After making a move before the weekend that gave hope to the bagholders, XRP took a dive yet again.
The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in red like the majority of the market. In the past week, it has dropped by over 6% and 12.5% in the past year.
In the USD market, XRP is able to hold off some losses but in the BTC market, it has dropped to a new low. On June 27th, XRP/BTC dropped to 0.000019 which was last seen in December 2017 just before it exploded to an all-time high of $3.92.
Just like XRP, Bitcoin Cash (BCH) is another cryptocurrency that fell to a new low of $0.0240 against BTC.
The situation of XRP prices is so dire that XRP bagholders are going to great lengths to make bizarre connections.
Ripple CTO David Schwartz today took to Twitter to question the 900 years old horse “trough” and XRP investors where Schwartz was indirectly talking about the end of XRP’s declining period.
David you little beauty. 900 day trough pic.twitter.com/Cr21I6umvi
— XRP Poker (Bots R Divisive) (@ProductsXr) June 28, 2020
Not so bizarre for the bagholders, apparently!
Schwartz may not have been giving the investors hope but trader DonAlt is surely providing the much-needed ‘hopium’ to the XRP community.
DonAlt posted a chart where he pointed to about a 500% increase in XRP price. But it’s not all bull talk as he also painted another 38.5% drop from the new low. Or it could very well fall into oblivion.
This is what I've come up with pic.twitter.com/C9qXzWcCTo
— DonAlt (@CryptoDonAlt) June 28, 2020
Another dose of hopium was in the form of SBI Holdings’ crypto fund. Reportedly, the Japanese financial conglomerate SBI Holdings has announced the launch of the country's first cryptocurrency fund with 50% of its assets to be in the XRP and 30% in Bitcoin (BTC) and 20% in Ethereum (ETH).
Getting through the SBI Business Presentation Material that was just released. Something NEW. Establishing Japan's first "crypto asset fund" scheduled to start summer of 2020~
Investment/storage! #XRP, Bitcoin, Ethereum pic.twitter.com/6lv3DaKsau
— CryptoEri (@sentosumosaba) June 26, 2020
A long-term Ripple partner, SBI is also planning to roll out its Security Token Offerings (STO) exchange by this year end and has started working on products that it would offer on the exchange’s release. It has already launched a crypto exchange called SBI VC Trade.