One of the biggest cryptocurrency hedge funds says they will continue to avoid XRP and XLM because their supply is too concentrated.
In an interview Thinking Crypto On YouTube on April 10, Morgan Creek Digital CEO Mark Yusko confirmed that their policies for these two altcoins will not change.
Yusko: We are not owned XRP or XLM
"We exclude any What kind of asset is held too concentrated, so we do not owned XLM and XRP”, he told the show.
Yusko cites the Morgan Creek Bitwise Digital Asset Index Fund, which he founded with the property management company Bitwise in 2018. The fund comprises the top 10 cryptos and contains more than 80% of Bitcoin.
As previously reported, Ripple is the largest XRP holder with around 6.5 billion coins continuing to create controversy over its position, including major sell-offs carried out by senior executives.
Continuing, Yusko explained that the centralized holding-stock policy of the S&P 500 opened up opportunities for manipulating potential prices.
"For example, Tesla by size will be in S&P, but it is is not maybe because Being held too focused and maybe were price manipulation. The same thing happens with cryptocurrencies, have 2 species Tokens are held too centralized and so we feel that them It can not be Free transactions like BTC, ETH or DASH or XMR ”.
In January, Ripple CEO Brad Garlinghouse responded to allegations that the company could control the price of XRP, just like the Bitcoin whale.
99% altcoin heading to $ 0
Besides XRP, Yusko made some bold predictions. Except for the top 16 or cryptocurrencies with a large market cap, most tokens will return to $ 0 because they have little chance of success.
To him, the "utility token" is the "shitcoin", just like the popular rhetoric from those who focus primarily on Bitcoin and see it as the real innovation that comes from the phenomenon of cryptocurrencies.
"Nothing wrong with" utility token " aka "shitcoin” if called one affectionately. There is nothing wrong with it, just 99% will return to 0 dollars because of them is the pre-seed venture capital venture, have a very low success rate ”.
In the case of XRP, analyst Michaël van de Poppe believes that cows still exist in the market and try to prevent prices from reaching an all-time low.
The XRP price targets $ 0.17
XRP traded below $ 0.2 for a few days after hitting that level for a short time.
Now, traders on TradingView believe that prices are about to go down when XRP is breaking out of the wedge-gradually increasing model. This is what the market should expect.
Trader David_Smith earlier declare that XRP is forming a bullish wedge but now he confirms the coin has broken out from there and started falling. He believes the downside move is waiting for XRP in the coming hours and days.
"I warned about selected choose the second of wedge ascending (not yet breakout) and now we see it brokeout and operation. Guess more drops from here. ”
Trader Alex_Clay share Similar view on the TradingView page that XRP has lost strong support and is currently going down.
Twitter user CryptøManiac101 predicts that both the cryptocurrency and stock markets are about to form a major bear flag. As a result, XRP is likely to rally to $ 0.24 first and then collapse to only $ 0.6.
What are the odds we would be looking at both the #crypto and the stock market crawling along a massive bear flag?
- CryptøManiac101 (@_Crypto_Maniac_) April 11, 2020
"Cwe will observe both crypto and stock markets. Perhaps they are running along the giant bear flag?”
You can see the price of XRP here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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