Crypto analyst and BlockTV correspondent Joe Saz said he thinks Ripple (XRP) will face the price of the third-largest cryptocurrency and a fundamental market weakness that will continue to lower market value.
Crypto analyst: Ripple faces a lot of challenges that challenge new rally
In a new statement, Joe Saz says the future of The XRP faces many problems “no matter what”:
WE SEE TRANSACTIONS UNDER WHAT HAS BEEN TRENDING FOR A VERY LONG TIME ($0.28). THAT’S WHAT HAPPENED UNTIL DECEMBER 2018. WE BROKE IT VIOLENTLY, AND THAT’s WHAT’S BEEN GOING ON RIGHT NOW. I’m TRYING TO DRAW MORE RESULTS FROM OUR CHANNEL WHERE XRP FALLS INTO LOW-LEVEL INCREMENT SPLINTERS AND XRP TO OTHER AREAS HISTORICALLY. THIS HAS BEEN A VERY NICE CHANNEL FOR A LONG TIME IN TERMS OF STABILITY AND IT IS A PLACE WHERE YOU CAN BELIEVE XRP WILL RETURN AT THE END… WITH THE SAME POSSIBILITIES AT EACH END OF THIS SPECTRUM, WE HAVE A DECREASING VOLUME OF THE FLAMA FORMATION. I can tell you THAT I’m IN DECLINE NOW. (OVER $0.28) WE HAVE THE TENDENCY TO RETURN TO THIS CHANNEL, BUT YOU CAN SEE IT HAS BEEN REJECTED TWICE.
Joe Saz: Major developments have not yet affected the price of XRP
Joe Saz said the number of major announcements made by Ripple, including a new partnership with payment giant MoneyGram, has not yet affected the price of the XRP:
WHAT IF A MAN WINS A LAWSUIT THAT XRP IS A SECURITIES AND XRP NEEDS TO GET RID OF ALL THESE AMERICAN STOCK EXCHANGES? THERE’S A LOT OF STUFF AT EVERY END OF MY SPECTRUM, SO I’M JUST CURIOUS. IT WILL BE REALLY INTERESTING TO SEE HOW THE SUPPORT OF A BEING IS POTENTIALLY SHAPED WITH A PRESS AS BAD AS IN FRONT OF US. EVEN MORE IMPORTANT, A GOOD PRESS HAS VERY LITTLE IMPACT ON THE PRICE.
FXStreet analyst: Ripple trades in a downstream
FXStreet analyst Ken Chigbo looks at the XRP’s move and says the XRP is in a downstream. Ken Chigbo also acknowledges that his crypto assets have found strong support at $0.25.
The XRP/USD PARCEL FOUND A GOOD COMFORT IN THE $0.25 LARGE MARKET THAT HELPED PREVENT A FREE FALL. PRICE MOVEMENT, ANOTHER DAILY DECLINE THAT IS ATTACHED TO THE DOWNWARD DIRECTIONS REMAINED IN THE STREAMER STRUCTURE.
Ripple recently responded to accusations that The XRP sale prevents the price of digital assets from increasing along with most of the crypto market this year. The San Francisco company, which owns more than half of the total XRP supply, has locked most of its assets in escrow. The company says XRP’s supply inflation rate is lower than that of both Bitcoin and Ethereum. The company also said it plans to “greatly” reduce XRP sales in the third quarter of this year.