The bullish momentum of BTC creates the conditions for a strong growth of altcoins. Some, such as Ethereum, show an independent trend in BTC consolidation amid institutional participation through Grayscale and positive fundamental news.
However, Ripple (XRP) seems to be more difficult to take advantage of favorable conditions in the industry.
Well-known crypto trader Luc Martin noted the modest dynamics of XRP in comparison with other leading altcoins:
Leading altcoins are highly correlated, and their graphs often look the same. Some are leading, others are behind. But in general, they form peaks and fall at the same time. EOS and XRP are lagging behind, they have risen only 5% relative to the lows.
It is logical to assume that in the absence of a significant sale in the entire industry, XRP can repeat the success of Ethereum, having risen in price by 20% relative to the leading cryptocurrency.
However, market observers have noted signs that it will be difficult for Ripple to do this ...
Ripple loses leading executives
According to a CoinTelegraph report, Miguel Viaz, head of the XRP market division, has just left Ripple. It is noted that his role in attracting cryptocurrency buyers, which contributed to the adoption of an asset in the traditional sector, is currently completed.
This is not the first leader to leave the company recently. Corey Johnson, chief market strategist, and Catherine Coley, who is now the CEO of Binance U.S., also recently left Ripple.
The community is not interested in Ripple
According to the latest statistics, the XRP and Ripple community is weakening, despite some positive fundamental news about the development of the product.
According to the report “The state of the digital asset market, first quarter of 2020” from eToro and The TIE, for the first quarter of this year the number of Twitter users “discussing” cryptocurrency fell by 16%, while the asset depreciated by 9.51% for same time period.
In addition to this, crypto trader Zytek has published statistics according to which the number of participants in Telegram chats dedicated to crypto has significantly decreased. In particular, the number of @Ripple channel members has decreased by 63.89% since June 2018 - from 64,525 to 23,299:
Negative technical analysis of the XRP chart
If we talk about technical analysis, many traders are still convinced that the dynamics of XRP in relation to the dollar looks unconvincing, not to mention the pair with BTC.
For example, in mid-April, a well-known crypto analyst Byzantine General noted the macroeconomic weakness of the asset on a 2-week timeframe, saying that “This is one of the most frightening graphs I've ever seen.”:
The analyst drew attention to the “double rebound” from the key horizontal levels of resistance and the approach to low liquidity zones. According to Byzantine General, XRP may depreciate 83% -97% relative to current levels.
