In a desperate bid to see a bit of green, the XRP price has been gently nudged 0.5% upwards within the last 24 hours. This move is bringing the beleaguered token back to the levels of $0.501675 just as the entire cryptocurrency market archives a minor, yet nonetheless critical, 1% gain. The numbers show that XRP is currently stagnated, with a 21% decline bogging it down for the past month, a cascading ripple effect of market pressures triggered by circumstances such as the persistent Bitcoin ETF delays.
The gist of XRP’s woes doesn’t put a dampener on its overall performance since 2023 kicked off. An impressive 47.5% progress since the beginning of the year beams a ray of hope on the token’s future prospects. Riding on the coattails of some momentum gaining traction, the possibility of XRP registering more gains is palpable.
The weakened state of the coin’s indicators paints a picture of an overselling phase poised to dissipate. The relative strength index for XRP points to a significant spell of inflated selling, putting the digital asset in a position where it’s arguably hit rock bottom.
There’s a flip side to the coin, against the backdrop of the 30-day moving average failing to drop conclusively beneath the 200-day average. However, XRP could still register additional gains even in absence of a striking price drop. This could come to fruition if its price dips below the 200-day average. This situation aligns with an uptick in the support level after months of relentless slumps.
XRP retains its underlying strength. It remains unscathed against the SEC’s proposed interlocutory appeal against July’s decision in the Ripple case, a proposed appeal whose outcome remains hinged on uncertainty. The punchline here being that should there be any certainty; it could reverse XRP’s status as a non-security, prompting exchanges to persistently list it.
With Ripple steadily expanding its footprint, demonstrated by its recent Mastercard partnership revolving around the latter’s ongoing CBDC project, it’s plausible that XRP could bounce back to $0.60 within the coming weeks.
Launchpad.xyz, an imminent, comprehensive Web3 trading platform, has seen a successful presale garnering over $1.6 million. Flushed with an armada of tools ranging from a Web3 wallet to automated trading bots, Launchpad.xyz projects a promisingly giants stride in the crypto ecosystem.
The introduction of a decentralized exchange coupled with an NFT marketplace is an eagerly anticipated event. As the platform continues to ramp-up, the LPX token eyes a remarkable price rise when it rolls out. To back this up, with every LPX at $0.0445 during offering, this could seem a trifle once trading commences. However, it’s imperative to acknowledge the significantly high risks associated with crypto, and thus, invest with prudence.
Source: Cryptonews
