Ripple Coin Price Prediction: XRP Faces Opposition From Bears, Is There any Hope for a Bullish Turn?
XRP succumbed to a prolonged bearish momentum after its rapid surge in July following Ripple's partial win in the lawsuit. This decline is partly hinged on negative sentiments from the recent SEC vs. Terraform Labs case ruling and the regulator's appeal request.
As a result, XRP dropped over 44% from its peak, leading to a period of instability characterized by a significant sell-off and a fading confidence among investors.
However, the Ripple token shows signs of bullish recovery, evident in the nearly 4% uptick recorded today, August 23. This Uptick has revived investors' optimism that XRP could recover its lost value in the coming days.
What's XRP's Fate as Sellers Dominate Its Market?In the previous week, XRP topped the charts among top losers. The token has declined over 12.5% from its past week's valuation. As of 10:06 AM EST, XRP is valued at $0.5219, reflecting a 1.3% 24-hour increase in price.
XRP is now faced with bias among investors who harbor doubts about its potential to soar amid prevailing legal uncertainties.
XRP Market Finds No Way Back to Glory - Implications to Early Investors
Chart: Tradingview.comXRP market has severally attempted to regain an upward trend, particularly over the past five days. However, pressure from the bears has made these attempts unsuccessful; thus, the token could maintain its sell moves over the next 24 hours.
Moreover, the persistent bearish trend on the market has brought the token below the 50-day Moving Average (M.A), as seen in the daily price chart. The bears' charge on the market is also visible in the MACD indicator, which sits below the signal line.
However, the 200-day M.A. sets a support level for its price, which signals buyers' presence around the area.
Also, a bullish reversal could be imminent with the RSI at 32.17 as XRP approaches the oversold area, where it could become undervalued. Investors tend to leverage low prices at this level to accumulate tokens, hoping for a future rebound.
The implication of XRP resistance and support levels
Chart: Tradingview.comXRP is creating a green candle, taking a break from the ongoing selling movement. Nonetheless, the resistance level at $0.5377 could prevent a significant impact from buyers, creating the possibility for a continuous downtrend.
This opposition from the resistance could push down XRP's price to the $0.4987 support level despite the buying signals. And if the selling pressure increases, XRP could record more dips, bringing it to the support region around $0.4615.
Market Adoption Increases for XRP As Token Market Appears in BrazilIn Brazil, the launch of Binance Pay marks a significant stride in cryptocurrency payments. This offering allows local merchants to offer alternative payment options, potentially catalyzing increased adoption rates among a broader user base.
Binance Pay's integration includes many digital assets, numbering over 70 cryptocurrencies, including XRP.As Binance Pay takes its first steps into the Brazilian market, it does so in alliance with a select group of partners. Notable among these collaborators is Weo Games, a notable gaming emporium.
The prominent web development platform WordPress has also joined forces, introducing Binance Pay as an available payment solution for online stores utilizing the WooCommerce plugin. This move further solidifies the platform's foothold in the e-commerce landscape.
This announcement extends beyond mere news as it holds the potential to pave the way for XRP's journey toward wider acceptance and utilization.
XRP Alternative - Sonik CoinSonik Coin, a fresh ERC-20 token established on the Ethereum network, is inspired by the iconic Sonik the Hedgehog from SEGA.
The approach taken for its presale model is one of transparency and fairness. An intriguing aspect is that half of the total token supply is reserved for public sale, with no portion allocated to the team.
SONIK rewards participants who stake their tokens with 9,125 SONIK per Ethereum block for four years. The amount earned depends on one's stake pool portion and the staking duration. Besides the staking rewards, individuals can earn more profit as the coin's value appreciates.
It's worth noting that Sonik Coin is following the footsteps of meme coins such as HarryPotterObamaSonic10Inu, a project that achieved an impressive $200 million market capitalization in just 100 days.
As the countdown for the Sonik presale is already in motion, those attracted to the project are encouraged to join its profitable journey. To secure the presale price of $0.000014, you only need to connect your wallet to the Sonik website to complete your purchase.
Potential buyers should ensure they have USDT or ETH in their wallets to acquire these tokens. Following the conclusion of the presale phase, Sonik Coin will become accessible on the decentralized Uniswap exchange.
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