Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Over the past few days, Bitcoin has strongly outperformed altcoins, especially Ethereum and XRP. On Wednesday, when BTC was trading 8% down on the week, both ETH and XRP \u2014 the second and third-largest cryptocurrencies by market capitalization, respectively \u2014 were down nearly 15% since the weekly open, crushed under the pressure of BTC volatility. Related Reading:\u00a0Crypto Market\u2019s Long-Term Trend is Positive: Binance CEO Explain Why Despite the fact that the cryptocurrency market&#8217;s capitalization has since recovered, the two aforementioned altcoins are still rather down on the week against Bitcoin. Traders expect this trend to continue. XRP to Fall Against Bitcoin, Analyst Warns According to popular cryptocurrency trader Jacob Canfield, XRP&#8217;s pair against BTC has just lost the support of the 20-week simple moving average after trying to hold it as support for weeks. He notes that if this level breaks down, he expects for the XRP\/BTC to fall &#8220;much lower.&#8221; https:\/\/twitter.com\/JacobCanfield\/status\/69386496 It isn&#8217;t only the fact that XRP\/BTC failed to hold its 20-week moving average that is a harrowing sign for bulls of the cryptocurrency. Trader Velvet remarked that he expects for Bitcoin\u2019s dominance metric to hit 78% \u2014 some 10% higher than current levels \u2014 by March, just four-odd months away. He remarked that for this to take place, there is likely to be a \u201cslow bleed\u201d in the prices of XRP and ETH. This comment was made in tandem with his assertion that BTC will hit $20,000 by March 2020, which is a move that will force altcoins relatively lower. Speaking to Forbes, Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, remarked that the aforementioned altcoin is likely to suffer more, despite XRP already trading at its lowest price in over two years. DiPasquale remarked: \u201cXRP has been historically very sensitive to adoption-related news pertaining to banking and money services partners, since they represent the biggest clientele for Ripple\u2019s services\u2026 Now, with Bitcoin\u2019s price also experiencing downward pressure, we expect the cryptocurrency to slide further due to this news.\u201d This comment was made in reference to news that MoneyGram, one of Ripple\u2019s most prominent financial institution partners, that it doesn\u2019t actually hold or \u201cHODL\u201d the asset that it uses. Related Reading:\u00a0Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg Ripple Completes Funding Round, Could be Boon Not all is lost for Ripple, though. According to a\u00a0report from Fortune, the company has just completed a massive funding round that values the company at $10 billion, making Ripple one of the largest blockchain companies on the market at the moment. The investment that valued it at $10 billion, $200 million \u2014 sourced from global investment firm Tetragon, Japanese pro-XRP finance-centric conglomerate SBI, and Route 66 Ventures. Apparently, the funds, while not needed to fund operations, will give the company \u201cBalance sheet flexibility\u201d as it looks to hire upwards of 150 new employees in 2020 and introduce new overseas offices to facilitate said employee additions. Related Reading:\u00a0Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":406156,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,4],"tags":[166,428,1558,39983,2887,4531],"class_list":["post-408261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-analysis","tag-analysis-2","tag-bitcoin","tag-cryptocurrency","tag-jacob-canfield","tag-market","tag-xrp"],"acf":[],"yoast_head":"\n<title>XRP Could Soon Fall Against Bitcoin, Analyst Warns as Pressure Builds<\/title>\n<meta name=\"description\" content=\"Over the past few days, Bitcoin has strongly outperformed altcoins, especially Ethereum and XRP. 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