The turbulent nature of the crypto market has once again been highlighted this week, with XRP’s ($XRP) price suffering a 10% drop.
Amid fluctuating market conditions, this drop has left investors wondering whether the token’s recent surge was temporary and not a sign of a long-term upward trend.
However, amid XRP’s bearishness, the new token BTC20 ($BTC20) is bucking the trend and demonstrating impressive momentum in its ongoing presale phase.
XRP Price Faces Pivotal Moment as Bulls & Bears Battle it Out
The $XRP price is down 10% in the past week, falling from around $0.779 to the current price of $0.706.
This downturn has taken many in the crypto market by surprise, considering the token’s remarkable surge in the previous week.
XRP’s price appears to be returning to the 20-day Exponential Moving Average (EMA), broken during its surge following reports about the positive ruling in the SEC vs. Ripple legal battle.
Due to this, the next few days could be pivotal in determining which direction the price goes.
If the 20-day EMA holds as support, it would confirm the overall optimistic sentiment for $XRP is still intact, opening the door for the price to return to the local highs of $0.850.
However, a break below the 20-day EMA could signal a deeper pullback is on the cards.
Thus, traders will be closely watching to see if the price bounces from the nearby EMA or if more downside is in store before the next upwards leg.
Profit-Taking & SEC Threats Add Downward Pressure on $XRP’s Price
The recent slide in the $XRP price can be attributed to several factors.
Firstly, profit-taking by investors after the token’s powerful surge earlier this month has contributed to the recent pullback in price.
$XRP saw gains of nearly 100% following the favourable ruling in Ripple’s legal battle against the SEC, with many traders opting to take profits rather than continue holding.
This sell-off forced $XRP downward in the following weeks, leading to the price on show today.
Secondly, the possibility that the SEC might appeal the recent court ruling has added further uncertainty for $XRP holders.
A recent article from Decrypt reveals the SEC has hinted it believes the judge’s decision was flawed – setting the stage for a resumption of the legal battle in the future.
Although there’s no concrete information about a potential appeal, the likelihood of extended legal battles is another factor exerting downward pressure on $XRP’s price.
Which Altcoins Are Continuing to Show Strong Momentum?
Despite $XRP’s recent dip, not all coins are following a downward trajectory.
One notable standout continuing to showcase good momentum is BTC20 – an innovative stake-to-earn coin that has captured the crypto community’s attention.
BTC20 Harnesses Bitcoin’s Legacy & Introduces Innovative Stake-to-Earn Setup
BTC20 ($BTC20) isn’t just another low-utility addition to the altcoin space; instead, it presents an innovative twist on the staking model that has become popular in the crypto world.
$BTC20 combines the concept of passive income with crypto investing, providing holders with tokenized rewards based on how many tokens they have staked.
Paying homage to Bitcoin, BTC20’s tokenomics setup mimics the state of $BTC back in 2011.
During the project’s presale, which has now raised an impressive $3.7 million, early investors can buy $BTC20 at the symbolic price of $1 – a nod to Bitcoin’s early days.
As outlined in BTC20’s whitepaper, the total supply of $BTC20 will be restricted to 21 million tokens, echoing Bitcoin’s maximum supply.
Further adding to BTC20’s hype is that the token is being deployed on the Ethereum blockchain.
This means BTC20 can leverage Ethereum’s robust developer support and tremendous interoperability opportunities – providing scope for integration with thousands of decentralized applications (dApps).
Given these appealing factors, the crypto community’s response to BTC20’s presale launch has been overwhelmingly positive.
BTC20’s Telegram channel has seen substantial growth over the past week, with a surge of investors eager to learn more about the development team’s vision.
With the token on such a positive trajectory, BTC20 could be poised to make a lasting impact on the crypto market.
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