From a dire forecast for both Bitcoin and XRP to the Ethereum-EOS-Tron battle for crown of decentralized apps, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin and XRP
A crypto analyst’s grave warnings about Bitcoin and XRP are spreading throughout crypto circles and across media outlets like wildfire.
The trader, known in the industry as Magic, tells his 30,600 followers on Twitter that Bitcoin may trend higher in a short-lived relief rally.
But after the upswing, Magic believes the confirmation of a head and shoulders pattern, which is used to predict trend reversals, will mark the start of a dramatic reversal.
Magic says the fallout would create a tidal wave of red throughout the crypto markets and hammer XRP.
“While I love XRP (and I do believe that it is superior to all other cryptocurrencies) if BTC falls to the 1000 range as I’m currently anticipating, I think XRP could simultaneously fall to 0.03. I hate to report that, but that’s what the charts suggest, if BTC falls to 1000.”
Magic also questions Ripple’s business model, saying the company would do a better job of boosting XRP if it required customers to use the digital asset for payments.
“On the topic of XRP, it bothers me that Ripple built a business model that can thrive without XRP. They could have forced clients to use ODL for cross-border payments, but clients can benefit from Ripple’s cross-border solutions without XRP. Common knowledge. I just don’t like it.
Other than that, I am a big fan of Ripple and XRP, and I think they have one of the best projects in the space.”
Meanwhile, new analysis from Bloomberg predicts Bitcoin will reach $8,000 in the short term.
The analysis is based on the GTI VERA Convergence Divergence indicator, which utilizes typical moving average convergence divergence (MACD) and attempts to identify increased volatility and delete excess noise.
Ethereum, EOS, Tron
The dollar value of cryptocurrency flowing through EOS-based decentralized apps (DApps) is ahead of both Ethereum and Tron.
According to DappReview, $10.9 million worth of EOS moved through DApps on the network in the last 24 hours, compared to $3.1 million worth of TRX and $3 million worth of ETH on their respective networks.