XRP Performance Woes: How Might Its Price Respond To Current Market Realities?

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

XRP experienced a surge after Ripple Labs’ recent legal win against the US Securities and Exchange Commission, marking a partial victory. Nonetheless, the pace of this upswing has moderated in recent weeks, encountering notable resistance and initiating a downward trajectory.

With the latest data from CoinGecko, the XRP value registers at $0.658512. This shows a 1.1% contraction over the preceding 24 hours and a notable seven-day decline of 7.4%.

During the height of its price surge after Ripple Labs’ legal breakthrough, its coin encountered a rejection near the $0.95 threshold. This particular zone mirrors the level it reached back in March 2022 during its bearish decline.

This prompts the question of whether XRP is retracing its steps into a former range or if this constitutes a mere temporary retreat within an ongoing upward trend.

XRP Dampening Sentiment

Further impacting the prevailing sentiment around XRP, US District Judge Jed Rakoff has invalidated the approach taken in last month’s ruling concerning the SEC’s lawsuit against Ripple Labs.

According to an XRP price analysis, the cryptocurrency has reached its zenith and is now poised to revisit its previous resistance level. Nonetheless, several crucial factors necessitate consideration beforehand.

XRP is currently trading at the upper threshold of the expansive Bollinger Bands. While this signifies the potential for a retracement, it also signifies amplified volatility, indicating that any forthcoming pullback might manifest as notably severe.

XRP price at $0.65 on the daily chart: TradingView.com

Furthermore, the Stochastic RSI illustrates that XRP has surged to the overbought threshold at 80. This suggests a corrective pullback is probable, given that the market’s buying strength is waning.

Traders Turn To New Coin As Alternative

Amid the recent challenges faced by XRP, numerous traders have shifted their focus toward an emerging alternative – XRP20. This new option has garnered attention due to its modest market capitalization and unique advantages that set it apart from the original XRP coin.

According to insights shared by analyst Jacob Bury, XRP20 holds significant potential for a price surge, leveraging the ongoing situation with XRP. The conventional XRP project has faced criticism for its centralized nature and the over-the-counter sales of XRP conducted by its founders.

In contrast, XRP20 stands out as a fully community-owned venture. It has allotted 40% of its tokens for presale, another 40% for staking rewards, earmarked 10% for DEX liquidity and plans to burn the remaining 10%. The coin is not affiliated with Ripple, XRP or their ecosystem, its website says.

One of the distinctive features of XRP20 lies in its extensive marketing achievements. The project has gained notable coverage from various prominent media outlets, contributing to a successful presale round that raised a substantial $300K in two days. This rapid fundraising underscores the growing interest and enthusiasm surrounding the coin within the trading community.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.