In the world of blockchain technology, we have observed that Hedera Hashgraph (HBAR) is presently wrestling with some seriously skeptical downside risk. It has been confronted with a -11.3% retracement move since Wednesday, after being refused access at a high level of the trendline resistance. The enterprise-friendly, institutionally aimed layer-1 blockchain saw staggering price drops by -90% during the bull run in 2021, which left lasting impressions and raised eyebrows.
We saw that Hedera sank to the alarming point of $0.0568 with a 24-hour change at -1.56%. The drop of -11.3% pulled it through a break in support level maintained by the 200DMA, sparking concerns of further plunge. This move has brought a distressing trend as the bearish pattern continues to dominate the HBAR’s movement, testing the strength of the 20DMA as the last resistance before things could deteriorate further. However, this downward trajectory has not completely disqualified its potential for a turnaround, as indicators suggest that Hedera might be preparing for a period of consolidation.
On the exciting side, XRP20, an innovative token inspired by Ripple (XRP), is causing a stir, separating itself from Ripple’s shadow. The Ethereum-compliant ERC20 project has raised over $1.79 million, capturing everyone’s attention with its ground-breaking approach to the retail markets and attractive tokenomics. XRP20, with its promise of rewarding token holders generously through staking, appears to be creating a unique space in the XRP ecosystem.
XRP20’s lure also comes from its deflationary trait, promising a 0.1% burn mechanism on transactions and a plan to remove 10% of the total token supply over time. XRP20’s current price stands 30 times less than XRP’s all-time low and boasts a potential of achieving up to a whopping 6,629x in gains if it emulates XRP’s current price.
In a fascinating twist, XRP20 seems to be trending higher than XRP in the United States finance category on Google, accelerated by the XRP Army’s massive and loyal following and the allure of new opportunities. The keen are already part of the presale, which seems set to accelerate, having already raised $1.79m with a hard cap set at $3.68m. In the shifting landscape of blockchain and cryptocurrency, elements of risk and reward persist.
Source: Cryptonews
