The XRP community discusses possible reasons behind the token's price challenges. Analyst Patrick L. Rilley has proposed that Bitcoin's fluctuations may impact XRP's price.
Theories and Claims by Patrick L. Rilley
In recent weeks, analyst Patrick L. Rilley claimed that Bitcoin's pumps and dumps are being used to control XRP's price. He stated that during Bitcoin's sharp declines, XRP is unable to rise, which he believes is not coincidental but rather a pattern.
Market Movement Strategies
Rilley argues that since August 14th, nearly all failed breakout attempts of XRP have coincided with sudden Bitcoin sell-offs. He notes that this strategy may be used to keep XRP's price at a certain level, which threatens Bitcoin's dominance.
XRP Prospects and Bitcoin's Influence
As of the last analysis, XRP hovered around $3.02, struggling to surpass $3.12. Rilley emphasized that Bitcoin influences XRP's movements, which could change in the future. His interest in Elliott Wave theory suggests that XRP's chart may be nearing completion of a significant structure that could lead to explosive growth.
While there is a correlation between Bitcoin's volatility and XRP's price movements, labeling it as 'manipulation' may be an exaggeration. Nonetheless, future market fluctuations and strategies could significantly influence XRP's dynamics.
