XRP Tron Price: Back to the Lows?

The reality is that it’s not too comforting right now being an XRP or Tron price bull. While we saw the two cryptocurrencies bounce off the lows, it just doesn’t feel like we are in the clear yet. As we watch Ethereum weaken, one gets the sense that we are going down to test the lows again.

XRP Price

Yesterday, almost $2.3 billion worth of Ripple exchanging hands between wallets yesterday. This is about 13% of the total XRP coins in circulation. Obviously, this size of a move has spooked the markets and we are seeing XRP sell-off on the back of this news.

We believe that the biggest overhang on the XRP price has been concerns over centralization and the control by Ripple Labs and its founders. When Ripple peaked around $3.85, Ripple founder Chris Larsen saw his net worth surpass that of Facebook founder Mark Zuckerberg. This concern has been exacerbated by the fact that Coinbase has not added XRP to its coin offerings. Lastly, the Morgan Creek crypto fund did not add XRP due to concerns on their level of centralization.

While the crypto community is currently focused on the negatives affecting XRP (For those that argue this fact, guys were are in a bear market. XRP has been going down and down. The market is focused on the negatives and not the positives. Don’t shoot the messenger.), there are some positives. For one, the cost to move $2.3 billion XRP was less than a cent, which beats any transaction involving Bitcoin or fiat. Second, Ripple is continuing towards innovation and those that have a long-term view, will be well-rewarded. Each pullback should be viewed as an opportunity to accumulate a position and HODL.

Tron price

Tron has made a nice move up off the lows as a lot of positives have been happening for Tron. I know many in the Tron community are despondent over the price, but from Justin Sun’s Twitter feed, a lot is happening behind the scenes. First up, Tron just burned 670,045,551.1449388 ERC20 TRX tokens. This is roughly $16.75 million, which is no small number. Second, Justin Sun just announced the launch of Tron’s Virtual machine via his Twitter handle, saying:

Blockchain The Global Ecosystem, #TRON to the future. #TRON virtual machine launch event. #TRX $TRX #TVM
Youtube: https://t.co/q553J2pHjW
Facebook: https://t.co/gMnFAULfyr
Periscope: https://t.co/ulCs9Gu1t3

— Justin Sun (@justinsuntron) August 30, 2018

Regarding the Tron price, the market looks weak again. While the market rallied off the lows, there wasn’t the moon or Lambo type moves like we witnessed earlier this year back in April and May. This move was more like a dead cat bounce. With the market weakening again, smart players should pick their spots for accumulation.

Bottom line

With so many alts have raised money in ETH, a weak Ethereum price REKTs havoc on the entire altcoin market. This includes XRP and Tron. As crypto players get out of ETH and alts, they buy Bitcoin, which further depresses the altcoin market. At this point, the only course of action is to HODL. Unfortunately, it doesn’t look like this bear market is over and we will have to continue weathering the storm. As always, we will be updating our readers daily here at Global Coin Report with the latest updates and market changes.

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer. This author is long Bitcoin and Ethereum.

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Charts courtesy of tradingview.com

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