Holding Ripple’s XRP is “Not an Effective Strategy,” Argues Top Analyst

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XRP, the underlying token of the Ripple’s flagship blockchain, is not a practical cryptocurrency for holding, said a top market analyst.The statements appeared in the wake of XRP’s dismissive performance in 2020 against its better-performing rivals, such as bitcoin.The analyst said the Ripple token could fall by another 50 percent before it pursues a retracement price rally.Holding XRP is not an effective strategy, says a top cryptocurrency analyst.The Ripple blockchain’s native asset is down by more than 91 percent from its all-time high, explained the pseudonymous trader, adding that it could fall by another 50 percent from its current levels. He took his cues from a pre-2017 fractal that recorded XRP slipping by almost 95 percent from its then-local top. XRPBTC performance since 2015 | Source: Ethereum JackWhile each of XRP’s top rival was trading lower from its respective all-time high, the Ripple token so far showed the worst recovery. For instance, in dollar terms, bitcoin as on June 3 was trading 52.13 percent below its all-time high of $20,000. In comparison, XRP was down by 94 percent.“Clearly, the chart shows that hodling XRP is not an effective strategy,” said the analyst. “I don’t know how anyone can argue about that. Buying when the market resets after a long deep retrace and shows strength has been a good strategy but you have to sell it.”

Via: https://www.newsbtc.com

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