Investors Panic as XRP Loses Value – Could XRP20 Revive Hopes?
Ripple's native coin, XRP, has demonstrated bearish market movements, depreciating after its short-lived rally in mid-July.This downtrend has led many to wonder when the token would witness a bullish rebound to the target of $1.
XRP's Price ActionsXRP has plunged into the red pool, recording a nearly 12% price decline from its market value. XRP trades at $0.6167 on August 8, 2023, down almost 2% in the last 24 hours.
Furthermore, data from CoinGecko shows that the coin's present price marks a loss of 12% in the past seven days. However, XRP still retains 32% of its past month's gains.
Technical Outlook Reveals That XRP Might Witness Bullish Trend Reversal
Source: Tradingview.comFrom the chart above, XRP will likely face a bullish trend reversal in the next few days.
While the coin trades above the 50-Day and 200-Day Simple Moving Average (SMA), the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) show strong bearish momentum.
The bears have formed red candlesticks slightly above the 50 SMA as they exert more selling pressure on XRP.
However, the MACD red histogram bars are starting to fade, suggesting the bearish momentum is dwindling. Also, the RSI is at 40.73, approaching the oversold zone (30), where XRP could witness a trend reversal if the bulls buy the dip.
XRP could witness more downturns in the next few hours before a brief rally when the bulls reclaim control.
XRP's Support and Resistance Price Levels
Source: Tradingview.comThe chart above shows the bulls have lost grip of XRP's market, and the coin is heading to the R & S Flip Zone.XRP is subject to a bullish or bearish trend in this zone, depending on the prevailing market sentiment.
If the actions of the bears continue and XRP enters the zone, panic could spread among traders, increase selling pressure, and force the price to drop to the $0.44582 support.
Nevertheless, when the asset reaches the zone, and the bulls are buying, the dip could push XRP upward, increasing the $0.73518 resistance.
Crypto Experts Predict XRP's Future Market ValueA team of technical analysts at CoinPedia predicted that by 2026, the coin might witness a yearly low at $3.53, trading around an average price of $4.50, and record a yearly high at $5.47.
For 2027, they stated that the asset's value might have its lowest, average, and highest market price around $4.23, $6.495, and $8.76, respectively.
Some crypto experts at AMB Crypto forecasted that in 2028, XRP might have its market price around $1.09, $0.86, and $1.30 for the average, minimum, and maximum prices, respectively.
By 2029, they shared that the coin could record a price gain of $1.58, trading within an average price of $1.32, and might witness a yearly low at a $1.05 price level.
For 2023, the experts predicted that XRP's market value may have an average price of $1.93, a minimum price of $1.54, and a maximum price of $2.31.
A group of crypto analysts at Coincodex forecasted that in 2027, the asset might record a price rise to $1.000834 and a price drop to $0.520882 before the end of the year.
By 2028, they predicted that the coin's market price might record a price loss of $0.380011 and could experience a yearly high of $3.22.
Some Factors That Could Affect XRP's Market BehaviorAccording to reports, Hugo Philion, the CEO of Flare Network, has shown optimism about the growth potential of XRP despite its recent downturns.
According to Philion's recent remarks, the ongoing lawsuit hindered Ripplefrom expanding XRP's use cases. He noted that Ripple would witness notable success in cross-border payment services, mostly from regions with poor traditional financial services.
Philion believes more advancement in Ripple's services and utility could boost the XRP price.
Moreover, Ripple is still in a legal battle with the SEC as the regulator plans to appeal the judge's ruling that the XRP secondary market sales are not securities. This issue raises concerns among investors and reduces XRP's market sentiment.
However, a complete win against the SEC would set the records straight and propel XRP to new highs.
These might affect the market behavior of the coin following the potential of Ripple Labs to impact some parts of the world positively and plans to remain in the U.S. market.
XRP20 Achieved a $1 Million milestone. Is This a Sign for 80X?
XRP20 project has sparked discussion among investors on the internet following its impressive progress rate despite being a new project.
It has demonstrated tremendous success after reaching a milestone of over $1 million. XRP20 is a nascent crypto project built on the Ethereum blockchain to imitate Ripple's XRP success during its early days.
XRP20 is independent of Ripple Labs and only leverages XRP's popularity to reignite the frenzy of the old days when XRP surged to its all-time high. It focuses on providing a second chance for investors who missed or didn't invest in XRP during its ICO.
The project is designed to allow stake and earn features for users within its ecosystem to involve in on-chain staking and create passive income opportunities for themselves.
XRP20 Approaching Soft Cap Presale Benchmark
XRP20's presale has garnered attention from investors, and today, it has raised more than $1 million in its presale session and heading to the presale threshold of over $1.8 million.
A single token of XRP20 is equivalent to $0.000092. For the project to emulate the success of XRP, XRP20 is architected to allow 10% out of its total token supply of 100 billion to go for DEX liquidity to improve price stability.
It also allocated 10% of the token for token burning to create scarcity and improve its future value. Interested investors should visit the XRP20 official presale site and follow the firm's instructions.
Notably, the token can be purchased using either USDT or ETH, then swapped with XRP20.
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