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Cryptocurrency markets are experiencing a turbulent period. The leading cryptocurrency, Bitcoin (BTC), struggled to reach $70,000 but fell back to $67,000. Additionally, sales by Bitcoin miners due to rising costs affected BTC’s decline. A well-known market analyst discussed Bitcoin and altcoins, particularly making statements about Ripple (XRP).
Expectations for Ripple’s Rise
Popular cryptocurrency analyst Jason Pizzino discussed Ripple, which is still embroiled in a lawsuit with the SEC, noting its poor performance over the last six months. Analyst Jason Pizzino emphasized that since 2018, XRP holders have mostly faced a downward trend.
According to the analyst, XRP could witness rallies during this bull market cycle. However, he noted that this situation depends primarily on Bitcoin and the general market trend. The analyst then examined Ripple’s ratio to Bitcoin, detailing the bearish trend concerning the seventh-largest cryptocurrency.
Critical Phase for XRP
Pizzino highlighted that the pair appears to be in a continuous downtrend and is at risk of breaking the lowest levels recorded before Ripple’s lawsuit against the US Securities and Exchange Commission (SEC). The senior analyst concluded his statements with the following remarks:
Even if this cycle accelerates, XRP needs to perform over 2,600% to break its 2017 peak value against Bitcoin. It achieved 500% in the last cycle and is currently at risk of hitting the lowest level due to the SEC lawsuit. It is only 30% away. The only benefit of influencers talking about XRP is that there is still a large audience wanting to hear hopeful price projections about the project that will never materialize. Below are only charts, data, and facts. If you buy, the risk is yours.
