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.
Joe Saz: “Ripple faces big challenges that are challenging the new rally.”
Saz says the future of The XRP faces many problems “no matter what”:
We are trading under what has been the trend lines that have been going on for a very long time ($0.28). That’s what happened until December 2018. We broke violently, and that’s driving me crazy right now. I’m trying to break the trend at low levels of XRP and draw more results from our channel, where XRP has historically fallen even after entering other areas. This has been a very pleasant bloodline for a long time in terms of stability and it was a place where you could believe the XRP would finally return… At both ends of this spectrum, we have the decreasing volume that enters the formation of streamer with equal possibilities. I’d say I’m in a slump for now. We tend to return to this channel (over $0.28), but as you can see, it was rejected twice.
Analyst: “The number of big announcements from Ripple has not yet affected the price of the XRP.”
Saz said the number of major announcements from 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 stock and xrp should get rid of all these American stock exchanges? There’s a lot of stuff at both ends of the spectrum, so I’m a little curious. I wonder how the support of an asset could potentially be shaped by a press as bad as it is in the next. More importantly, a good press has little impact on the price.
FXStreet analyst Ken Chigbo looks at the XRP’s move and acknowledges that the XRP is in a downstream and that its crypto-asset has found strong support at $0.25.
The XRP/USD parity found good comfort in the large $0.25 market, which helps prevent free fall. Price movement remained within the streamer structure of another daily decline subject to downward risks.
Ripple plans to “greatly” reduce XRP sales in the third quarter
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, saying the 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.