XRP, the controversial token embroiled in a legal battle with the SEC, is back in the spotlight. While a prominent analyst, Krillin from The Haven, continues to label it a “scam,” he also acknowledges its potential for explosive growth against Bitcoin (BTC).
XRP: Missing the Bull Run But Eyeing a Comeback?
Krillin, known for his EMA/MA analysis, has repeatedly pointed out XRP’s underperformance compared to the broader crypto market’s 2021 bull run. While other cryptocurrencies soared, XRP peaked at $1.96 in April 2021, a significant drop from its 2018 all-time high of $3.31. Many attribute this lackluster performance to the ongoing SEC lawsuit.
This underperformance continued into 2023, even as Bitcoin reached new highs and altcoins recovered. Krillin’s criticism of XRP investors for missing out on these gains fueled his claim that XRP is a scam.
A Technical Signal for XRP?
However, Krillin’s analysis presents a seemingly contradictory perspective. Despite his skepticism towards XRP, he highlights a potentially bullish technical indicator: the XRP/BTC ratio. This ratio has sunk to a level seen only three times in history – June 2014, February 2017, and January 2021 – all followed by significant XRP price surges.
A Price Explosion on the Horizon?
Following Krillin’s initial observation in March, the XRP/BTC ratio dipped further to 0.000007 this week. Interestingly, Krillin suggests that XRP, despite being a “scam” in his view, is worth keeping an eye on due to this technical signal. In April, he even called buying XRP at the 0.000006-0.000007 BTC range a “good call.”
As of today, XRP sits at $0.51, surpassing the $0.50 resistance level. Notably, XRP has gained 17.1% against Bitcoin in the last four days, with the XRP/BTC ratio currently at 0.00000881.
The Verdict: A Puzzling Mix of Criticism and Optimism
Krillin’s stance on XRP is a curious blend of harsh criticism and a grudging acknowledgement of its potential. While labeling XRP a scam, he highlights technical indicators that suggest a potential price explosion against Bitcoin. Investors should carefully consider both Krillin’s analysis and the ongoing SEC lawsuit before making any investment decisions concerning XRP.
Also Read: XRP Price Surges 10% Amid Ripple vs SEC Ruling Speculation: What’s Next For Crypto Investors?”
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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