A closely followed crypto strategist says that the payments platform XRP has been drastically underperforming for the last six years.
Analyst Jason Pizzino tells his 100,600 followers on the social media platform X that those who held on to their XRP stacks since 2018 have mostly seen negative returns.
According to the analyst, XRP may witness rallies during this bull market cycle but so does Bitcoin (BTC) and other altcoins.
The trader elaborates his bearish stance on the seventh-largest crypto by looking at the XRP against Bitcoin ratio (XRP/BTC). Pizzino highlights that the pair appears to be in a sustained downtrend and is in danger of breaking its lows recorded before payments firm Ripple won the lawsuit against the U.S. Securities and Exchange Commission (SEC).
“Even if it pumps this cycle, XRP must do over 2,600% to break even against Bitcoin value from the 2017 peak.
Last cycle, it managed 500% and is now at risk of breaking the SEC Lawsuit low: just 30% away. The only benefit to influencers talking about XRP is there is still a huge audience that wants to hear about the project and hopeful price projects that never come true.
Below are just pure charts, data, and facts. The risk is on you if you buy.”
At time of writing, XRP/BTC is trading at 0.00000982 BTC ($0.71).
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The post Crypto Strategist Issues Warning to XRP Holders, Says the Altcoin at Risk of Breaking Psychological Price Level appeared first on The Daily Hodl.