XRP price has struggled for the past two years of the bear market. It has been ranked among the worst-performing alternative currencies, despite lagging behind Bitcoin and Ethereum in market capitalization.
Investors may have finally given up on the asset and are capitulating. It is not uncommon to see former supporters who now refer to the asset as “shit”. But what’s unusual is the fact that the cryptocurrency’s price chart almost exactly matches that of sheep dung.
Cryptocurrency price chart matches sheep dung
The commodity market is full of agricultural and other production-based products and by-products. It is also literally filled with feces.
Like the soybean and corn trade in the commodity market, sheep manure used to fertilize crops on farms can be very hot.
Traders amassed sales during the Black Thursday panic collapse, eliminating any previous gains. The stock market and crypto also saw similar declines and V-shaped recoveries in recent weeks.
Related reading | XRP tanks compared to Bitcoin and Ethereum crypto counterparts, but why?
Recent data shows that the cryptocurrency called Ripple has underperformed Bitcoin and Ethereum in the past 30 days.
It’s hard to say exactly what’s behind the poor performance, but it certainly sucks at XRP owners.
All puns aside, the recent cryptocurrency price action strangely mimics the sheep dung price chart.
Legendary commodity trader Peter Brandt first shared the sheep manure chart on Twitter, however it closely resembles the XRPUSD price action.
Ripple XRPUSD Sheep Mature Fractal | Source: TradingView
Sheepish Investors Capitulate Directly in XRP Whale Portfolios
XRP and other crypto assets generally follow Bitcoin’s price action somewhat. But Ripple is showing extreme weakness even despite continued underperformance.
The asset was ranked among the worst performing assets for the past two years in a row. He and XLM had especially negative bear market declines after their spikes.
But even XLM has since recovered more than XRP, leaving investors fed up. Ripple continues to drop as much as 94% on the USD pair, and over 90% on the BTC pair.
Related reading | Domino effect: whales buy a sea of small fish selling
XRPUSD and XRPBTC continue to fail, and the sale could be the latest wave of small headlines to capitulate. As this happens, the data shows that the whales are absorbing this entire sale.
Blockchain data indicates that larger wallets are growing as prices accumulate. These data could suggest that large-scale accumulation is occurring before a longer-term recovery.
For now, asset price action continues to look literally and figuratively bullshit.
