XRP Price Drops, Splitting Analysts into Bear and Bull Camps

As a result, this has led to mixed reactions from analysts. Some think the cryptocurrency is struggling due to outside factors. However, others argue it remains strong against Bitcoin (BTC)

Recently, there have been conflicting views on the price performance of Ripple’s XRP. While some analysts highlight the cryptocurrency’s struggles, others note its relative strength against Bitcoin (BTC).

In a pushback against Bitcoin maximalists, Tony Edward claims that XRP is being unfairly singled out. He points out that the entire crypto market is experiencing a general downturn.

“People are rolling in Rich's Bitcoin maximalist mentions of XRP. But no one seems to be mentioning that the entire crypto market is down. I wonder why 🤔

Like, I'm not saying it's good or anything but we're in a general downturn. It's not surprising that some coins are struggling more than others.”

However, Pierre Rochard presents a different perspective, arguing that XRP has been heading downwards since allegations against Ripple surfaced. According to Rochard, the company is actively lobbying against the Strategic Bitcoin Reserve (SBR). He further claims they are spending millions to try and halt the initiative and are targeting Bitcoin mining regulations to safeguard their own market position and promote central bank digital currencies (CBDCs) developed on their platform.

“It's no secret that I've been bearish on XRP. I believe that the coin has been struggling since the SEC case against Ripple began. It's clear that the company is trying to defend itself and maintain its position in the market.

But I've also been critical of the actions of the Strategic Bitcoin Reserve (SBR). I believe that the initiative is misguided and could have disastrous consequences for the future of Bitcoin.

Recently, there have been reports that Ripple is lobbying against the SBR. They are reportedly spending millions of dollars to try and get politicians to shut down the initiative. This isn't surprising given that the SBR poses a direct threat to Ripple's interests.

According to a report by The Block, Ripple has also been lobbying against legislation that would regulate Bitcoin mining in the United States. This legislation is being pushed by members of both parties and is focused on environmental concerns related to Bitcoin mining.

Again, it's not surprising that Ripple would want to intervene in this process. They see this legislation as a threat to their own interests.

Instead of focusing on legal matters, let's look at the bigger picture. The actions of the SBR are driven by a flawed ideology. They believe that we need to create a new world monetary system based on Bitcoin.

This ideology is dangerous and could lead to the destruction of everything that makes Bitcoin great. We need to wake up to the threat posed by the SBR and start working to counter it.

We can't let them win.”

Despite the bearish concerns highlighted by Rochard, it’s worth noting that some analysts remain optimistic about XRP’s future. For example, EGEAG CRYPTO highlights that XRP is demonstrating considerable strength against BTC and is forming a bullish formation. This view is supported by historical data and total market capitalization trends.

To support their outlook, they have identified potential price targets, which include Fib 1.272 at $0.000072, Fib 1.414 at $0.000095, Fib 1.618 at $0.00014, and Fib 1.888 at $0.00023. However, they also add a note of caution: to maintain an upward trend, XRP needs to stay above Fib 0.618 at $0.000020.

Shifting away from price movements and analyst opinions, let’s look at adoption.

XRP adoption continues to grow in other areas. Japanese exchange SBI VC Trade has recently launched applications for its cryptocurrency lending service.

The exchange offers users the ability to earn interest on their crypto holdings. Notably, this includes XRP, Bitcoin, and Shiba Inu (SHIB), among a total of 37 cryptocurrencies available for lending. Interest rates will vary, depending on the specific asset and current market conditions. Currently, Polkadot (DOT) is offering interest rates as high as 20%.

SBI Holdings first entered the crypto lending market in November 2020, and they have been gradually expanding their services. Notably, XRP was integrated into their lending offerings in 2021. This integration highlights the sustained institutional interest in the asset. Ultimately, this new lending service presents XRP holders with an opportunity to generate passive income and earn returns from their assets rather than leaving them idle.

The post Conflicting Views on XRP’s Price Performance and New Lending Service Launches for XRP, SHIB and More From SBI VC Trade appeared first on Coin Edition.

This article was originally posted on Monday, August 28, 2023 at 8:12 am by Samuel in the category Cryptocurrency Articles.output: Recently, there have been conflicting views on the price performance of Ripple’s XRP.