Ripple’s global market cap flips Citi, but the Wall Street virtuosos see a looming price dip ahead.
Ripple Inc’s exponential growth has led to flipping a couple of competing high tech companies, including the popular Chinese mobile phone maker Xiaomi. Additionally, XRP’s current $184.22 billion market capitalization edged Citigroup, which is a publicly-traded Wall Street enterprise.
However, Citigroup, the group of professional Wall Street traders, tend to believe that the altcoin season this year is doomed. The panel of financial industry experts revealed this assumption in their latest Ethereum (ETH) price prediction, forecasting that the showpiece altcoin is going to tumble all the way to $2,200 by year-end.
How Ripple (XRP) Can Ditch Citigroup’s Bearish Thesis
As the two altcoins tend to correlate, this could serve as a bearish sign for Ripple (XRP) as well, even though the freshest positive headwinds in the legal department provide an edge for XRP. However, the Wall Street behemoth’s bearish prediction on the altcoin markets falls in line with the stupendous profit-taking happening over the past few weeks.
Noted by seasoned crypto analyst Ali Martinez, this 160 million Ripple coin (XRP) sell-off wave could mean two things. Either it’s profit taking or repositioning, as recently witnessed in the case of Coinbase customers. To decide on the motive, DailyCoin’s research team checked two crypto whale behavior-tracking devices – the Chaikin Money Flow (CMF) & Bull Bear Power (BBP).
While the CMF indicator dwelled between -0.01 & -0.06 on the 4-hour price charts, the popular remittance altcoin is retesting a key psychological threshold at $3. Meanwhile, the BBP was restructuring towards the green territory while XRP is priced at $3.03, per TradingView’s stats.
Paired with rising trading volumes, this could result in a further rebound upswing, but the current on-chain signals reflect market indecision. With network activity & cross-border utility being the strong points of XRP, most holders expect a bigger breakout in case of SEC granting any out of the 11 Ripple-based exchange-traded fund (ETF) submissions.
Discover DailyCoin’s hottest crypto news:
Pi Coin’s Level Up: Second Migration Hints At Binance Debut
Coinbase’s XRP Reserve Dump Extends To 90%; 6 Wallets Left!
