Crypto analysts are trying to determine where Bitcoin is heading after the leading cryptocurrency’s drop below $9,000 on Friday.
New analysis from Bloomberg suggests BTC has not yet reached a bottom.
The financial outlet says the GTI VERA Convergence Divergence indicator, which is designed to identify market reversals and exhaustion, shows a trend reversal may be incoming.
“If this occurs, the largest digital currency could retest the lows seen before its rampant run following comments by China’s President Xi Jinping in October.”
Bitcoin surged from $7,475 on October 24th to a high of $9,797 on October 25th, according to CoinMarketCap, following comments from President Xi expressing full support of blockchain, the technology that underpins cryptocurrencies.
Bitcoin is currently down 0.28% to $8,773, at time of writing, according to data tracker COIN360.
Ripple and XRP
XRP investors on Reddit are analyzing whether Ripple’s On-Demand Liquidity (ODL) – which utilizes XRP as a bridge to move fiat across borders – will ever have a positive impact on the price of the third-largest cryptocurrency.
In a new thread, traders are offering their take on how Ripple, which owns half of the supply of XRP, can boost its adoption and price. Here are some of the highlights.
“My understanding of the idea behind ODL pumping price is supply is roughly stagnant compared to the future increase in demand If we consider supply as the amount currently in trade orders on ODL exchanges, as this will be the only XRP accessible, this doesnt include the 50 billion locked up, people hodling but only the amounts currently being traded.” – Adnaplaes
“I don’t think it’s ODL that will increase the price directly,