XRP Falls to a New Low against BTC, Could Further Fall to Find New Support
Yesterday, XRP dropped to a new low against BTC, since December 2017. The fourth-largest cryptocurrency dropped to 0.0000205 yesterday in the BTC market after the world’s leading digital currency jumped on the back of the Fed’s dovish tone.
This has been while last week, the digital asset entered the top spot on emerging trends with a massive spike in its social volume. There have also been potential indicators of an upcoming decoupling from bitcoin but nothing has happened yet.
After EOS, XRP is the one that has lost the most over 22% against BTC in 2020 so far.
According to the veteran trader, Peter Brandt, if XRP/BTC doesn’t find its way back to the support line, it could fall further to find new support at 0.0000194.
Looks like Ripple Labs @Ripple has blown the wad allocated to support XRPBTC at .00002060 to .0002075 levels. If ice-line cannot be reclaimed, look for new support at .0000194 on way to .0000145— Peter Brandt (@PeterLBrandt) June 10, 2020
Hey, I'm just a boomer who hates XRP pic.twitter.com/L0wL3TA1s3
Back in March, Brandt broke its promise to never again post a chart of XRP only to share that the digital currency has all the “white space” to fall in. This time, he “just cannot stand not taking a shot at XRP when it deserves to be shot at.”
Many XRP enthusiasts argue that instead of comparing XRP with BTC, it should be measured in the USD market. However, even against the US dollar, XRP isn’t doing any good. As we reported, XRP recorded the second least amount of gains in the top 25 cryptos.
As a matter of fact, while bitcoin has been holding steady for the past few weeks, altcoins have been rallying. Although small-cap altcoins are really the winners of this rally, large-cap altcoins are also surging, if not as much as small-cap coins.
In 2020, so far, Ethereum has seen an increase of 87%, BSV 99%, Cardano 144%, Tezos 114%, and Chainlink 133% to name a few.
Even Ripple’s competitor Stellar Lumens (XLM) registered a jump of 68% YTD in comparison to XRP’s 3.75%. Currently, XRP/USD is trading at $0.20, with 0.35% losses.
All of this while Ripple continues to grapple with lawsuits, however, CEO Brad Garlinghouse says these legal cases fail to show how the company and Garlinghouse committed fraud in selling XRP in 2017.
Ripple’s lawyers are arguing that plaintiff Bradley Sostack’s amended complaint, filed in March, must show how the fraud was committed and that it was done knowingly. They are now asking the court to dismiss the case with prejudice and without leave to amend.