XRP Price Disappoints: Crypto Analyst Reveals Why He Will No Longer Accumulate

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	31,840,398,079	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

31,840,398,079

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0448	8.33%	0.5825	0.5824	0.5825

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0448

8.33%

0.5825

0.5824

0.5825

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5883	0.5326	0.538	0.5378	0.382490 - 0.852600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5883

0.5326

0.538

0.5378

0.382490 - 0.852600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	16:46:00	244.46	0.5826	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

16:46:00

244.46

0.5826

USD

Price x Volume	Volume	Base Symbol	Related Pairs
78,888,022.72	141,298,061.39	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

78,888,022.72

141,298,061.39

XRP Price Disappoints: Crypto Analyst Reveals Why He Will No Longer Accumulate

02/10/2023 5:00pm

NEWSBTC

The sentiment around the XRP price has been mostly bullish lately with numerous predictions coming through for a potential rally. However, not everyone has joined the bull bandwagon after being disappointed by the XRP price performance. One analyst in particular has expressed its displeasure at XRP’s performance over the years, and as a result of this, the analyst wants to abandon the token. XRP Price Value Weakens One analyst who goes by CryptoCheck on the TradingView platform has put forward reasons for why he is no longer bullish on the XRP price. The analysis shows how XRP has underperformed the rest of the crypto market over the years, leading to the belief that the value of the token has weakened. Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600? CryptoCheck points to the fact that XRP has been unable to reclaim its first and only all-time high even though Bitcoin and a lot of altcoins have been able to do the multiple times. The crypto trader refers to this price performance as unusual when compared to other assets in the industry. The analyst laments the inability of XRP to put on the same kind of performance as other coins over the years despite its value proposition as being a cryptocurrency for institutions. “Other coins have long surpassed their ATH’s. But XRP made one high, and never again. This speaks of weakness in terms of value. And that can no longer be ignored,” the analyst writes. Furthermore, CryptoCheck compares the token to the likes of Dogecoin (DOGE) which is widely known for having no value and being a meme coin. Nevertheless, DOGE has hit multiple all-time highs while the XRP price continues to lag behind. “The truth is, if I bought as much DOGE as I did XRP, my portfolio would have been up x100 compared to now,” CryptoCheck adds. Weak support and stronger resistance | Source: Tradingview.com Will No Longer Accumulate XRP The culmination of CryptoCheck’s analysis comes from the fact that he will no longer be buying the token. According to the crypto trader, he had been religiously buying XRP due to his strong belief and ideology about the value proposition of the token. However, the XRP price performance has been nothing to write home about. The analyst attributes this to low trading volume for the token and investors not being interested in buying the token. Also, CryptoCheck points to what he referred to as a “Pump and Dump” price action which has led to XRP constantly forming “weak support zones and strong resistance zones.” Related Reading: XRP Price Threatened As Ripple Unlocks 1 Billion Coins Additionally, he explains that the rising unpopularity of XRP translates to weak confidence. As such, investors who are already holding the tokens are looking for a good opportunity to sell and exit, especially short-term traders. As for the analyst, he explained that the next course of action was to sell. “I have decided I will no longer accumulate. Instead, as soon as the price reaches higher than what I bought for, I will be looking to sell my bags,” he revealed. XRP bulls take control of performance | Source: XRPUSD On Tradingview.com Featured image from Eightify, chart from Tradingview.com

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