XRP Price Plummets Below $0.50, Ripple Investors Flock to Promising New Coin
By Simon Chandler
Updated:
July 4, 2024, 12:50 EDT
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Read Time: 3 minutes
In the past 24 hours, the price of XRP has dropped by 5%, reaching $0.4459. This decline is part of a widespread downturn in the cryptocurrency market. Over the course of a week, XRP’s price has fallen by 6%, and over a month, it has dropped by 15%. Additionally, the eighth-largest coin in the market has experienced an 8% decline in the past year. This significant year-long decline stands in contrast to the positive movement seen in most other major cryptocurrencies.
Due to XRP’s struggles this year, some holders have opted to invest in newer alternative coins. One of the notable beneficiaries of this trend is the layer-two meme token Pepe Unchained, which has gained popularity through its presale.
The current drop in XRP’s price does offer a glimmer of hope, as it suggests that the coin is nearing its bottom and may soon experience an upward trend. This is evident in its Relative Strength Index (RSI), which has plummeted to 20 in the past hour, indicating heavy overselling. Additionally, XRP’s 30-day moving average has fallen well below its 200-day moving average, further suggesting a potential rebound.
Interestingly, XRP’s 24-hour trading volume has reached its highest level in almost a month, amounting to around $1.6 billion. This indicates that some traders are willing to purchase the coin at a significant discount. Eventually, enough buyers will enter the market and stabilize the price. However, it is worth noting that whales are currently more likely to sell XRP, so the coin may need to fall a bit further before it can recover.
The primary reason for today’s price drop is the anticipation of significant sell-offs. Traders are preparing for two major dumps, one from the German government and another from former Mt. Gox customers. Additionally, XRP has struggled over the past year due to the ongoing legal case between Ripple and the SEC. Until a final settlement is reached, which is expected to happen this year, XRP will likely continue to struggle in maintaining its $0.50 level and achieving significant price gains.
Given XRP’s decline over the past year, it is evident that some former holders have abandoned the token in search of more promising alternatives. This includes newer coins, which often outperform the market, especially if they go viral. It also includes presale tokens, many of which have attracted substantial investments this year and experienced strong rallies after listing.
One such token is the layer-two project Pepe Unchained (PEPU), which has successfully raised over $2.2 million in its popular token offering. Pepe Unchained aims to establish itself as a layer-two network for meme tokens and trading. Its L2 platform promises low fees and transaction times 100 times faster than Ethereum’s. Furthermore, it offers higher staking rewards than it would have as an Ethereum-based meme coin, thanks to its increased efficiency.
Pepe Unchained’s tokenomics are also favorable, with a capped supply of 8 billion PEPU. 20% of this supply will be allocated to its presale, 30% to staking, and the remainder to marketing, liquidity, project finance, and chain inventory. The project has already begun building its community, evidenced by its X account accumulating 5,000 followers. Investors can participate in its sale through its official website, with the current price at $0.0082596. Given its recent growth, there is potential for a strong rally once it lists.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. There is a risk of losing all invested capital.