Traders Analyze XRP/USD vs BTC/USD Charts to Recognize a Decoupling of Price Movements
Manipulators in the market could be controlling the price of XRP, the third largest digital currency. Although XRP remains one of the most popular cryptocurrencies in the market, it seems that it has decoupled from Bitcoin (BTC).
During the last few months, digital currencies have been growing trying to leave the bear market behind, but XRP seems not to follow this positive trend.
XRP Decoupled From Bitcoin
In general, when Bitcoin moves in one or another direction, altcoins follow the same trend. That means that if Bitcoin grows, altcoins follow this trend. If Bitcoin falls, digital currencies also fall with Bitcoin. This shows that altcoins are coupled with Bitcoin.
Nonetheless, XRP seems to be behaving in a different way to Bitcoin. Many altcoins are growing, including Litecoin (LTC) and Binance Coin (BNB), among others. But XRP remains close to $0.33. This is not the first time that XRP behaves in a completely different way to Bitcoin. Indeed, the digital currency grew exponentially in September 2018 when RIpple launched its xRapid product.
This is why there are several individuals and experts that believe that XRP is being manipulated. The recognized chartist, Peter Brandt, suggested that the market experiences manipulation that aims at supporting a fixed level.
Dynamics at work in a massive descending triangle that moves to apex.
1. Mkt is manipulated
2. Manipulators support at fixed level
3. But are forced to lower their selling price as time goes on
4. If (when) support gives way, desperation will ensue$XRPUSD pic.twitter.com/RmJaYiC8KY
— Peter Brandt (@PeterLBrandt) March 21, 2019
Brandt explained that manipulators are trying to get rid of private stash and providing artificial support in the process. He has also mentioned that the chart looks similar to what Bitcoin when it moved up at $6,000 before dropping hard.
Although there are some reports that show that XRP is being manipulated, there is no specific proof to back these statements. Nevertheless, Peter Brandt is a recognized expert that has several times provided accurate information about Bitcoin. Thus, what he says should be properly considered.
At the time of writing this article, the Ripple coin XRP is being traded around $0.33 and it has a market capitalization of $13.85 billion. In the last 24 hours, it fell 0.74%.
Live Ripple (XRP) Price:
1 XRP/USD =$0.2464 change ~ 2.46%