In a somewhat sluggish cryptocurrency market, XRP has witnessed a slight decline of 2.5% over the past 24 hours, bringing its value to a modest $0.719308. The dip might come as a surprise for many as the altcoin has displayed an impressive 53% rise over the last fortnight, a feat achievable largely due to optimistic expectations about its future prospects and those of Ripple. Despite the current downturn, XRP has managed to achieve 110% growth since the beginning of the year, fuelled primarily by favorable outcomes in Ripple’s legal tangle with the SEC.
Key indicators suggest that XRP could be near the bottom of this minor slump with its relative strength index hinting towards the oversold territory. However, the downward slide of XRP’s 30-day moving average raises eyebrows. But the lingering positive momentum may help it rebound before the short-term average falls beneath the 200-day average. The XRP community should be on the lookout for the altcoin’s dampening support level that’s continually tested due to multiple dips.
Despite this shadow of pessimism, XRP’s long-term future appears bright. Ripple’s business growth coupled with persistent buying and holding by whales, who expect more significant gains, hint at a resurgence of XRP’s rally. A hopeful estimation places XRP’s value at $0.80 in the coming weeks, escalating to $0.90 or more in the subsequent months. Ripple’s possible spike to $2 or $3 by mid-next year, supported by its strengthening business, can fortify XRP’s position in the market.
In the meantime, traders keen on fast and substantial gains might migrate towards newer altcoins, awaiting their big break. Emerging on this scene is BTC20, a promising new ERC-20 token. It provides an Ethereum-based Bitcoin version, primed for staking to earn passive income. Its pre-sale, launched last week, has already amassed over $1.5 million, signaling investors’ confidence. The token has a fixed price of $1 for the 6.05 million made available initially in the pre-sale; an interesting nod to Bitcoin’s price in 2011.
Another Bitcoin tribute is the total maximum supply of BTC20, set at 21 million, with the rest expected to be minted as staking rewards over 120 years. These features pave the way for BTC20 to become a deflationary cryptocurrency, potentially leading to a steady appreciation of its price. Unsurprisingly, the brisk sale of BTC20 indicates a positive investor sentiment towards this new entrant.
Keep in mind that cryptocurrencies come with high-risk stakes. These insights are for information only and should not be interpreted as investment advice. A dip into the crypto pool could potentially lead to the loss of your entire capital.
Source: Cryptonews
