Ethereum’s founder claims XRP better than Bitcoin

Vitalik Buterin, one of the co-founders of Ethereum, surprised the cryptocurrency community recently when he tweeted, “XRP is better sound money than Bitcoin!” XRP may quickly see higher gains as investors become enthused about such a bold claim.

Recent price action, however, showed the token recently dropped toward the lower bound of its current range, nearly lining up with the 200-day moving average at $0.55 after the cryptocurrency experienced rejection at the crucial resistance level of $0.64.

He restated that XRP would always be regarded as sound money. His comments challenge Bitcoin’s hegemony and highlight XRP’s potential as a more powerful alternative. XRP’s Growing Uptake.

Buterin claims that XRP is used by institutions globally. Large numbers of financial institutions and payment companies are adopting Ripple’s technology. Because of this, XRP is becoming well-liked as a convenient and economical choice for cross-border transactions.

The digital asset might see some upsides in the coming days amid its recent decline, continuing its sideways consolidation in this range. Upon closer inspection of the daily chart, it is evident that Ripple experienced substantial selling pressure at the $0.64 resistance level, precipitating a notable decline. However, the price has now pulled back toward the lower bound of its trading range, which is $0.55, the crucial 200-day moving average.

Sellers may be trying to push the asset below this significant moving average, as indicated by the bearish divergence between the price and the RSI indicator on the daily timeframe, which highlights the waning bullish momentum.

The possible demand, however, should cause XRP to rebound at this point, which can lead to further sideways consolidation in the near run. A rapid decline toward the $0.53 level could occur if the unexpected breach of the $0.55 support occurs.

Growing adoption positions XRP as a strong competitor to Bitcoin, particularly in t. Overall, sideways price movement is anticipated, with XRP staying in the $0.55–$0.64 range. A bearish continuation, however, might drive the price down to the crucial support area between the $0.52 (0.5 Fibonacci level) and $0.48 (0.618 Fibonacci level) if the $0.55 support fails.