XRP price has struggled throughout the last two years of the bear market. It has ranked amongst the worst performing altcoins, despite trailing right behind Bitcoin and Ethereum in market cap.
Investors may have finally given up on the asset and are capitulating. It’s not uncommon to see former supporters now referring to the asset as a “shitcoin.” But what is unusual, is the fact that the cryptocurrency price chart almost exactly matches that of sheep manure.
Cryptocurrency Price Chart Matches Sheep Manure
The commodities market is filled with agricultural and other production-based products and byproducts. It’s also literally filled with feces.
Just like soybean and corn trade in the commodities market, sheep manure used to fertilize crops on farms can be a steaming hot commodity.
Traders piled on the selling during the Black Thursday panic collapse, flushing away any prior gains. The stock market and crypto also saw similar drops and V-shaped recoveries over the last several weeks.
Related Reading | XRP Tanks Compared To Crypto Counterparts Bitcoin And Ethereum, But Why?
Recent data shows that the cryptocurrency called Ripple, has underperformed Bitcoin and Ethereum significantly over the last 30 days
It’s difficult to say exactly what’s behind the poor performance, but it certainly stinks for XRP holders.
All puns aside, the cryptocurrency’s recent price action strangely mimics the price chart of sheep manure.
Legendary commodities trader Peter Brandt first shared the sheep manure chart on Twitter, however, it closely resembles XRPUSD price action.
Ripple XRPUSD Sheep Mature Fractal | Source: TradingView
Sheepish Investors Capitulate Right Into XRP Whale Wallets
XRP and other crypto assets usually somewhat follow Bitcoin price action. But Ripple is showing extreme weakness even despite continued underperformance.
The asset was ranked among the worst-performing assets for the last two years in a row. It and XLM had especially negative bear market drawdowns…