Amidst sentiments that XRP could tank further, Welson, a crypto analyst has offered renewed hope that the crypto asset might surge soon. In a tweet on September 9, 2019, Welson said the crypto community needs to be more bullish than ever because XRP has bottomed out in the upwards channel it’s in.
XRP Gains Community’s Attention Due to its Sideways Trading
XRP, the third-largest cryptocurrency by market cap has been the center of attention of late. The asset has garnered interest due to its sideways trading most of the year in spite of the surge in Bitcoin and other top cryptocurrencies. Several crypto analysts have also attributed the virtual currency’s downtrend to Ripple’s manipulation of the market.
Despite this sentiment, Welson believes that a bull run may spring soon in the XRP market. In the analyst’s opinion, XRP has bottomed out in the upwards channel it’s in, and its surge will start from there. Also, XRP traded sideways for months, and many people have lost hope of a spike. However, now is the right time for people to be extremely bullish about XRP, Welson added.
XRP Army Less Enthusiastic About the Potential for a Surge
On the other hand, the XRP army did not sound too enthusiastic about Welson’s prediction. While some outlined that they will be stocking up more XRP, others pointed out that it was just another bullish prediction. According to the latter, several analysts had said the same months ago, but look where we are today at $0.26.
A user, for instance, said:
“Overly optimistic. I’d say more or less 20% up and then sideways for another 6 months. We are not heading to the moon just yet.”
More Dump of XRP by Ripple Attributed to Decline in Asset’s Price
Nonetheless, the lack of enthusiasm can largely be attributed to the sentiment that more XRP is being dumped in the market. On September 9, 2019, news began to emerge that Ripple has transferred 100 million XRP tokens to Jed McCaleb, Ripple’s co-founder. The transfer also stirred a wave of anxiety that McCaleb could possibly dump the tokens in the market, which could further plunge the crypto asset’s price.
Similarly, over 3,500 people have signed a petition imploring Ripple Labs, the blockchain company behind XRP to stop selling more XRP in the market. According to them, it has done more harm than good to its price, despite the numerous adoption of the asset by banks and other financial institutions.