As XRP treads water, with a modest 0.2% increase in the last 24 hours, all eyes are on the beleaguered altcoin. At a current price of $0.518577, it’s seen a 13% decrease in the past week and a 27% fall in the last month, swept up in a market-wide downturn largely due to macroeconomic ordeals related to the Chinese economy and uncertainties around recent Bitcoin ETF applications.
The Ripple ruling in mid-July bolstered the bull case for XRP, indicating a potential recuperation in the near future despite the coin’s low relative strength index (RSI). Analysts emphasize the dominant role global economic recovery will play in a potential price rise. If the SEC gives a thumbs up to any recent Bitcoin ETF application, this could also spur the XRP price.
While XRP’s outlook remains bullish since the July ruling by Judge Analisa Torres, the fact is XRP’s sluggish progress may deter crypto enthusiasts who thirst for quick, above-average returns. Judge Torres ruled that Ripple’s sales of XRP on exchanges did not constitute an offer of securities, facilitating its relisting on US-based exchanges and allowing Ripple to chart a more aggressive expansion strategy.
Casting our eyes on the horizon, the XRP price prediction stands at $0.60 in the upcoming weeks with a potential of hitting $0.80 by the year-end, assuming conditions turn favourable.
However, those seeking accelerated market-beating gains might find it worthwhile to explore emerging altcoins. Foremost among these is the SONIK coin, an ERC-20 meme token, celebrating video game icon Sonic the Hedgehog. Since its presale debut last week, it’s already raised over $350,000 and aims to become the quickest cryptocurrency to attain a $100 million market cap.
SONIK has a hard cap of $2,098,547, half of its total supply of 299,792,458,000 – an interesting nod to the speed of light in mm/s. Potential investors are urged to allocate their funds promptly, given the presale will wrap up in under two weeks, at a price of $0.000014 per SONIK coin.
The token’s unique offering of 40% overall supply for staking rewards promises potential for passive income and promises a highly decentralized distribution. Once the sale concludes, it will list on trading platforms, potentially reaping significant gains, given its presale progress.
Disclaimer: Crypto trading involves high risk. This article offers information, not investment advice. Always remember, your capital is at stake.
Source: Cryptonews
