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$XRP, Cardano ($ADA), and Binance ($BNB) Coin Could Face Massive Sell-Off, Says Popular Crypto Analyst

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Prominent cryptocurrency strategist Nicholas Merten, known for his influential voice on his DataDash YouTube channel, has raised concerns over the possible price trajectory for certain altcoins, namely $XRP, Cardano ($ADA) and Binance Coin ($BNB), over liquidity issues.

In a video shared on the Google-owned video-sharing platform to his over 500,000 subscribers, the analyst noted that the declining liquidity of these altcoins could lead to a significant sell-off, with Merten expecting BNB to potentially decline more than 38% from current levels after having already breached two critical long-term support levels.

BNB is at the time of writing trading at $214 after seeing its price fall significantly over the past year after the exchange behind it, Binance, was hit with lawsuits in the US over alleged securities laws violations.

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As for XRP, the native token of the XRP Ledger, the popular analyst noted that it’s facing downward pressure, which could lead to a 70% price plunge. Per his words, it could become one of the “biggest distribution patterns in the history of crypto,” and suggested he wouldn’t buy until the token trades at $0.15, down from its current $0.50 level, as previously locked supply is being distributed.

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Addressing Ethereum competitor Cardano ($ADA), Merten noted that the cryptocurrency could drop by more than 37% from its current levels, dismissing hopes of a bullish triple-bottom price pattern. He stressed the significance of liquidity in setting the momentum for price trajectories, hinting that without a rebound in liquidity, Cardano’s price may face downward pressure.

On the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), the analyst said it appears to be stuck in a bearish cycle. Since April 2023, the coin has struggled to maintain its foothold above the $2,000 mark and is currently trading significantly below it at $1,580.

Featured image via Unsplash.

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