A notable market analyst insists XRP is a scam, but acknowledges its potential to record impressive growth, urging investors to pay attention to it.
Krillin, an EMA/MA analyst from trading platform The Haven, made this remark in a recent disclosure. Over the past few months, the seasoned market analyst has continued to take a jab at XRP, repeatedly reminding the broader crypto community that XRP holders missed out on the 2021 bull run.
Notably, in 2021, the crypto market slipped into a full-blown bull run. While other cryptocurrencies recorded new all-time highs, XRP hit a roadblock at $1.96 in April of that year. This 2021 peak was 41% down from XRP’s all-time high of $3.31 in 2018. Several market commentators attributed this underperformance to the ongoing SEC lawsuit against Ripple.
Moreover, the crypto market entered an uptrend in Q4 2023, which extended to the first quarter of this year. During this period, Bitcoin (BTC) hit a new all-time high and most altcoins recovered the losses of 2022 and 2023. However, XRP still underperformed.
XRP Poised to Outperform BTC
Krillin has persistently criticized XRP investors who missed out on the gains during this period. Basing his criticism on this reality, he recently opined that XRP is a scam. His first remark on this came up in March. However, the analyst confirmed that despite XRP being a scam, it has the potential to outperform BTC.
Even though it's a scam and is the worst performing major of the past 5 years, XRP is reaching an area of interest against BTC pic.twitter.com/U6mAUtzWEd
— krillin ॐ (@LSDinmycoffee) March 12, 2024
Data from an accompanying chart indicated that amid XRP’s underperformance against Bitcoin since last July, the XRP/BTC ratio has dropped to a robust support level the analyst believes is an area of interest. Notably, the ratio has dropped to this level only three times in history.
This phenomenon occurred in June 2014, February 2017 and January 2021. Interestingly, each time it hit this level, a massive uptrend occurred. With the ratio now back to this territory, another price explosion against Bitcoin could occur.
Notably, following Krillin’s analysis in March, the ratio dipped further, dropping to the 0.000007 level this week. The analyst recently presented an update to his report, noting that while he believes XRP is a scam, it is worth paying attention to it. This remark suggests he believes XRP is on the verge of outperforming BTC despite not believing in the asset.
Still a scam, but might be a scam worth paying attention to soon. https://t.co/JGFJ7A9vFu pic.twitter.com/1zz99BSwcZ
— krillin ॐ (@LSDinmycoffee) July 12, 2024
In April, Krillin asserted that purchasing XRP at the 0.000006 to 0.000007 BTC level is a good call. Despite stating this, he maintained his criticism of XRP and the XRP community. Notably, XRP currently trades for $0.5101, having broken above the $0.50 resistance. XRP has gained 17.1% against BTC over the past four days, with the XRP/BTC ratio now sitting at 0.00000881.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
