The dollar price of Ripples XRP has remained relatively flat, with a gradual decline for the entire year of 2019. But the story about the price action might be hidden in another Pair XRP/BTC.
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XRP is approaching a key level against BTC
XRP could approach another Crossroad-Level, if not in Dollar terms. The Satoshi-Position of the Assets tells a different story and shows signs of a change in direction.
Top trading view Bitcoin Analyst Jacob Canfield looks at the pivotal point for XRP in this week at 2.350 Satoshi. A break below this level when the market closes could mean further losses for the crypto-Asset.
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The Satoshi price is particularly critical, since XRP-advocates expect that the Coin BTC will eventually replace – and due to the faster network. , But when it comes to Trading, do not run more Altcoins in cycles against Bitcoin.
Ripples crypto is no longer used in BTC-based speculation
Already in 2017, Altcoins were used to speculation, to win bigger Bitcoin positions. But now the change from the Leit-Coin Altcoin is considered to be too risky. Despite the almost two-year bear market for Altcoins, most expect the downturn with a new significant downward movements continue.
Canfield that could have XRP to decouple earlier from the BTC, if the Token had established its Position as a base-pair assets.
Ripple should have started at the exchange in 2017 with $XRP pairs and the $XRP tokens used for discount fees and IEO’s/STO’s. Easily could have become the most valuable tokens on the market.— Jacob Canfield (@Jacob Canfield) December 20, 2019
XRP has, however, a thin market, in which he is, in fact, a basic couple of-Asset – and that has not helped in the long decline of the Coins necessarily.
In the past week, the Asset of over 3,000 Satoshi slipped to a Low of 2.615 Satoshi. The new period will show whether the price recovers, or to a lower level falls. In the past year, XRP over 10,000 Satoshi is slipped, and in a Phase occurred, in which the decline threatens to accelerate again.
XRP has a relatively small market for Bitcoin (Satoshi), while Tether (USDT) accounts for up to 37% of the total volume. However, the move against BTC could show that fewer people believe that the Ripple project will displace the Bitcoin network as a leading solution for cross-border payments.
Low XRP price is a Problem, because it is expected of the Token, the potential for a rally. But even the low prices are no guarantee that XRP does not drop further and no financial loss caused.
XRP has made since the beginning of 2019, a loss of almost 50% in dollars and a loss of 60% in BTC.