Etoro senior analyst Mati Greenspan is offering his take on the future of Ripple and XRP, and the current state of Bitcoin.
According to Greenspan’s analysis, there’s no technical or fundamental reason for the recent dip in the price of BTC.
“The one interesting thing about this movement is that it seems to be an exact reversal of the surge that happened on Sunday afternoon,” Greenspan told CNBC. “At this point, the gains made since the start of the year have now been reversed and we’re back to a neutral 2019.”
Nothing to see here. pic.twitter.com/FnbRNZM7D5
— Mati Greenspan (@MatiGreenspan) January 10, 2019
As for XRP, Greenspan says he’s bullish and holds a significant amount of the digital asset in his portfolio.
“I think XRP is an incredibly unique digital asset and I am bullish. I have it in my portfolio along with a lot of other cryptos. I have a very diverse portfolio and you can see that XRP has a very prominent place there.”
Greenspan says he does have some overall concerns about XRP, including the fact that Ripple holds about 60% of the total supply.
“I do have reservations about XRP. These are the normal reservations that a lot of people have mentioned on the internet before. They include the fact that Ripple Labs is holding a vast majority of XRP. I think that that is not necessarily a good place for an asset to be simply because there’s almost an endless amount of selling pressure.
They release one billion XRP a month, and then they take whatever is unused and put them back into the escrow account.