With its price reaching an all-time low, one wonders if Toncoin (TON) is on a fatal downward spiral. After a series of unsuccessful attempts to stabilize, it seems to be on an unyielding journey towards the lowest echelons of the cryptocurrency market. The three-month downtrend, that caused a considerable 48% decline since April end, continues to pester TON loyalists.
The latest 12% drop followed a resistance rejection, leaving the once sought-after altcoin hanging precariously at $1.20 as it continues to struggle. A stark omission of support from its 20-day moving average (20DMA), leaves it vulnerable and in a seemingly relentless free-fall.
We’ve seen some attempt at resuscitation, with TON stubbornly eyeing consolidation at the $1.20 level. Accredit the potential foothold to the RSI level that has significantly adjusted downwards, resulting in an oversold signal with a bullish tag. However, the MACD index doesn’t back this as it stands bearish, not fully validating the oversold angle. While the short-term shows potential for rebound towards the 20DMA at $1.33, the risk of a further dip remains.
Despite the uneasy market conditions, TON enthusiasts view a risk:reward ratio of 1.93 as an affirmation of a possible bounce back – validating the notion that TON isn’t quite on its deathbed. Yet, the precarious trend has seen a shift of focus to the burgeoning XRP20 altcoin.
Distinctive in its resemblance of Ripple’s tokenomics, XRP20 maintains its independent existence, with no direct connection to XRP. A presale in the first 24 hours earned a whopping $100k, setting the tone for its anticipated success. A strategic staking reward system in the context of a reducing ecosystem is set to create a pleasant predicament of scarcity, adding potential upward pressure on the token’s value.
However, such a promising proposal comes packaged with potential risks. The Ripple legal victory over SEC could be an attraction point for a substantial investor base. Interested parties should ensure they grasp the fact that XRP20 is diversified from Ripple, and should hence scout the risks and rewards of such an independent investment.
For those willing to jump into the XRP20 bandwagon, one would need a Web3 digital wallet with enough USDT and ETH stocked for the journey. Once the purchase is complete, the $XRP20 tokens can be claimed.
Given Ripple’s historical price increase, and XRP20’s irresistible stake-to-earn mechanism, early bird investors carry the promise of significant gains if all goes per plan. More updates can be obtained from XRP20’s Twitter and Telegram channels.
Source: Cryptonews
