Sentiment surrounding the XRP price has been mostly bullish lately, with numerous predictions emerging for a possible rally. However, not everyone has joined the bull bandwagon after being disappointed by XRP’s price performance. One analyst in particular has expressed dissatisfaction with XRP’s performance over the years, and as a result, the analyst wants to abandon the token.
XRP Price Value Weakens
One analyst using CryptoCheck on the TradingView platform has cited reasons why he is no longer bullish on the XRP price. The analysis shows how XRP has underperformed the rest of the crypto market over the years, leading to the belief that the token’s value has weakened.
CryptoCheck points to the fact that XRP has failed to regain its first and only all-time high, even though Bitcoin and many altcoins have been able to do so multiple times. The crypto trader calls this price performance unusual compared to other assets in the sector.
The analyst laments XRP’s inability to deliver the same performance as other coins over the years, despite its value proposition as a cryptocurrency for institutions. “Other coins have long surpassed their ATHs. But XRP made one, and never again. This speaks of weakness in terms of value. And that is here to stay,” the analyst writes.
Additionally, CryptoCheck compares the token to the likes of Dogecoin (DOGE), which is widely known to have no value and is a meme coin. Nevertheless, DOGE has reached multiple all-time highs while the XRP price lags. “The truth is, if I had bought DOGE as much as I bought XRP, my portfolio would have increased x100 compared to today,” CryptoCheck adds.
Weak support and stronger resistance | Source: Tradingview.com
Will no longer accumulate XRP
The highlight of CryptoCheck’s analysis comes from the fact that he will no longer buy the token. According to the crypto trader, he had religiously purchased XRP because of his strong beliefs and ideology about the token’s value proposition. However, XRP’s price performance was nothing to write home about.
The analyst attributes this to the low trading volume for the token and investors not being interested in purchasing the token. Also, CryptoCheck points to what he called a “Pump and Dump” price action, which has led to XRP continuously forming “weak support zones and strong resistance zones.”
Furthermore, he explains that XRP’s increasing unpopularity translates into weak trust. As such, investors who already own the tokens are looking for a good opportunity to sell and exit, especially short-term traders.
As for the analyst, he explained that selling was the next step. “I have decided that I will no longer accumulate. Instead, once the price becomes higher than what I bought for, I will try to sell my bags,” he revealed.
XRP bulls take control of performance | Source: XRPUSD On Tradingview.com
Featured image of Eightify, chart from Tradingview.com
