By XRP Price Prediction as XRP Dips -3.01% Today – Will it Keep Falling?
The XRP price has fallen by 2% in the past 24 hours, sinking to $0.479290 as the cryptocurrency market as a whole suffers a similar dip today.
XRP is now down by 8.5% in the last seven days, yet it remains flat in the past month and up by 41% since the beginning of the year.
It seems that the declines of the past few days have been caused by an increase in market-wide negativity, which has seen a number of whales dump some of their XRP holdings, causing the token to slide.
Yet with Ripple receiving good news in the past few weeks, and with XRP continuing to have very strong fundamentals, the altcoin should enjoy a rebound soon enough.
XRP Price Prediction as XRP Dips -3.01% Today – Will it Keep Falling?
XRP’s indicators are showing weakness at the moment, with the coin looking as though it could fall a little further before correcting itself again.
In particular, its 30-day exponential moving average (yellow) dropped below its 200-day average (blue) a few days, a move that often marks the beginning of a selloff.
On top of this, XRP’s relative strength index (purple) continues to slide, having fallen below 40 today and is likely to sink to 30, if not lower.
In other words, the coin is being sold hard at the moment and may need to decline further before new buyers are tempted enough to buy it at a discount.
And given how steeply it has fallen in the past week, there’s a real chance it could plunge below its current support level (green), something which may signal further losses.
Still, XRP remains a fundamentally sound coin, with its losses arguably coming because whales have decided to take profits after several weeks of gains.
But such selloffs from whales don’t make XRP any less attractive in the longer term, with the token recently celebrating the news that a judge had denied the SEC’s application to appeal her ruling in the regulator’s case against Ripple.
This decision upholds XRP’s status as ‘not-a-security’, while it also arguably increases the chances of a settlement between Ripple and the SEC.
Such a settlement would be hugely beneficial to Ripple, insofar as it would end the whole saga between it and the SEC and enable it to continue expanding its business as before.
Yet even if the SEC does decide to pursue a full trial on certain questions left unanswered by Judge Torres (e.g. the culpability of Ripple CEOs), this doesn’t mean it will win, with Ripple’s positive ruling in July showing that the company has a good defense.
As such, XRP is likely to continue rising in the longer term, with the coin on course to hit $0.60 in the next couple of months.
Quicker Returns With Newer Alts
Given that XRP may have to wait for further developments in its ongoing saga with the SEC before it can rally big, many traders may prefer to diversify into newer altcoins, particularly presale tokens.
Such tokens can often rise substantially when listing on exchanges for the first, particularly when they’ve had a successful sale and have attracted lots of interest.
This happens to be the case with Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that launched its sale at the end of last month and has already raised just over $1.1 million so far.
Bitcoin Minetrix’s success in raising so much so quickly is a testament to its growing appeal among investors, with the project offering stakers of its native BTCMTX the ability to earn mined Bitcoin.
By staking BTCMTX, users will receive tokenized mining credits, which can they be spent in order to purchase hashpower on the Bitcoin blockchain, thereby involving users in the mining process.
And if users stake enough BTCMTX, they will earn actual BTC in return, on top of newly minted BTCMTX.
This makes the token doubly profitable, while demand for the coin could also see its price pushed up very high.
It will come with a total max supply of 4 billion, with the presale receiving an allocation of 1.4 billion.
As for the sale, it will have ten stages in total, with the final stage seeing its price pushed up to $0.01190.
It’s currently priced at $0.0110 and still in the first stage, which is due to end in four days.
This gives potential buyers only a limited amount of time in which to buy BTCMTX at the cheapest possible price, which they can do by going to the official Bitcoin Minetrix website.
The coin will then list on exchanges once the sale ends, enabling its early investors to make a potentially very large profit.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
