In the shaky world of cryptocurrencies, XRP has become a place where people with hope and doubt can come together. The latest news about the SEC case has given people who use Ripple new hope. But Peter Brandt, a classical price chart expert, has a more sobering view.
This has caused people to argue about the future of the cryptocurrency in relation to Bitcoin.A lot of people are upset about Brandt’s analysis, which compares XRP’s progress to Bitcoin’s. He believes that the fact that Ripple isn’t doing as well as Bitcoin means that it will have a bad future and that investors may choose to switch their currency from Ripple to Bitcoin.
XRP Bulls’ Optimism
Some XRP bulls are hopeful, but Brandt’s claim goes against what most people think.
My comparison is to BTC, not USD, so here is what I don’t understand. How can XRP bulls be so insistent in that Ripple is near ATLs vs BTC, and, in fact, has only closed higher than present levels in 6 of the last 126 months?”Observing the XRP/BTC chart, Brandt remarked,
A closer look at XRP’s weekly charts against the USDT, on the other hand, shows a more complex picture. Ripple seems to have found security in a key demand zone. This is backed up by the fact that Ripple has been steadily moving away from exchanges, which is a sign of buying pressure rather than selling pressure.
With a negative Exchange Flow Balance, this trend of accumulation shows that buyers are still confident.Even though these things are adding up, market sentiment is still low, as shown by the negative score on the Weighted Sentiment metric. The difference between on-chain measures and sentiment shows how complicated the market situation for Ripple is right now.
As XRP stays close to key support levels, the end of the SEC case could do a lot of damage. If things go well and the market is in the right frame of mind, Ripple could go back up. Ripple needs to show Bitcoin and other altcoins that it can compete with them, though.
