XRP Holders Beware: Analyst Warns Altcoin Could Break Key Price Level
A popular crypto strategist is cautioning XRP holders, pointing out that the altcoin has been underperforming for the past six years. According to analyst Jason Pizzino, those who have held onto their XRP since 2018 have mostly seen negative returns.
The Bearish Stance on XRP
Pizzino elaborates on his bearish outlook by examining the XRP against Bitcoin ratio (XRP/BTC). He highlights that the pair is currently in a sustained downtrend and could potentially break its previous lows recorded before Ripple’s legal victory against the U.S. Securities and Exchange Commission (SEC).
- If it pumps this cycle, XRP would need to increase by over 2,600% to break even against Bitcoin’s value from its 2017 peak.
- In the last cycle, it managed a 500% increase but is now just 30% away from breaking the SEC Lawsuit low.
Pizzino emphasizes that influencers discussing XRP may still attract attention from hopeful investors, but there is no guarantee that their price projections will materialize. He warns readers that any decision to buy XRP comes with inherent risks.
Current Trading Status
As of writing, XRP/BTC is trading at 0.00000982 BTC ($0.71).
Hot Take: Proceed with Caution
XRP holders need to be aware of the potential risks associated with the altcoin. While it may experience some rallies during this bull market cycle, it is essential to consider its historical performance and current downtrend against Bitcoin. It would require a significant increase for XRP to break even against Bitcoin’s value from its previous peak. Additionally, the looming threat of breaking the SEC Lawsuit low further adds to the uncertainty surrounding XRP. Investors should carefully weigh the risks before making any decisions.
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