The world’s leading cross-border money transfer token, XRP, is bleeding for the third day in a row. Despite its 24-hour trading volume surpassing $800 million, XRP is down 2.1% and trading at $0.4654 on Sunday.
Support at $0.46 remains imperative to the resumption of the uptrend, otherwise, if lost investors may want to start acclimatizing extended losses testing $0.42 and $0.35, respectively.
Ripple Unlocks 1 billion XRP Tokens from Escrow
The San Francisco-based blockchain startup Ripple Labs released 1 billion XRP tokens worth around $470 million from its escrow account on May 12. Ripple has since 2017 been systematically distributing XRP from escrow to guarantee a stable supply and maintain the stability of the XRP token.
This latest release is part of an ongoing series of monthly allocations aimed at bolstering the expanding ecosystem and satisfying the growing appetite for digital currency. Typically, any remaining XRP is sent back to escrow, thus prolonging the distribution timeline.
However, critics assert that Ripple’s dominance over the bulk of XRP tokens stored in escrow may result in centralization.
Some market watchers have voiced concerns that Ripple’s potential to unlock sizable quantities of XRP monthly might have an impact on the token’s pricing.
This apprehension follows Ripple’s impressive Q1 2023 performance, with the company witnessing a notable upswing in XRP sales. Their total sales reached a remarkable $361.06 million, a substantial jump in comparison to the $226.31 million recorded in Q4 2022.
In addition to robust sales, the XRP Ledger’s on-chain activities displayed promising growth, with transaction volumes on both decentralized and centralized platforms escalating significantly.
XRP Price Holding onto the Cliff’s Edge
XRP price has been in a nosedive motion since Saturday after climbing to $0.5865. Although bulls had an opportunity to prevent losses from gaining traction with support at $0.5, overhead pressure intensified and opened the door for an extended retracement to $0.4358.
Meanwhile, the international money transfer token appears to have exhausted the downtrend with the price rebounding to trade at $0.4654 on Monday.
Support on the downside is currently provided at $0.46, which sits marginally above the upper descending trendline. Coincidently, the 100-day Exponential Moving Average (EMA) (line in blue) is within this same support range.
If push comes to shove and declines carry with the same intensity as witnessed over the weekend, the 200-day EMA (line red) is in line to absorb the selling pressure and offer investors possible entries ahead of another upswing above $0.6 and toward $1.
The position of the Moving Average Convergence Divergence (MACD) indicator, below the mean line at 0.00 depicts bearish dominance in the market. However, traders looking for new long entries may consider watching the momentum indicator closely as it will likely send a buy signal in the coming few days if no sessions.
Buy XRP Now.
Love Hate Inu – The XRP Alternative to Consider
Although XRP price has performed incredibly well this year, investors must consider diversifying their crypto portfolios while employing the best risk management techniques.
It is difficult to predict how XRP price will perform in the second quarter of 2023, considering the upcoming case pitting the token’s issuing company, Ripple Labs, and the United States Securities and Exchange Commission.
It would be a win for XRP if Ripple wins the lawsuit, but things could turn ugly for the token if the SEC carries the day. After the regulator sued the blockchain company in December 2020, XRP price plunged massively with many exchanges like Coinbase delisting it.
Having said that, it would be prudent to diversify portfolios with carefully selected crypto presales offering a better risk-reward ratio. Presales distribute tokens to investors at highly discounted prices with the possibility of delivering significant gains to early investors.
At the moment, the team is particularly enthusiastic about the Love Hate Inu project, which is presently carrying out an extremely successful presale.
Love Hate Inu is in the process of developing a groundbreaking Shiba Inu dog-meme-inspired, blockchain-driven social media voting platform.
Users of the platform will be able to engage in debates and conversations on some of the world’s most contentious issues and prominent figures such as Elon Musk, Donald Trump, and Andrew Tate.
Holders of the $LHINU token will be given the chance to stake their tokens to obtain voting rights in various polls while also receiving additional LHINU tokens as rewards for voting. This is why the platform has been dubbed “stake-to-earn” and “vote-to-earn.”
Within just a few weeks, Love Hate Inu has managed to amass an astounding $9.3 million, with the presale now in its seventh phase.
Industry experts believe that the unique blockchain-based voting system of Love Hate Inu has the potential to gain popularity later this year, coinciding with the platform’s launch.
This could result in the LHINU token’s value significantly surpassing its current presale price.
Visit Love Hate Inu
Similar Articles:
Credit: Source link
