Warren Buffett: XRP cannot grow naturally

Experienced billionaire investor Warren Buffett believes that XRP lacks a price structure that drives growth naturally.


Billionaire investor Warren Buffett

He also pointed out the fact that the token is centralized, meaning that the majority is controlled by a certain entity (i.e., Ripple).

Ripple's focus

Although former market strategist of Ripple Cory Johnson positive Ripple Labs 'discovered XRP', didn't make it out of nothing, so the token couldn't avoid centralized accusations.

According to hedge fund manager Mark Yusko, the asset was removed from Morgan Creek's index fund because it 'was held too concentrated'.

(embed) https://www.youtube.com/watch?v=wKYYnBHS0aI (/ embed)

Whales control nearly 85% of the total XRP supply. For example, former Ripple CEO Chris Larsen, the second richest person in the world of cryptocurrencies, boasts a fortune of 5.19 billion XRP.


Distributing supply XRP | Source: coinmetrics.substack.com

XRP is still a backward one

Ripple, which holds 60% of the total supply, has faced allegations of token depreciation due to massive sales. CEO Brad Garlinghouse of the company to speak to The Financial Times that Ripple would not be profitable without selling XRP.

"We will not have a positive interest or cash flow without selling XRP, I think I have said that."

However, Ripple executives vehemently deny that they manipulate the price of XRP. In an interview with CNN in September, Garlinghouse explained it was in their best interest to help the token come to success.

"Yes, Ripple owns a lot of XRP and we are very concerned about the success of XRP, but the accusations about dumping our coin are not true because it is not in our best interest."

Although XRP sales dropped significantly in the fourth quarter, price action was still bleak.

Technical analysis

Yesterday, XRP fell below $ 0.1850 which caused many losses to investors. Prices have created new monthly lows at $ 0.11812 and are currently correcting higher.

There is good support formed on the $ 0.182 and $ 0.184 levels. The price is currently trading above $ 0.185 and Fib is down 23.6% of the recent decline from a high of 0.11965 to a low of $ 0.1812.

However, the token currently faces strong resistance near $ 0.189 and the simple 100-hour MA. The Fib 50% drop of the recent decline from a high of 0.11965 to a low of $ 0.1812 also plays a strong resistance role for the bulls.

More importantly, an important downtrend line formed with resistance near $ 0.189 on the hourly chart of the XRP / USD pair. The pair is likely to trade close to $ 0.189 and $ 0.19 in the near term.


XRP price. Source: TradingView

To move into the positive zone, the bulls need to reach above $ 0.192. The next resistance area is near the swing high of $ 0.11965. If it can break through, the price will accelerate to $ 0.2.

Conversely, when XRP fails to lift the 100-hour SMA or the $ 0.19 resistance level, it is likely to turn down in the coming sessions.

Initial support on the downside is determined near the $ 0.185 level. Major support near the $ 0.181 and $ 0.18 levels. Worse, the bears are likely to force the price to test $ 0.165 in the near term.

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.

Minh Anh

According to AZCoin News

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