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Analyst: XRP will perform poorly in 2020

Cryptocurrency

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Analyst: XRP will perform poorly in 2020
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ripple xrp currency

While XRP holders enjoy a 0.94% profit in the past 24 hours, more analysis for the token is emerging. In the event of a correction that brings the price of altcoin to $ 0.24, the price may rise and reach $ 0.42. However, if the bullish scenario is not maintained, the price of XRP could reach $ 0.18. As such, the bearish trend will resume, which is what Mike Novogratz, CEO of Galaxy Digital, sees for altcoin in 2020.

As noted in recent years, XRP holders have experienced many losses. Last year alone, the token lost 46.3% of its value. In addition, in 2019 an analyst released an forecast which puts the price of the second largest altcoin at $ 0.00 as early as February this year. According to some experts, the error is at Ripple Labs Inc. For Novogratz, the poor performance of XRP is associated with Ripple's actions.

While at the TD Ameritrade LINC 2020 conference, the billionaire answered some questions from investment advisers. Among them, there was a question about what you think about XRP. According to sources Coindesk, Novogratz said that Ripple has 60 million coins and that's a lot.

This certainly reinforces fears of market manipulation by Ripple Labs. While many believe the company is manipulating the token price, it strongly denies it. However, this large amount shows how influential the company is, marking yet another point for centralizing the XRP. As a result, more skeptics emerge and with them large sales volumes.

Surprisingly, Galaxy Digital's largest shareholding is in Ripple Labs, with an investment of $ 23.8 million. The comment from the company's CEO shows a drop in confidence in Ripple's management. Therefore, his vision for XRP cannot be optimistic. For Novogratz, the token will see a worse situation than in 2019.

“It had an immensely low performance last year. I think this year will have an immensely inferior performance and it is only because of the supply ”.

Shortly after the Novogratz speeches, Breanne Madigan, vice president of global institutional markets at Ripple, came out to publicly express his outrage at the billionaire.

“One of the biggest problems that the entire crypto industry continues to face is misinformation. There are so many that are fueling – and knowingly – rumors to boost market activity. It is unfortunate that, despite our culture of transparency, influential market participants are ignoring the facts. This prevents the entire digital assets industry ”.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.