The crypto market has been trudging through a challenging time, and cryptocurrencies such as XRP have not been spared. The coin has recorded almost a 3% drop in the past 24 hours, cascading into a 27% slump within the last 30 days. This is not entirely surprising, given the 11% decline the crypto market has witnessed this past month, fuelled by macroeconomic anxieties and apprehensions regarding Bitcoin ETF applications.
Despite the rough patch, XRP seems to be holding its ground at a support level of $0.51, hinting at a possible bottoming out. Furthermore, its relative strength index circles around 30, a significant signal that the altcoin is oversold and a rebound might be on the cards. However, XRP’s trajectory depends on the 30-day moving average, which must not fall significantly below its 200-day average for a complete confirmation of its turnaround.
While XRP’s fall is alarming for some, it’s essential to remember that the token had previously outperformed most other coins. The aftermath of Ripple’s partial victory against the SEC saw a surge of enthusiastic buyers. However, the recent dip has led many to sell in a bid to limit their losses.
Nonetheless, XRP’s foundations seem to be as solid as they were in July. It remains listed on US-based exchanges despite the ongoing SEC legal contentions. Ripple continues to sign impressive partnerships, an eventuality that signals growth and resilience. The recent affiliation with Republic of Palau and Mastercard seems to perpetuate this sentiment, boding well for XRP’s future.
At this juncture, XRP’s ability to rekindle growth in the coming months seems quite plausible. It may retake the $0.60 mark sooner than later.
Even so, as the crypto market uncertainties linger, a shift into diversity seems like the sensible road to tread. Investing in newly launched tokens offers a boon of opportunities. Launchpad.xyz – a comprehensive Web3 trading platform – is one such promising prospect. By providing a host of features like Web3 wallet addresses, automated trading bots, and more, it offers a multifaceted trading arena to the community.
Intriguingly, its new LPX token ensures real utility by facilitating payments for Launchpad’s services and subscriptions. Passive income via staking further elevates this proposition. Unsurprisingly, their pre-sale has reported success, indicating the possibility of the token’s price surging once listed on exchanges.
However, it is always pertinent to remember that crypto investments are high-risk. Always exercise caution and seek appropriate advice before venturing.
Source: Cryptonews
