2023-8-7 16:17 |
$XRP, the native token of the Ripple network, saw its price decline by 15% last week as the investor sell-off continues.
The token’s price has now fallen 52% from July’s high of $0.934, which occurred after Ripple’s legal win over the SEC. Some analysts are now anticipating the price to continue dropping further.
Meanwhile, XRP20 ($XRP20), a new token with an innovative staking protocol, has raised $970,000 through its presale phase – and is trending toward the $1 million milestone.
Bearish Technicals Paint Grim Picture for $XRPAt the time of writing, the $XRP price is hovering around $0.611 after posting five bearish daily closes in a row.
$XRP has also ended in the red in the past three weeks, erasing a significant portion of the gains made during July’s sharp spike.
On the daily price chart, $XRP has now broken below the 20-day and 50-day Exponential Moving Averages (EMAs), indicating that the short and medium-term trends are bearish.
The Relative Strength Index (RSI) on the daily time frame has also dipped below 40, meaning the bears are now in control.
The $0.565 level, which previously acted as resistance, could be the next downside target if the sell-off persists.
Only time will tell whether this scenario plays out, but for now, the technical picture remains decidedly bearish for $XRP.
Investor Uncertainty Weighs Down $XRP ReversalDespite a brief rally after July’s court ruling, the $XRP price has struggled to gain momentum, which can be attributed to several factors.
Firstly, lingering regulatory uncertainty continues to weigh on $XRP, even after a US judge deemed it not to be a security.
According to a recent article from Bloomberg, the SEC has hinted that it might appeal the decision, which would signal a resumption of its legal battle against Ripple – leaving the status of $XRP in limbo.
Secondly, data from CoinGecko reveals that $XRP’s volume-to-market cap ratio has dropped to just 0.028.
This means that $XRP’s 24-hour trading volume is just 2.8% of the token’s total market cap, suggesting a lack of investor interest.
CryptoGodJohn, a prominent crypto analyst with nearly 500,000 Twitter followers, has also had his say on the current state of the $XRP price.
In a recent Tweet, CryptoGodJohn showcased a price chart depicting his forecast for the next three months – speculating that a “full retrace of the SEC lawsuit news” is on the cards.
Should this forecast prove accurate, it would see the $XRP price head back to the $0.475 region.
TraderSZ, who boasts over 500k followers on Twitter, is even more bearish, stating that they expect $XRP to fall below $0.45 soon.
As uncertainty around regulation and weak trading volumes continue to stall upside momentum, it looks to be a challenging period ahead for $XRP holders.
Despite XRP Struggles, New XRP20 Token Presale Nears $1m MilestoneWhile $XRP faces headwinds, some investors are shifting their attention to other altcoins. One such altcoin is XRP20 ($XRP20) – a brand-new ERC-20 token that seeks to build on the original $XRP’s legacy.
Branding itself as the next evolution of $XRP, XRP20 has just launched its presale phase, with tokens available to purchase for $0.000092. The presale has already raised over $970,000
This buzz has extended to XRP20’s Telegram community, which has seen consistent membership growth in the past week.
Much of the discussion has been focused on XRP20’s staking protocol, which allows token holders to earn passive income while contributing to the project’s security.
Staking rewards make up 40% of the total XRP20 supply, providing an incentive for holders to stake their tokens.
Moreover, XRP20’s developers have also implemented a deflationary burn mechanism whereby 0.1% of each transaction is permanently destroyed.
Visit XRP20 Presale
The post XRP Price Slides, But New Token XRP20 Nears $1 Million appeared first on BeInCrypto.
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