In spite of the current market stagnation, XRP’s price forecast remains bearish. It has gone below the symmetrical support level of $0.3735. At present, XRP is trading below the double bottom support level at $0.3565. Will XRP break the $3 mark? Let’s find out more.
Recently, Vitalik Buterin launched a strong attack on Ripple and XRP, mainly targeting XRP’s tokenomics and framework, as well as the high centralization costs.
Earlier this week, he gave an interview to Bankless, during which he rejected the idea that the company was becoming more decentralized in response to criticism.
He said:
“An on-chain data structure is necessary for any project in the crypto space.
Moreover, he mentioned that Ripple has not apologized yet for telling the US government that China has control over Ethereum (ETH) and Bitcoin (BTC).
“XRP has not taken responsibility for asserting that Bitcoin and Ethereum are controlled by China.
XRP can be described as a digital asset. In response to Buterin’s opinion, Ripple CTO David Schwartz answered him on Twitter, stating that Buterin “still doesn’t understand, or pretends not to understand, that Ripple is a company.”
Buterin, along with many others, believe that Ripple Labs’ XRP monopoly is a sign of centralization. Members of the Ripple community have attacked Ethereum, claiming that the SEC’s favoritism towards cryptocurrency is due to corruption.
Buterin responded to Ripple’s allegations by claiming that Ethereum, Bitcoin, and XRP are not China-controlled assets due to such outrageous claims.
This is causing bearish pressure to XRP, causing it to decrease in value.
XRP Price Prediction
Technically, the XRP/USD currency pair is trading at $0.3455. There is a slight bearish bias. The symmetrical triangle pattern which was keeping XRP at $0.3730 for the past four hours has been broken. Additionally, the 50-day moving median resistance level is at the same level, adding to the downward pressure on XRP prices.
On the downside, it is likely that XRP
