In the aftermath of the significant Ripple vs SEC case ruling, XRP‘s price has taken an unfortunate path. Although there was a buzz of XRP breaking $1, its value has been on a steady decline, currently trading at $0.61. This tumbling trend raises the question: Is Ripple heading towards zero?
The trend began when XRP was rejected from a local high of $0.93, sparking a drastic downturn. Efforts of recovery were in vain as the price went 34% below its local high. The situation grew grimmer when it fell through a potential support level given by the 20-day moving average (20DMA) on July 30. The 20DMA previously acted as a technical foundation before the Ripple vs SEC judgement, implying a lost opportunity.
Despite the weakening technical structure of Ripple, the MACD is signaling a bearish divergence at -0.0184. However, the Relative Strength Index gives a glimmer of hope, as it shows first signs of oversold signals. With limited upside potential and strong support, it seems XRP’s risk-reward profile skews to the downside.
But as some XRP holders hold their breath in anticipation of further downfall, some are looking to leverage the situation by rotating XRP gains to a new altcoin called XRP20. This new crypto asset is meant to emulate Ripple’s philosophy and tokenomics, but with a focus on retail markets. Reminder, though, XRP20 is not identical to Ripple, think of it as a distinct venture.
XRP20 offers a very low entry price for potential investors, retailing near $0.000092. It raised impressive $100k in the opening 24 hours and even surged to a presale of $1.2 million. While the pricing offers an allure, the real charm lies in the proposed staking reward system within a deflationary ecosystem. With a pool for staking rewards and token burning, XRP20 could harness scarcity and upward value pressure over time.
Moreover, XRP20 has created a buzz in the crypto-sphere by drawing on Ripple’s recent battles. It won’t hurt to keep an eye on this player, however, speculations and investments at this stage carry their set of risks and rewards. Buying XRP20 involves having a Web3 wallet and connecting to a presale, which can be a lucrative opportunity for early adopters.
In conclusion, XRP may be facing trials, and its price may have taken a hit. However, it’s important to realize that the potential of crypto like XRP lies not just in its valuation but its inherent technology, systems, and applications. Meanwhile, the emergence of XRP20 presents a possibility, a new horizon for long-term investors and risk-takers alike. The future will reveal whether these are merely waves or the beginning of a tide. Always remember, investing in crypto is high-risk, and it’s crucial to stay informed and vigilant.
Source: Cryptonews
