The XRP price has dropped to $0.494065 today, representing a 3% fall in the past 24 hours for the fifth-biggest cryptocurrency by market cap.
Coming as the market drops by 1%, today’s move means that XRP is basically flat in the last week but down by 5% in the last 30 days, although the altcoin remains up by 45% since the beginning of the year.
XRP’s fall comes after Wall Street suffered its worst week in six months, yet negative investor sentiment is arguably making the altcoin more attractively priced, and likelier to witness big gains in the coming weeks.
Ripple Price Prediction: Will XRP See a 30% Surge Next Month?
XRP’s indicators are falling away again after showing signs of renewed momentum last week, with its relative strength index (purple) falling below 50 and potentially dropping further.
Likewise, XRP’s 30-day moving average (yellow) has also dipped below its 200-day average (blue), a move which normally signals a period of sustained losses.
It will therefore be interesting to see if the altcoin’s support level (green) can hold out against today’s negativity, with more losses likely to come if the price drops below $0.4950.
It’s quite probable that this will happen, given that ongoing issues in China (particularly in the housing market) and a possible government shutdown in the US have weighed heavily on traditional markets in the past few days.
For this reason, XRP may slip further this week, declining to $0.490 before beginning to correct itself.
This view is supported by the fact that whales appear more likely to sell XRP at the moment, with Whale Alerts recording a big transfer to Bitstamp in the past 24 hours.
Having said that, the coin’s fundamentals having changed, meaning that it’s well placed to recover strongly once market conditions become more favorable.
This includes the solid position of Ripple, with the company having continued growing its core business lines once it received a ruling in its case with the SEC in July.
It has expanded a number of partnerships in recent months, including a stablecoin project with the Republic of Palau, while it has also reported promising growth this year in XRP sales for its cross-border services.
As such, XRP is likely to return to $0.50 soon enough, before beginning an ascendancy towards $0.60 and $0.70, which it could reach by the end of the year.
Presale Tokens Set For Big Listings
XRP continues to be one of the big cryptocurrencies to watch, yet it certainly isn’t the only promising coin in the market, with a number of new altcoins also looking well-positioned for significant rallies in the very near future.
Probably the most promising new coin right now Wall Street Memes (WSM), an ERC-20 meme token that has raised over $25 million in its presale.
As the tweet below makes clear, WSM’s presale is set to end in a day, giving newcomers only a very small window in which to buy the token before it lists on exchanges, and before it potentially jumps in price.
Wall Street Memes has emerged out of the meme stocks movement, which was responsible for instigating the GameStop and AMC rallies in 2021.
Its association with this online movement means that it already has a sizeable community around it, which helps to explain why it has raised so much money so quickly, becoming the biggest presale of the year.
A clear sign of the strength of its community is provided by its Twitter page, which now has 280,000 followers, far in excess of pretty much any other meme token to have launched this year (save for Pepe Coin).
WSM will come with a total maximum supply of 2 billion, with 50% of this going to its presale and another 30% being reserved for community rewards.
Such rewards will encourage its followers to support and promote the token, something which is likely to help sustain its community and price over time.
And while its presale is very close to ending, new buyers can get some WSM at a discount by going to the official Wall Street Memes website and connecting their software wallets.
1 WSM costs $0.0337, a price which could be eclipsed by the end of this week.
Visit Wall Street Memes 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.
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