The crypto market experienced a minor tremor, as XRP dipped by 2% in the 24-hour span. Now at $0.630690, it has dropped 11% in the past fortnight. This downward curve has been instigated by the recent news of SEC’s appeal against the ruling in the case against Ripple. However, despite this downturn, XRP still marks a 33% advance in the past month and a remarkable 85% since the start of the year.
It’s not all gloom and doom for the altcoin, with the long-term chart showing potential for recovery. The Ripple’s business expansion and the uncertain course of SEC’s appeal adds an extra dose of optimism. Bigger the risk, bigger the reward, isn’t it?
The recent decline has seen XRP’s relative strength index tripping below 50 after nearing 70, and its 30-day moving average facing challenges in picking itself up from a descent a few days ago. The ensuing days might witness it drop further towards the $0.60 threshold prior to stabilization and an anticipated ascend.
Underneath this scenario lurks an interesting subplot. The SEC’s request for an interlocutory appeal insists on existing ground for differences of opinion. But cynics argue over the possible acceptance of this appeal, while some contend that even a successful appeal will not rewrite the legal fact of XRP not being a security. This insulates XRP from prospective delistings, thereby facilitating uninterrupted listing by US-based exchanges.
While XRP marshals its strength for a rebound, Ripple celebrates its expansion. Recent partnerships for trialing a stablecoin on XRPLedger and building an open data platform for carbon credit markets are underpinnings of a promising future thrust. Some see XRP aiming for $0.80 by the end of the year.
However, traders with an appetite for more immediate returns are scouting for promising altcoins. Enter XRP20, an ERC-20 token attracting $1.8 million in a week of its sale launch. Potential investors can get in at $0.000092, a price level reminiscent of the original XRP circa 2014. Its total maximum supply mirrors its ancestor, and its attractive staking rewards pose a lucrative opportunity for passive income. Additionally, an inbuilt deflationary trait through the burning of 10% of its total supply over time could serve as a catalyst for its price ascent.
However, let’s not forget: crypto remains a high-stakes game. Do guided research, but also be comfortable with the risk taken, as the fickle crypto market thrives on uncertainty.
Source: Cryptonews
