value of Ripple’s XRP token declined sharply on Monday on risk-averse macro flows in line with the decline in the broader cryptocurrency markets. According to CoinMarketCap, XRP/USD was changing hands in the $0.39 area, down almost 3.4% in the past 24 hours. This brings the cryptocurrency’s loss since last Friday to roughly 7.0%, or a drop of $1.5 billion in the cryptocurrency’s market capitalization.
XRP loses momentum after failing to break key resistance
XRP lost its upward momentum last Friday after failing to break the key resistance in the $0.41-42 area in the form of July highs and late September/mid-October lows.
The cryptocurrency, along with the rest of the market, continues to battle headwinds in the wake of cryptocurrency exchange FTX’s sudden outburst earlier in the month. prior to sudden collapse of ftxWhich was triggered as rapid user withdrawals exposed the fact that the exchange had misallocated its users’ deposits, with XRP trading in the upper $0.40s/$0.50 area.
XRP still up around 8% vs 7 days ago
Despite the above, XRP is still up close to 8% from seven days ago. Despite the low on Monday, it has managed to maintain its 200 Day Moving Average (DMA), which was breached last week.
Even more impressively, the cryptocurrency is up more than 23% from its prior monthly low of $0.31, which was hit in the immediate aftermath of the FTX debacle. Part of this could result from a broader recovery in the cryptocurrency markets from their post-FTX lows, as well as some technical buying. Lastly, $0.30 is a key area of support for XRP.
But part of the recent upside potential also has to do with the Ripple vs. US Securities and Exchange Commission (SEC) lawsuit building optimism. On Wednesday, both sides in the case are expected to file briefs responding to summary judgment, and some analysts believe Ripple may use pressure to coerce the SEC into settling.
In early 2020, the SEC accused Ripple of raising funds by issuing unregistered securities. If the SEC is forced to settle the lawsuit, as it did to force Ripple to register its XRP token as a security, this should boost sentiment in the token and cause a substantial upside move. needed.
Traders will continue to watch nervously for developments in the ongoing litigation, which could provide new catalysts for XRP price action. Otherwise, traders will also be monitoring the ongoing fallout of the FTX collapse – BlockFi declared bankruptcy on Monday as a direct result of the incident.
Macro events may also provide some impetus to XRP. Optimism amid signs that US inflation has apparently peaked and that the US Federal Reserve is looking to slow its pace of further rate hikes has pushed traditional risk assets (i.e. global equities) higher in recent weeks. promoted.
That trend could continue if Fed policymakers’ rhetoric this week, including a keynote speech from Fed Chair Jerome Powell on Wednesday, as well as a barrage of key US labor market readings, inspire fresh optimism.
If XRP Breaks the $0.41-42 Resistance, It Could Revive Here
If the above-mentioned catalysts help propel XRP above the $0.42 level, it could open the doors for a bullish rally to the $0.50 region, given the lack of technical resistance in the interim. If XRP can break above this area, traders will turn their attention to the September/October highs in the $0.55 area.
Crypto Presales Beat the Bear Market
Meanwhile, traders and investors with less patience may opt to view the coin with a better chance of registering strong short-term gains. For the most part, such coins include tokens that are currently holding their pre-sales and will soon be listed on exchanges.
Indeed, while 2022 has been largely disappointing for the market as a whole, Some new coins have gained up to 1,800% relative to their prior sale prices this year. This highlights the potential shown by some pre-sale coins with solid fundamentals, so here are our picks of the three most promising cryptocurrencies.
Dash 2 Trade (D2T)
running on the Ethereum blockchain, dash 2 business Is a trading intelligence platform that provides investors with real-time analytics and social trading data, all of which can help them reach more informed trading decisions.
Due to launch in the first quarter of 2023, its native D2T token sale Has already raised over $7.3 million, It also announced a listing on BitMart and LBANK exchange early next year, giving early investors a good chance to make some decent returns.
Robotera (Tarot)
robot era (TARO) is a sandbox-style metaverse, which is scheduled to launch its alpha version in the first quarter of 2023. Within its Ethereum-based platform, gamers will be able to play as robots and participate in creating its virtual world, which includes NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), however this price will increase to $0.025 in the second phase of its pre-sale, which will start soon.
Calvaria (RIA)
calvaria (RIA) is a blockchain-based card-trading game, in which players can battle with their NFT-based cards and earn rewards. One of its most interesting features is that it enables gamers to play it without holding any cryptocurrency, which may help make it more popular than other crypto-based titles.
The RIA will be used to purchase in-game items and place bets within its ecosystem, giving it a strong use case. The token pre-sale has raised $2.1 million and is currently in its fourth phase, during which 40 RIAs can be purchased for 1 USDT.
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