Despite more than a month of serious downside price moves, Bitcoin Cash (BCH) has undertaken a magnificent +8.5% rally as holders attempt to trigger a consolidation level.
This comes following a -27% retracement for the leading altcoin since June 30, triggered by rejection from resistance from a local high at $325.
Bitcoin Cash Price Analysis: BCH Reclaims 20DMA But Can it Reclaim Local High?
The attempted recovery has left Bitcoin Cash trading strong at a current price of $240.70 (a 24-hour change of +7.85%).
In the aftermath of a troubled week for price action, which saw BCH reject -11% from an attempted consolidation above the descending 20DMA, the +8.5% rally has been a strong display by holders.
With the well-defended move staging BCH price to once again attempt consolidation above the critical 20DMA support level.
And to the relief of many, despite the downside slide, BCH is still trading high above the slowly ascending 200DMA, which provides a lower support level around $150.
Bitcoin Cash receives little encouragement from its indicators, with the RSI sat on the fence displaying a neutral signal at 51.48, and the MACD displaying bearish divergence at -2.4.
The move to consolidate leaves Bitcoin Cash with a surprisingly strong risk: reward profile at 1.63, with upside potential still targeting a move to local high at $325 (+34.7%).
Downside risk remains resolute at lower support around $190 (-21.3%) for the hard fork project.
Yet, while BCH holders are mounting a hard-fought consolidation level, smart money has shifted focus to an emerging market growing around the launch of updated and improved big tokens.
BCH Hard Fork Alternative: XRP20 Surges Towards $1m
XRP20, a distinctive proof of stake Ethereum token. XRP20 is engineered to emulate the philosophy and tokenomics of Ripple (XRP), but with a particular focus on retail investors.
Despite drawing on Ripple’s concepts, it’s crucial to highlight that XRP20 stands alone as an independent project with no direct affiliation to the well-established XRP.
Attractively, XRP20 is currently available at a strikingly low price point, retailing for $0.000092 with $944,000 raised in less than a week.
This valuation is about 30 times lower than XRP’s all-time low and thousands of times cheaper than XRP’s current price of $0.70, but the allure of XRP20 extends beyond its pricing.
XRP20 Will Deliver Market Beating Staking Reward for Long-Term Holders
The project proposes a unique staking reward system within a deflationary ecosystem.
With 40 billion $XRP20 allocated to staking rewards and 10 billion intended for permanent removal via a burn mechanism, the token supply will decrease over time, which could increase scarcity and add upward pressure on the token’s value.
The XRP20 presale serves as an inviting opportunity for early adoption, the project’s roadmap highlights a focus on marketing and awareness, followed by a token-burning mechanism and community staking.
By capitalizing on Ripple’s recent legal victory over the Securities and Exchange Commission (SEC), XRP20 could attract attention from a significant investor base.
Yet it’s imperative for potential investors to understand that XRP20 is not Ripple, and investment in this token comes with its own risks and rewards.
How To Buy XRP20?
- To join the XRP20 presale, investors will need a Web3 wallet, either MetaMask or Wallet Connect.
- With the required USDT and ETH crypto in their wallets, investors can connect their wallets to the presale page, specify their purchase amount, and claim their $XRP20 tokens upon completion of the presale.
Considering the potential of XRP20 and Ripple’s historical price increase of 137,000%, XRP20 could offer significant gains for early buyers.
Coupled with its unique stake-to-earn mechanism, retail investors have a compelling opportunity to participate in the XRP20 project.
Be sure to follow XRP20’s progress on Twitter and Telegram for the most recent updates.
Buy XRP20 Here
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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