Nick Core, a trader and statistician at Ecosystems LLC, recently offered his opinion about the recent sell-off that occurred in the Bitcoin [BTC] market. He also spoke about his views on the current progress of Ripple and XRP, along with the strides made by Stellar Lumens [XLM] in the payments space.
He stated that he was still positive for the market, going so far as to say that it was a “good and healthy” phenomenon. Core stated that he was looking for a lower bottom on Ethereum [ETH], going on to observe outlying trends in the market. He elaborated:“I am looking at in particular is Stellar. It has continued to create higher lows and there’s a massive amount of volume flowing into it. I do look at Stellar as a company and not so much a cryptocurrency, Ripple also.”
Establishing that both of the assets have been receiving a lot of attention and capital flow, he went to state that he was searching for a breakout on the last top and the creation of a mountain pattern on Stellar’s charts. He said that this would cause the coin to take the price to newer highs.
XRP has been a player in the market that has largely stayed unaffected by movement in other coins. Responding to NeuNer’s claims that XRP has been acting like a “stablecoin”, he said that it was moving inverse to the rest of the market, similar to Stellar’s performance. He stated:“Ripple is so centralized, Stellar is so centralized. It’s better to look at it as a company. There’s money to be made in Ripple, regardless of your feelings on it. Obviously, there are major moves as a day trader I try to look for these major moves regardless of my feelings and emotions on a cryptocurrency.”
Even though he believed that it was built on a blockchain and that there was a big future for both the coins, he said that Stellar has more oppurtunities for growth than Ripple, as they were making major moves behind the scenes. This was due to their partnerships and other similar things, which, in his eyes, would allow Stellar to outperform Ripple over the next 12 months.
He made a price call for Ethereum [ETH], which has been subject to multiple sell-offs during this bear market. Core said that the coin dropping to the $120 level was ”inevitable at this point”, as the price is not too far above it. He stated:“There was a major sell-off last night. Ethereum will still have growth but I don’t think it’ll have the growth I had on the last bull run because there’s less ICOs built on it. As for the scenario now I am looking for a 109 to 120 as our next potential bottom again as we approach. I may adjust that target but that’s what I’m seeing right now.”