XRP Price Prediction – XRP Crashes 12%, Have Prices Bottomed Yet?
The XRP price has crashed by 18% in the past 24 hours, as news surrounding FTX’s possible collapse drags down the wider cryptocurrency market. At $0.360066, the altcoin has fallen by 22% in a week and 32% in a month, having also been hurt by LBRY’s loss in its case against the SEC.
Given that Ripple is fighting a similar legal battle against the SEC, LBRY’s defeat in its case — and the presiding judge’s ruling that LBRY was selling unregistered securities — raises big question marks over whether the XRP issuer can secure a favorable outcome in its own battle. And with the wider cryptocurrency market facing the possibility of contagion as FTX looks set to fall, the XRP price is likely to remain subdued for a while yet.
XRP Price Prediction – XRP Crashes 12%, Have Prices Bottomed Yet?
XRP’s technical indicators unsurprisingly show a big loss of momentum, with pretty much everyone selling right now. Its relative strength index (purple) has dropped from just over 60 a few days ago to 30 now, and is probably likely to fall under 30 (and close to 20) before its current drop bottoms out.
Similarly, XRP’s 30-day moving average (red) has begun pointing downwards. Only when it falls below its 200-day avergage (blue) would it be safe to say that it has bottomed.
The reason for this pessimism is that it’s likely the cryptocurrency market has been hit with another Terra-style collapse and contagion event. With FTX (and owner Alameda Research) seemingly insolvent, the market could see other entities also face severe difficulties, given that the exchange was a big presence in the ecosystem.
Not positive for crypto overall that the second biggest exchange (FTX) goes under. We're yet to see the contagion effects from this, but somehow I don't think we're done with the nuking.
— Route 2 FI (@Route2FI) November 8, 2022
Yesterday, Binance stepped in with an offer to acquire FTX.com. If accepted, such a deal could potentially prevent wider contagion in the cryptocurrency market, although at this uncertain stage its completion isn’t guaranteed.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
Either way, investors are currently panicking, with the market as a whole down by 11% in the past 24 hours. This has inevitably hurt XRP, yet the latter had also been negatively affected by the outcome of the SEC’s case against cryptocurrency firm LBRY, which has potential ramifications for Ripple’s case with the regulator.
Speaking after the case’s conclusion, LBRY CEO Jeremy Kauffman said the decision “threatens the entire U.S. cryptocurrency industry,” insofar as it sets a precedent that would classify “almost every cryptocurrency” a security.
This potentially includes XRP, which has fallen more steeply than bitcoin (BTC) in the last few days, for example, likely because of the case’s conclusion.
However, up until the events of the last few days, Ripple had seemingly been doing quite well in its own legal tussle with the SEC. For example, the end of last month saw Coinbase apply to file an amicus brief in support of Ripple and the latter’s fair notice defence, something which boosts its case.
Coinbase.
— Jeremy Hogan (@attorneyjeremy1) October 31, 2022
Amicus Brief.
Well, heck, if you come out in opposition to the SEC here, might as well relist XRP. Don't you think? https://t.co/JMsJbmWYTd
Previous weeks had brought similar small victories, yet even if Ripple is going to secure a favorable judgment or settlement, it may still have to wait several months. As such, it’s likely that XRP’s price hasn’t bottomed just yet, and could still fall further in the near term.
Alternative Investments for Big Gains
Traders disappointed by XRP’s lack of upwards movement in the past weeks may be interested in looking elsewhere, and one of the most promising sources of good returns (even during a bear market) are new coins holding their presales.
To take the most notable example, Tamadoge (TAMA) rose by as much as 1,800% (compared to its presale price) in October, following a high-profile listing on major exchange OKX.
This offers an indication of the what the most promising new altcoins can do when they first list, and while TAMA’s presale has ended, here’s a selection of new altcoins with strong fundamentals that are holding their respective token sales right now.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social data, helping them to make more informed decisions. It began its token sale three weeks ago and has now raised well over $5.5 million, while it also recently announced its first CEX listing on LBank Exchange.
IMPT
Also running on Ethereum, IMPT is a carbon credit marketplace where users can earn — and also trade — NFT-based carbon offsets by shopping with a wide range of eco-friendly retailers. Its tokenization of carbon credits aims to provide the carbon credit marketplace with greater transparency, making it easier to see just when credits have been traded and retired.
IMPT’s presale has now raised $12.5 million only a few weeks after launch, with 1 IMPT currently on sale for $0.023. Its price will then rise to $0.0280 in the next stage of the presale, meaning that early investors have the chance to make significant profits.
Visit IMPT Now
Calvaria (RIA)
Calvaria (RIA) is a new play-to-earn game that lets players earn rewards and battle with NFT-based collectible cards. What sets it apart from other blockchain-based games is that it enables users to play without having to hold any cryptocurrency (although RIA can also be used to buy in-game items and for staking), something which should make it accessible to a wider pool of gamers.
Its presale has raised more than $1.6 million and has just entered its fourth stage, during which 1 USDT will buy 40 RIA.
Visit Calvaria Now
