XRP Price Drops Under $0.50, Ripple Holders Jump to This New Coin
The XRP price has fallen by 5% in the past 24 hours, sinking to $0.4459 on a day of widespread damage for the cryptocurrency market.
Today’s loss means that XRP’s price has now declined by 6% in a week and by 15% in a month, with the eighth-biggest coin in the market also dropping by 8% in a year.
This 12-month decline stands in stark contrast to the movement of most other major coins, which have largely been very positive.
That XRP has struggled this year has clearly led some of its holders to jump ship to newer alts, with layer-two meme token Pepe Unchained and its presale being one of the most notable beneficiaries.
XRP Price Drops Under $0.50
The only positive to take from today’s destruction is that XRP is now very close to a bottom, nearing the point where the only way is up.
This is most evident in its RSI (purple), which has dropped to 20 in the past hour, indicating some very heavy overselling.
Likewise, its 30-day moving average (orange) has dived well below its 200-day (blue), which again suggests that it should be close to making a rebound.
One thing interesting about XRP is that its 24-hour trading volume has risen to its highest level in almost a month today, at around $1.6 billion.
This shows that some traders are willing to buy the coin at a steep discount, and at some point enough buyers are going to come in and stabilize the coin’s price.
However, whales seem more likely to sell XRP at the moment, so the coin may have to fall just a little further before it recovers.
32,690,000 #XRP (15,129,093 USD) transferred from unknown wallet to #Bitsohttps://t.co/V7YRODzzWr
— Whale Alert (@whale_alert) July 3, 2024
The main factor in today’s fall is that traders are bracing themselves for a couple of big dumps, with the first coming from the German government, and the second coming from former Mt. Gox customers.
At the same time, XRP has struggled for the past 12 months, largely because the long-running legal case between Ripple and the SEC still hasn’t reached a final settlement.
Such a settlement is likely to arrive this year, although both parties are still wrangling over how big the fine should be.
This is why it has struggled to hold to its $0.50 level in recent weeks, and why it will struggle to see a big price gain until a settlement does arrive.
Ripple Holders Jump to This New Coin
Given that XRP has actually declined over the past year, it’s clear that some former holders have abandoned the token to look for more promising alternatives.
This likely includes newer coins, which often outperform the market by wide margins, particularly if they go viral.
It also includes presale tokens, with many attracting sizeable investment this year before going on to rally strongly after listing.
One token looking to do just this is layer-two project Pepe Unchained (PEPU), which has raised in excess of $2.2 million in its increasingly popular token offering.
Congratulations to the early joiners who secured Pepe Unchained at the perfect time
Join now before the next stage begins! pic.twitter.com/ykaW2rAwho
— Pepe Unchained (@pepe_unchained) July 3, 2024
Pepe Unchained is positioning itself as a layer-two network for meme tokens and trading, with its L2 platform promising low fees and transaction times 100x faster than Ethereum’s.
It’s also offering higher staking rewards than what it would have offered as an Ethereum-based meme coin, with its greater efficiency providing for a higher output of new tokens.
Its tokenomics are also pretty bullish, with the coin boasting a capped supply of 8 billion PEPU.
20% of this supply will go to its presale and 30% to staking, with the remainder going to a mix of marketing, liquidity, project finance and chain inventory.
What’s also encouraging about Pepe Unlimited is that it has begun building its community, with its X account now counting 5,000 followers already.
This provides an early sign of the popularity it could gain, with investors able to join its sale through its official website.
It currently costs $0.0082596, although its recent growth suggests that it could rally very strongly once it lists.
The post XRP Price Drops Under $0.50, Ripple Holders Jump to This New Coin appeared first on Cryptonews.
Read More
XRP Price Drops Under $0.50, Ripple Holders Jump to This New Coin
The XRP price has fallen by 5% in the past 24 hours, sinking to $0.4459 on a day of widespread damage for the cryptocurrency market.
Today’s loss means that XRP’s price has now declined by 6% in a week and by 15% in a month, with the eighth-biggest coin in the market also dropping by 8% in a year.
This 12-month decline stands in stark contrast to the movement of most other major coins, which have largely been very positive.
That XRP has struggled this year has clearly led some of its holders to jump ship to newer alts, with layer-two meme token Pepe Unchained and its presale being one of the most notable beneficiaries.
XRP Price Drops Under $0.50
The only positive to take from today’s destruction is that XRP is now very close to a bottom, nearing the point where the only way is up.
This is most evident in its RSI (purple), which has dropped to 20 in the past hour, indicating some very heavy overselling.
Likewise, its 30-day moving average (orange) has dived well below its 200-day (blue), which again suggests that it should be close to making a rebound.
One thing interesting about XRP is that its 24-hour trading volume has risen to its highest level in almost a month today, at around $1.6 billion.
This shows that some traders are willing to buy the coin at a steep discount, and at some point enough buyers are going to come in and stabilize the coin’s price.
However, whales seem more likely to sell XRP at the moment, so the coin may have to fall just a little further before it recovers.
— Whale Alert (@whale_alert) July 3, 2024
The main factor in today’s fall is that traders are bracing themselves for a couple of big dumps, with the first coming from the German government, and the second coming from former Mt. Gox customers.
At the same time, XRP has struggled for the past 12 months, largely because the long-running legal case between Ripple and the SEC still hasn’t reached a final settlement.
Such a settlement is likely to arrive this year, although both parties are still wrangling over how big the fine should be.
This is why it has struggled to hold to its $0.50 level in recent weeks, and why it will struggle to see a big price gain until a settlement does arrive.
Ripple Holders Jump to This New Coin
Given that XRP has actually declined over the past year, it’s clear that some former holders have abandoned the token to look for more promising alternatives.
This likely includes newer coins, which often outperform the market by wide margins, particularly if they go viral.
It also includes presale tokens, with many attracting sizeable investment this year before going on to rally strongly after listing.
One token looking to do just this is layer-two project Pepe Unchained (PEPU), which has raised in excess of $2.2 million in its increasingly popular token offering.
Congratulations to the early joiners who secured Pepe Unchained at the perfect time
Join now before the next stage begins! pic.twitter.com/ykaW2rAwho
— Pepe Unchained (@pepe_unchained) July 3, 2024
Pepe Unchained is positioning itself as a layer-two network for meme tokens and trading, with its L2 platform promising low fees and transaction times 100x faster than Ethereum’s.
It’s also offering higher staking rewards than what it would have offered as an Ethereum-based meme coin, with its greater efficiency providing for a higher output of new tokens.
Its tokenomics are also pretty bullish, with the coin boasting a capped supply of 8 billion PEPU.
20% of this supply will go to its presale and 30% to staking, with the remainder going to a mix of marketing, liquidity, project finance and chain inventory.
What’s also encouraging about Pepe Unlimited is that it has begun building its community, with its X account now counting 5,000 followers already.
This provides an early sign of the popularity it could gain, with investors able to join its sale through its official website.
It currently costs $0.0082596, although its recent growth suggests that it could rally very strongly once it lists.
The post XRP Price Drops Under $0.50, Ripple Holders Jump to This New Coin appeared first on Cryptonews.
Read More