In recent times, the crypto markets have been marred with a wave of downside momentum following the devastating news of the Curve DAO (CRV) exploit. More than $60 million in assets were swindled, leading to a significant 30% plummet in CRV’s valuation.
Pressured by the overwhelming debacle, the founder of Curve DAO, Michael Egorov, has been making attempts to cover his stablecoin debts, in the midst of his asset, CRV trading low at $0.57. Looking at TradingView’s CRV USDT, it appears that CRV is wrestling to establish a consolidation point at a lower trendline support level.
Nevertheless, in the ebb and flow of the markets, after struggling with about a 35% dip in the past couple of weeks, CRV’s current consolidation efforts are just above a critical support level of $0.50. As history has shown, this level served as a springboard for CRV’s upswing of about 160% in Spring 2023.
Assuredly, these market indicators would offer a glimmer of positivity to CRV holders, especially with the RSI index currently standing at 29.65 – a bullish oversold divergence – signifying a potential market push soon. The MACD index, demonstrating minor bearish divergence, has also proven resilient.
For seasoned traders who can stomach highly speculative trades, another alternative would be XRP20. This Ethereum token, although not formally associated with Ripple (XRP), derives its foundational ideals from Ripple and emphasises affordability for retail investors. Priced at $0.000092 currently, XRP20 has managed to raise over $100k within the first 24 hours of its presale and a total of $411,400 so far.
Resting on a unique staking reward system within a deflationary framework, XRP20 has allocated 40 billion tokens to staking rewards with plans for 10 billion to be permanently removed via a burn mechanism. Consequently, the decrease in token supply over time could potentially hike its value.
However, it is unconditionally important to note that trading with XRP20, like all trades in the crypto markets, is not without its risks and rewards. To participate in the XRP20 presale, potential investors would require either a MetaMask or Wallet Connect Web3 wallet, with the necessary USDT and ETH crypto in their accounts. These wallets can then be connected to the presale page for a successful purchase.
As with any investment vehicle, crypto markets harbour inherent risks. Do ensure to consider these intricacies in your investment strategy and keep an eye out for updates on Twitter and Telegram for the latest updates on XRP20’s progress.
Source: Cryptonews
