XRP is the only big altcoin that underperforms bitcoin
Compared to other leading altcoins such as EOS, Cardano (ADA) and Ethereum, XRP is even after a 80 -% recovery against the USD still lagging behind Bitcoin since the first week of January.
Analyst says XRP should be higher than it is now
According to Lukas Martin, the price of XRP 11 percent higher than the price currently based on the performance of other important altcoins. After Bitcoin's upswing in the past two months, EOS, ADA and Ethereum rose significantly against both the USD and the BTC.
While XRP saw a significant gain against the USD, it still couldn't outperform Bitcoin. The Bitcoin price fluctuated between 10.200 and 10. 500 $ and could not overcome the main resistance to higher levels at 10. 900 and 11. 500 $. When Bitcoin shows a sideways movement, it often drives the altcoins market to big gains against BTC.
This was particularly the case with Ethereum, which has been operating since (January 1st) at 50 percent against BTC has increased. Is there a basic factor that speaks for it?
In the fourth quarter 2019 Ripple, the company that sold the infrastructure around XRP and RippleNet, sold developed, quarterly the lowest amount of XRP to date.
As previously reported, Ripple sold around
The decline in XRP sales could have minimized asset selling pressures on major cryptocurrency exchanges and increased the chances of the market recovering.
The CEO of Galaxy Digital, Michael Novogratz who invested in the company Ripple, said that the company XRP must distribute in a rational way to ensure the sustainability of cryptocurrency and its ecosystem.
“The price of XRP will be determined like all prices. If there are more buyers than sellers (and the company has a lot of control here), the price will go up. The company must distribute in a rational manner while building a real and scalable use case. I hope you do. ”
A continuous decline in XRP sales by Ripple would strengthen the basis for the next upswing, as it would give XRP a better chance of catching up with Ethereum and EOS in the short-term price trend. The technical indicators also indicate that XRP for the first time since at least 2018 a multi-year trend line breaks out.
Proof of text: cryptoslate