Tom Lee, Managing Partner of Fundstrat Global Advisors, recently held a survey on Twitter to measure public awareness on the crypto market. The survey gave important clues about the crypto market.
Tom Lee published a survey on Twitter to learn how people are approaching the crypto-money market. Fundstrat Global Advisors, which took its place in the market in 2014, became the most mentioned company in the name of crypto money research. Currently, he is the Managing Partner and Head of Research at Fundstrat.
Previously, we had stated that Tom Lee had been insisting on staying in the BTC for a while. Although Bitcoin is currently traded at $ 6,550, Tom believes that Bitcoin in Q4 could rise to $ 25,000. A large majority of respondents also think the bear market is over in the crypto-money sector.
Fundstrat Survey: 54% of Institutional Players Think Bitcoin Price Has Already Bottomed
Lee asked sixty questions to his 57,000 Twitter followers. All of the questions give important information about what the market is thinking. Each question was answered by five to six thousand people. According to this survey, 45% of the participants think that BTC has seen the bottom level. 43% of them think that the next year’s best performance will be the krypton XRP.
Survey Results As follows;
Question 1: What do you think is the most important factor affecting crypto prices?
Central banks – 35%
Emerging markets – 27%
USD – 18%
Geopolitical tension – 2%
Question 2: Do you think that crypto prices have risen in economic recession?
Yes – 59%
No – 41%
Question 3: When do you think Bitcoin will see the dip level?
Before 2018 – 25%
Until March 2019 – 18%
After half of 2019 – 12%
Bitcoin already on the bottom – 45%
Question 4: What are your Bitcoin 2019 year-end forecasts?
Under $ 6,999 – 12%
Between 7,000 and 10,000 $ – 20%
$ 10,000 with $ 15,000 – 25%
$ 15,000 and up – 43%
Question 5: Which of the following tokens do you think will perform best next year?
Bitcoin – 33%
Ether – 16%
EOS – 8%
XRP – 43%
Question 6: Which of these tokens means the least to you?
Bitcoin – 18%
XRP – 30%
TRON – 33%
Others – 19%
According to the results of the survey
From the answers, we can say that 45% of the respondents think that BTC is at the bottom of the level. Although BTC is currently about $ 800 more than the lowest ($ 5,743) seen this year, most traders believe it is at the bottom. As many analysts say, if BTC’s falls to $ 3,000, they may experience a serious disappointment. However, close to 90% of the participants are hopeful of 2019 Bitcoin prices. The crypto sector generally thinks the bear market is over.
XRP 2019’s Most Promising Crypto
For many analysts, it may be a surprise that the XRP has been so heavily supported, that even though the XRP has seen an increase of over 100% in the last few weeks, 43% of the participants think that the XRP will continue its upward trend. And next year, the survey will be the best performing crypto currency in the four options.
How are Crypto Coins Affected by the Economic Crisis?
Another important result is that 59% of respondents think crypto coins rise in economic recession. I can’t say anything about it yet. Since Bitcoin was launched in 2009, there has never been a big global recession. There is not enough data to say whether Bitcoin will rise during the economic crisis.
Many Bitcoin fans see Bitcoin as a kind of Digital Gold. If we think about Bitcoin in this way, then we can look at how Bitcoin is performing during the economic recession. In 2008, gold fell by 30%.
Some analysts believe that in economic recession, investors are converting assets such as gold into cash to ensure their portfolios. Therefore, he believes that assets are losing value in this process. This may mean that Bitcoin will share the same fate as gold after the next global economic crisis.
Ripple’s Community Shows Interest in Forking XRP Into “RippleOne”
What better way to kick off a new week in the crypto industry than by having some potential drama. While Ripple and XRP are prominent entities in the industry, a lot of people have a genuine dislike for both. Things have gotten out of hand recently, as Crypto Bitlord claims he will effectively fork XRP. There is even a Discord channel created for this specific purpose, albeit it seems unlikely much will come of it.
The XRP Fork Plan
While it is not uncommon in the cryptocurrency industry to fork existing projects, most of these ventures are never overly successful. In the case of Bitcoin, there have been so many spin-offs that most people have stopped bothering to keep track of it all. Ethereum also has its own fork, as do numerous other cryptocurrencies on the market today. Surprisingly, it now seems XRP may be added to this list in the near future, assuming the speculation and rumors on Twitter will effectively lead to some plan of action.
