XRP Hits Lowest Point Since April, Ripple Investors Shift Attention to New Meme Coin, Raising $2.6 Million
Sam Cooling
Last updated:
July 8, 2024, 13:12 EDT
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2 min read
Despite Ripple successfully defending itself against the Securities and Exchange Commission in the past year, the price of XRP remains vulnerable, following the overall trend in the cryptocurrency market. In light of this, investors are now turning their attention to a new meme coin called PEPU, which may offer a more promising investment opportunity.
Opinions on Crypto X (formerly Twitter) are divided, with some suggesting that there needs to be one final dip in prices, known as a “shakeout,” to trigger sales by weak investors and decrease open interest before the price of XRP can start to rise.
XRP Price Analysis: Will Ripple’s Bearish Trend Continue or Will Prices Soar?
As XRP continues to trade within a well-established descending trading channel, the current market price for Ripple is $0.43, showing a 24-hour increase of +3.96%. This marks the sixth consecutive day of suppressed price action, with XRP being held down by the 20-day moving average (20DMA), which currently stands at $0.46.
As a result, XRP traders are finding themselves in a difficult situation, with price action seemingly stuck between support levels at $0.40-$0.41 and the resistance of the 20DMA.
Currently, price action appears to be consolidating above the lower support level at $0.42, indicating the possibility of a retest of the upside resistance. This is further supported by a cooled-off Relative Strength Index (RSI), which sits at 38.41, suggesting potential for a significant upward movement in XRP’s trading channel.
While the XRP price analysis highlights the challenges faced by traders, the well-defended consolidation and the bullish RSI indicate that retesting the 20DMA support is likely the next move.
With this in mind, keen-eyed traders have turned their attention to Pepe Unchained (PEPU) as the next major trading opportunity.
Why Are XRP Traders Investing in Pepe Unchained (PEPU)?
Despite the short-term bullish trend of XRP, any potential gains from upward movements would be minimal. As a result, XRP holders are seeking better opportunities over the next two months to maximize their returns and hedge against recent underperformance of Ripple.
At the top of everyone’s buy list is an unlikely candidate: Pepe Unchained.
Wait… XRP traders are participating in a presale? What?!
Presales have gained a negative reputation in the 2024 market, with scammy developers in the Solana space taking advantage of investors’ enthusiasm for meme coin presales, only to abandon the projects.
This issue stems from coins lacking the utility needed to sustain strong buying pressure.
However, Pepe Unchained has already raised an impressive $2.7 million, thanks to its utility aspect. It can be seen as Pepe 2.0, a highly scalable layer-2 solution that allows for low-cost deployment on the Pepe platform. This concept is similar to what the second-largest meme coin, Shiba Inu, achieved with the deployment of Shibarium last year.
Don’t miss out on the opportunity to be an early investor in the next major player in the Pepecoin community.
To purchase PEPU, click here.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. There is potential to lose all of your invested capital.