In the last 24 hours, XRP price has seen a slump of 0.5% with it currently valued at $0.497880. This decline isn’t exclusive to XRP, it’s a reflection of the generally pessimistic atmosphere pervading the crypto market. XRP’s setbacks aren’t minor; it’s seen a drop of 5% in a week and 19% in the last 30 days. However, this doesn’t negate its year-to-date gain of 46%, regardless of the market’s most recent blows.
XRP’s surge this year was catalysed by Ripple’s winning verdict in its SEC case. Yet the exciting wave has been subdued by widespread economic worries and delayed Bitcoin ETF’s hence the deterioration of XRP and other cryptocurrencies since mid-July. Sadly, with XRP slipping below the $0.50 support line, we can dreadfully declare that all post-verdict gains wiped out. But, with its oversold condition, a punchy bounce back might be brewing.
A dip in its relative strength index (RSI), remaining close to 30 in recent times, shows the coin is undervalued. Many would see it as overdue for a rally. Despite this, with its 30-day moving average not falling below its 200-day average, there might still be some crashing before crashing upwards.
Uncertainty looms in the near term with XRP’s support line decreasing, meaning the market might suffer more dips before recovery gets underway. Yet, the odds aren’t entirely stacked against XRP. Its fundamental status looks promising. Yes, there was the unwelcome application by SEC to file an interlocutory appeal last month. However, Ripple’s opposition, arguing against the regulator having fulfilling all criteria for the appeal has kept things at a tether.
The grand implication of this is XRP’s regulatory and legal status remains unchanged from July, US exchanges are still listing the token. Through this turbulence, Ripple is expanding into new partnerships, with the recent additions being The Republic of Palau and the Rocky Mountains Institute. If anything, it’s safe to say, XRP will recover, and we might see it soaring to $0.50 and then $0.55 in the coming weeks. Who knows, by the end of the year it might hit $0.70 again.
Traders impatient with XRP’s slow recovery pace might find solace in new altcoins and presale tokens that offer potentially stronger invites with less waiting. Wall Street Memes (WSM), an ERC-20 meme token, is a glowing example. Within a few months of its launch, it has bagged over $25 million. Its enviable community following (with over 268,000 Twitter followers) could do wonders when it finally lists on exchanges. Just 20 days to go, and the current price of $0.0337 could sound like a bargain soon.
Disclaimer: Crypto is a high-risk asset class. The information in this article is for informational purposes only, it is not investment advice. Investing in Crypto could result in losing your capital.
Source: Cryptonews
