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The price of XRP is down 18% over the past 24 hours as news of a possible collapse of FTX drags the broader crypto market down. At $0.360066, the altcoin is down 22% in a week and 32% in a month, also causing losses LBRY’s loss in its case against the SEC,
Given that Ripple is fighting a similar legal battle against the SEC, LBRY’s defeat in its case — and the presiding judge’s ruling that LBRY was selling unregistered securities — raises a big question mark over whether XRP issuers are selling their unregistered securities. You can secure a favorable outcome in war. And as the broader cryptocurrency market faces the prospect of a transition as FTX prepares to fall, the price of XRP is likely to remain low for some time.
XRP Price Prediction – XRP Down 12%, Is the Price Down Yet?
The technical indicators for XRP are surprisingly showing a huge loss of momentum, with a lot of people selling right now. Its relative strength index (purple) has dropped from 60 a few days ago to 30 now, and is likely to drop below 30 (and close to 20) before exiting its current drop bottoms.
Similarly, the 30-day moving average (red) of XRP is starting to point down. Only when it falls below its 200-day average (blue) is it safe to say that it has bottomed out.
The reason for this pessimism is that the cryptocurrency market could be affected by another Terra-style collapse and transition event. Due to the bankruptcy of FTX (and owner Alameda Research), other entities in the market could also face serious difficulties, given that the exchange had a large presence in the ecosystem.
Yesterday, Binance offered to acquire FTX.com. If accepted, such a deal could potentially prevent a wider transition to the cryptocurrency market, although its completion is not guaranteed at this uncertain stage.
Either way, investors are currently panicking, with the market down 11% in the past 24 hours. This has inevitably hurt XRP, yet the latter was also negatively affected by the outcome of the SEC’s case against cryptocurrency firm LBRY, which has potential implications for Ripple’s case with the regulator.
Speaking after the conclusion of the case, LBRY CEO Jeremy Kaufman said that the decision “poses a threat to the entire US cryptocurrency industry,” as far as setting a precedent that “nearly every cryptocurrency” should be treated as a security. will be classified as
This potentially includes XRP, which has fallen more rapidly than Bitcoin (BTC) over the past few days, for example, due to the conclusion of the case.
However, until the events of the past few days, Ripple had done fairly well in its legal conflict with the SEC. For example, late last month Coinbase applied to file a brief in support of Ripple and the subsequent fair notice defense, something that fuels its case.
Last week brought similar small victories, so even if Ripple is going to achieve a favorable decision or settlement, it may still have to wait for several months. Therefore, it is likely that the price of XRP has not yet bottomed out, and may still decline in the near term.
Alternative investments for big gains
Traders frustrated by the lack of XRP’s upward move over the past few weeks may be interested to look elsewhere, and one of the most promising sources of good returns (even during a bear market) is new There are coins that have their pre-sales.
To take the most notable example, Tamadoge (TAMA) surged up to 1,800% (compared to its prior selling price) in OctoberFollowing a high-profile listing on the major exchange OKX.
This gives an indication of what the most promising new altcoins might do in the first list, and while the TAMA pre-sale is over, here are a selection of new altcoins with strong fundamentals that are just starting out with their respective tokens. are selling.
Dash 2 Trade (D2T)
dash 2 trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social data, helping them make more informed decisions. Its token sale started three weeks ago and has now raised well over $5.5 millionWhile it has also been recently announced Its first CEX listing on ElBank Exchange,
also running on ethereum, IMPT is a carbon credits marketplace where users can earn – and also trade – NFT-based carbon offsets by shopping with a wide range of eco-friendly retailers. Its tokenization of Carbon Credits aims to provide greater transparency to the Carbon Credits marketplace, making it easier to see when credits have been traded and retired.
IMPT pre-sale now over raised $12.5 million Just a few weeks after launch, 1 IMPT is currently available for sale for $0.023. The price will then increase to $0.0280 in the next stage of the presale, which means that early investors have a chance to make significant profits.
calvaria (RIA) is a new play-to-earn game that lets players earn rewards and battle with NFT-based collectible cards. What sets it apart from other blockchain-based games is that it enables users to play without having to hold any cryptocurrency (although RIA can also be used to buy in-game items and place bets). is), something that should make it accessible to a wider pool of gamers.
Its presale has raised over $1.6 million and has just entered its fourth phase, during which 1 USDT will buy 40 RIAs.
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