XRP may be gearing up to decouple from Bitcoin (BTC), according to the crypto intelligence company Santiment.
The firm says the fourth-largest cryptocurrency is at the top of their radar after it printed major upticks in its social metrics.
“XRP has entered the top spot on Santimentfeed’s Emerging Trends and has seen massive social volume spikes.
These are potential indicators of an upcoming decoupling from BTC, so keep an eye on Ripple’s upside since these spikes aren’t pump-related yet.”
However, two widely-followed technical traders are not on the same page, and believe the extended bear market of the XRP/BTC pair market is far from over. Trader Cheds tells his 78,000 Twitter followers that XRP/BTC is forming a bearish pattern that sets the stage for another leg down.
$XRP #Ripple daily chart – Prepping for a new breakdown with this descending triangle forming #TheStandard pic.twitter.com/Lu2apmr7bk
— Cheds (Trading Quotes) (@BigCheds) June 5, 2020
Crypto analyst Ethereum Jack seconds Ched’s bearish tone. The trader says unless XRP/BTC shows signs of life, it is poised to lose half of its value.
“I will trade XRP vs BTC when it shows strength. Any weekly close above green and I’m interested.
Until then who knows what can happen, currently down 91% since ATH but has seen 95% drops before, which is close to another 50% dropdown. Move slow.”
Meanwhile, Florent Maulin, a researcher at the crypto metrics platform Messari, says XRP’s inflation rate may be tied to its poor performance over the past year-and-a-half. He says the coin’s rate of inflation is currently among highest of the large-cap coins.
“XRP circulating supply inflation rate (20%) is the highest among large-cap assets over the past year, 5 times higher than BTC pre-halving.
Only 30% of XRP max supply has been distributed, vs 87.5% for BTC. BTC is up 20% since last year, XRP is down 47%.”