If Crypto Bitlord is to be believed, there will be a fork of XRP in the very near future. The new fork will be known as RippleOne and aims to disrupt the existing ecosystem as a whole. Why anyone would try to fork a project which isn’t even a traditional cryptocurrency in the first place, remains rather unclear. It appears this particular user is not too pleased by the way XRP has performed in recent months, although the same can be said about all cryptocurrencies, tokens, and assets on the market right now.
The Discord Channel Goes Live
As is often the case in the cryptocurrency industry, an idea like this tends to get some attention sooner or later. There appear to be many XRP holders who are displeased with how Ripple is handling the sale of XRP through its escrow contracts. Even though that move was designed to bring more legitimacy to the project as a whole, it seems a lot of people don’t understand the purpose of taking this approach. There are also concerns as to how Ripple is effectively pushing the XRP price down by continually selling these locked assets every single month.
As the RippleOne concept gains more traction, it now appears there is a dedicated Discord channel for like-minded users to come together. Although this is a big step in the right direction toward creating RippleOne, it doesn’t necessarily mean an XRP fork will ever occur. More often than not, this is merely smoke and mirrors to try and cause a ruckus. Effectively forking a project and making it successful is a lot more difficult than people might expect. If it wasn’t, everyone would so at their leisure, which is the last thing the cryptocurrency industry needs.
Would it Even Pose a Threat?
To this date, no one can deny Ripple has seen its fair share of success over the past few years. While it is true XRP has lost tremendous value compared to its multi-dollar all-time high, the same goes for most of the markets today, with the exception of Bitcoin. Even that currency is down by nearly 50% compared to its all-time high of late 2017. There is no reason to believe these markets will not recover in due time. That being said, not everyone has the patience of a true holder, which is only to be expected under the current circumstances.
Even if this XRP fork were to be created, one has to wonder if it can pose a legitimate threat. Since everyone knows RIpple and XRP by now, it seems unlikely RippleOne will make much of an impact. Moreover, Ripple has the partnerships necessary to become a successful company, whereas RippleOne would have to start from scratch. There are far easier projects to fork if developers want to make a quick buck, as going after XRP will involve a lot of patience and hard work.
Ripple’s XRP technical analysis: XRP/USD bulls are lifeless with a position to capitalize to the north
- Ripple’s XRP price on Monday is trading marginally in the green, up some 0.20%.
- XRP/USD price action is moving in consolidation mode, sitting just above a breakout pennant structure.
- Upside appears to be very much capped by resistance within the $0.2600 price area.
Spot rate: 0.2542
Relative change: -0.65%
|Today last price||0.2611|
|Today Daily Change||0.0004|
|Today Daily Change %||0.15|
|Today daily open||0.2607|
|Previous Daily High||0.2647|
|Previous Daily Low||0.2592|
|Previous Weekly High||0.2665|
|Previous Weekly Low||0.2511|
|Previous Monthly High||0.3308|
|Previous Monthly Low||0.2392|
|Daily Fibonacci 38.2%||0.2613|
|Daily Fibonacci 61.8%||0.2626|
|Daily Pivot Point S1||0.2584|
|Daily Pivot Point S2||0.256|
|Daily Pivot Point S3||0.2529|
|Daily Pivot Point R1||0.2639|
|Daily Pivot Point R2||0.267|
|Daily Pivot Point R3||0.2694|
XRP/USD daily chart
- XRP is sitting just above a breached bearish technical pennant, there is a lack of commitment for now.
XRP/USD 60-minute chart
- The heavy near-term supply can be observed within the $0.2600 region, as sellers remain capped within region.
Ripple (XRP/USD) forecast and analysis on September 16, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.2627. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.
Ripple (XRP/USD) forecast and analysis on September 16, 2019
As part of the Ripple course forecast, a test level of 0.2600 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.2740. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2480.
Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 0.2460 area. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ripple (XRP/USD) forecast and analysis on September 16, 2019 implies a test level of 0.2600. Further, growth is expected to continue to the area above the level of 0.2740. The conservative area for buying Ripple is located area of 0.2480. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2460. In this case, we should expect the continuation of the fall.