- Data Shows Investors Are Beginning to Give Up on Ripple’s XRP
- Decreasing Investor Sentiment Might Pioneer the Next Major Rally
XRP News Today – Ripple’s XRP is one of the biggest losers last year. The digital currency posted considerable year-to-date losses regardless of the enormous gains Bitcoin (BTC) and some other major altcoins amassed. The price action of the digital currency was pretty poor and it has been largely attributed to the controversy surrounding the close tie of the digital currency to Ripple – Fintech firm.
Data Shows Investors Are Beginning to Give Up on Ripple’s XRP
One key piece of data is suggesting that investors are beginning to give on the third-largest digital currency in the world by market cap. However, this negative sentiment might be what is needed to pioneer the next major price rally. XRP has been stuck below the 20 cents level, as investors seem to be fleeing from the digital currency.
XRP (XRP) Price Today – XRP / USD
At press time, the price of XRP is up by about one percent, leaving XRP/USD price at $0.1949. This is a considerable increase from its recent lows of $0.186 that was set recently. The digital currency has been struggling to break over the 20 cents mark over the past few weeks. Every attempt to break over the 20 cents level has been closely accompanied by a sharp decline that usually pushes the price of the digital currency back to the 19 cents region.
Those that watched their XRP holdings continually heading south all through last year seem to be losing faith in the digital currency. This has even made some XRP holders sell off their holdings.
Decreasing Investor Sentiment Might Pioneer the Next Major Rally
The deteriorating hope among XRP holders seems to be explicitly bearish. However, it is important to note that extremely negative sentiments are usually seen as a counter indicator that precedes major trend shifts.
XRP Price Prediction – Ripple XRP Price Prediction
In a recent tweet, an industry expert – Mr. Anderson – said that the macro price action of XRP looks quite bearish but that several altcoins including Ripple’s XRP will only be able to form long-term bottoms when investors ‘throw in the towel.’ His tweet states:
“$XRP: By the way, we are only two months past the OP & somehow this thing managed to drop another 40%. Be very leery of those providing several insane price predictions. Some of these POS coins might actually bottom. However, that will occur when people throw in the towel on them,”
By the way, we are only two months past the OP & somehow this thing managed to drop another 40%
Be very leery of those providing several insane price predictions
Some of these POS coins might actually bottom. However, that will occur when people throw in the towel on them pic.twitter.com/ENMdYcbWwd
— Mr. Anderson (@TrueCrypto28) January 2, 2020
XRP may likely continue trading bearishly against the US dollar and Bitcoin (BTC). However, another session of capitulation could be what the digital currency needs to form a long-term bottom and start another parabolic move.