There was a short period last week during which altcoins outperformed Bitcoin. Yet XRP and the rest of the cryptocurrency market have begun to underperform the market leader yet again.
It’s a trend that analysts expect to continue, especially as cryptocurrencies like XRP post harrowing technical signs indicative of impending downside.
Altcoins as a whole have printed bearish fundamental signs, further corroborating the expectations of a move lower in the coming weeks.
XRP’s recent inability to keep up with Bitcoin has forced the cryptocurrency under key support levels, a top analyst has suggested.
The analyst did not convey a prediction in reference to the tweet, though he did indicate that XRP could fall a lot lower from where it currently trades.
The skepticism on XRP’s chart has been echoed by other market participants.
Mohit Sorout — a founding partner at crypto investment fund Bitazu Capital — indicated a similarly bearish position earlier this month, also pointing at the loss of the horizontal support.
The lead technical analyst at crypto research firm Blockfyre recently shared that “altcoins (as a whole) are really going to struggle” moving forward.As to why this is the case, Jeff Dorman — CIO of crypto hedge fund Arca and an ex-trader at firms like Lehman Brothers and Merrill Lynch — explained that the fact all altcoins fell last week when Bitcoin did is a sign that many of them are not investable assets.