The crypto market crash triggered by fears around the future of FTX has tossed most cryptocurrencies into a sea of red. XRP is no exception. The coin’s dramatic collapse in the last few days has investors wondering if a recovery is in sight.
Only the Beginning
The ongoing market meltdown has taken the global crypto market cap to $826.32B. Bitcoin touched $15,711 on Thursday, and Ethereum is at risk of falling below the $1000 mark.
While October was kind to XRP, bouncing it off to $0.54 at one point, the coin is down to $0.3583 at the time of writing. The 21.63% plunge on the weekly charts is a relief when compared to SOL’s 56.01% and DOGE’s 38.17% nosedives.
XRP 7D-chart, 10 Nov 2022, source: CoinMarketCap
However, waning confidence in XRP’s victory against the SEC exacerbates the wound. The current hit may only be the beginning of a steep downturn for the coin. A recent ruling in favor of the SEC against blockchain-based content sharing and publishing platform LBRY has alarmed XRP investors. The selling spree is likely to continue even after the broader market sentiments pick up.
A price jump to $1 is a long shot for XRP now. It can’t be saved from a gradual descent to $0.20 by the end of the year unless there are positive developments in the Ripple vs. SEC case. Many industry experts believe that Ripple still has an upper hand in the tussle.
Why the SEC cannot meet its burden on (at least) one element of the Howey test.
In order to win at Summary Judgment, the SEC has to do two things:
1. Prove every element by the greater weight of the evidence AND
2. Prove that there is no genuine dispute of a material fact. 1/ https://t.co/CzCFzCSahE— Jeremy Hogan (@attorneyjeremy1) November 6, 2022
Buy the Dip or Invest Wisely?
Crypto investors have learned a lot of things this year. The most important of these is to NOT buy the dip. Worse times are awaiting cryptocurrencies backed by flimsy projects. Investors are now looking into the intrinsic value of a crypto, rather than blindly following Twitter influencers.
Investing in presales is a good strategy to overcome the bear market, as they offer the cheapest entry into promising projects. An in-depth analysis of the white paper and road map will reveal the growth potential of a project and whether it is built to stay.
Dash 2 Trade, Calvaria, and IMPT are some of the projects that are hosting successful presales now. Dash 2 Trade is a crypto analytics and intelligence platform, fueled by D2T tokens. The project has already raised $5,834,268 and is closing in on the fourth stage of its presale.
The growing interest in the project can be attributed to its design, which caters to both novice and seasoned crypto traders. To begin with, it offers advanced trading signals, a bespoke presale scoring system, social sentiment and on-chain analytic tools, strategy builder tools, and new cryptocurrency listing alerts. In a unique approach, Dash 2 Trade claims to help users navigate the market using relevant data points that can actually boost their profitability.
Given that the Dash 2 Trade dashboard launches with promised features and functionalities in 2023, the token has the potential to climb 50X-60X from its presale value.
Green tokens have also won the market this year, drawing traction from both the crypto and non-crypto sides of the world. IMPT is a good example of how blockchain projects can make tangible contributions to climate action. It comes with a carbon credit marketplace, a shopping app, and a social media platform – all dedicated to simplifying carbon offsetting.
IMPT presale status, 10 Nov 2022
While the NFT carbon credits on IMPT minimize fraud in the industry, the shopping app allows users to purchase products from socially responsible businesses and earn carbon credits via everyday shopping. The social platform, on the other hand, builds a pro-crypto community for climate action.
Calvaria presale status, 10 Nov 2022
Play-to-earn gaming is an evergreen blockchain sector. So, the success of Calvaria presale comes as no surprise. Calvaria gameplay, as detailed in the white paper, has the potential to penetrate a wide user base. The battle card game themed around the afterlife opens up a lot of creative possibilities. Moreover, the game comes in both play-to-earn and free-to-play versions, lowering the barrier to entry.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
