Crypto
XRP Drops 20%, Can it Fall to $0.10?
The XRP price has fallen by 2% in the past day and by 20% in the past week as the fallout from FTX’s apparent insolvency continues to wreak havoc on the cryptocurrency market. The altcoin is also down by 27% in the past month, with the downturn of the past few days all but erasing gains it had posted following positive news coming out of Ripple’s case against the SEC.
In previous weeks, investor sentiment had been positive around this legal battle, with Ripple securing some apparent victories en route to a hoped-for favorable outcome. However, with the SEC winning a similar case against LBRY this week, serious question marks hang over Ripple’s prospects.
XRP Price Prediction – XRP Drops 6%, Can it Fall to $0.10?
At $0.358446, XRP is now 72% down over the past year, and its chart appears to suggest that it has still has some way left to go before it witnesses a recovery. Its relative strength index (purple) has plunged to below 30 in the past day, and could hang around this region for a while yet, given the unfolding FTX crisis.
At the same time, its 30-day moving average (red) has begun pointing down towards its 200-day average (blue). It’s now likely that it will sink below the longer-term oscillator, with the process needing at least a couple of weeks to complete, after which investors could potentially expect a comeback.
However, recent events indicate that XRP, like most other coins, is in for a tough time. As mentioned above, FTX appears to be on the brink of collapse, with Binance pulling out of a proposed acquisition that could have saved the exchange.
Now, CEO Sam Bankman-Fried appears to be counting on its investors to pony up more cash, yet existing investor Sequoia Capital has tweeted to say that it’s completely writing off its investment in the ailing exchange.
As such, expect XRP and most other major coins to fall further once FTX eventually bites the dust. At the same time, XRP’s situation may potentially be made worse by Ripple’s case with the SEC.
While past months have seen positive developments, such as the court granting Ripple’s request to file various amicus briefs (and also upholding its right to use a fair notice defense), the outcome of the SEC’s case against LBRY has unsettled the market. A court has upheld that LBRY was selling unregistered securities, with the cryptocurrency firm’s CEO declaring afterward that this result “threatens the entire U.S. cryptocurrency industry.”
In light of this, there’s now a bigger chance that Ripple could lose its case. In other words, there’s every chance it could fall to $0.10 in the not-too-distant future, although, as with nearly everything in crypto, no particular outcome is certain.
Newer Alternatives
Despite XRP’s ongoing troubles, investors looking for gains in the nearer term may be interested in looking at newer altcoins, particularly those that are currently holding their respective presales.
Many of these hold out promise for significant returns, as exemplified earlier this autumn by Tamadoge (TAMA), which rose by as much as 1,800% (relative to its presale price) in October. This came after it was listed on the major crypto exchange OKX.
While it’s difficult to predict the future, these coins each have strong fundamentals, putting them in positions to do well in the coming weeks and months.
Dash 2 Trade (D2T)
Running on Ethereum, Dash 2 Trade is a trading intelligence platform aimed at helping investors stay ahead of the cryptocurrency market and to make more informed decisions. To this end, it provides a wealth of analytic and social trading tools, all of which can be accessed via one of two subscription tiers. It began its token sale three weeks ago and has now raised well over $5.8 million, while it also recently announced its first CEX listing on LBank Exchange.
RobotEra (TARO)
One of the newest coins in the ecosystem, RobotEra (TARO) has only just begun its presale. Billed as an NFT-based and “Sandbox-like” Metaverse, it will enable its players to participate in the creation of its virtual world, including the building of land, structures, and non-fungible tokens. Interested investors can participate in its token sale by heading over to its website and buying it using either USDT or ETH, with 1 TARO currently going for 0.020 USDT.
The price will increase to $0.025 in the next stage of the presale.
Calvaria (RIA)
Calvaria (RIA) is a play-to-earn blockchain-based game in which players can earn rewards and battle with NFT-based collectible cards. One of its core distinguishing features is that it lets users play without requiring them to hold any cryptocurrency (although RIA can also be used to buy in-game items and for staking). This will potentially make it more accessible to a greater number of players, many of whom may have been put off blockchain-based gaming up until now by the need to hold crypto.
Its presale has raised more than $1.6 million and has just entered its fourth stage, with 40 RIA purchasable for 1 USDT.
Reports /TrainViral/