The cryptocurrency market reflects a slight shift today with XRP registering an upward tick of 0.5% to $0.618192. Despite the slight dip in the last seven days, the overall standing appears positive with 31% growth in the past month and 81% since the year’s start. This growth sprouted from Ripple’s partial win against the Securities and Exchange Commission (SEC) in July, a case that saw Ripple’s value skyrocket.
The 24-hour trading volume for XRP surged past $1.2 billion, pointing towards the potential for further escalations in the days to follow. Although the current market conditions hint at a period of bearishness and low optimism, XRP’s chart and some key technical indicators suggest that the altcoin may have hit rock bottom. This offers us a hint that a recovery could be on the horizon.
XRP’s 30-day moving average recently plummeted under its 200-day average (often a prelude to a recovery), and its relative strength index dipped to nearly 20, a position typically trailed by a correction upwards. While this may seem promising, scepticism involves the timing of the recovery considering XRP’s support level keeps dipping each day, particularly since the boost in mid-July.
As strong as all this makes XRP seem, a little slide could be observed before any probable recovery commences. From a broader perspective, XRP remains in a fundamentally strong stance, largely due to Ripple’s partial triumph against the SEC in July. The resolution of this legal issue is seemingly giving Ripple the leeway to forge strategic partnerships like the recent Republic Palau and Rocky Mountain pacts, a carbon credits open data platform venture.
Looking even further into the future, projections hint at XRP’s potential recovery and sustained, long-term growth, potentially pushing its value to $0.80 or higher by 2021’s close. In the meantime, shorter-term investors will likely be eyeing other potentially profitable avenues.
Enter XRP20, a hot, new ERC-20 token, attracting investors with its $0.000092 price tag (mimicking XRP’s 2014 price) and potential for staking. XRP20 aims to keep things interesting with a strategic tokenomics structure that involves burning 10% of its total supply gradually and destroying 0.1% of every transaction made. Over time, this should boost XRP20’s price, tricking demand to surpass supply. The token’s presale is now open, offering investors a chance to get in early and at a favourable price.
Investors are cautioned that investing in crypto assets poses high-risk and ultimate care should be taken when investing. The information in this article is purely informational and should not be misconstrued as investment advice.
Source: Cryptonews
