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On the previous day, the price of XRP dropped by 11% to a six-day low of $0.422670. Even though cryptocurrency prices as a whole have been falling, Ripple’s XRP token has taken a worse impact than other major coins today due to the ongoing legal dispute between XRP and the Securities and Exchange Commission.
Though it has had a larger-than-average decline today, XRP is still one of the best-performing major cryptocurrencies over the past month, and its price is trending upward over longer time periods. And although it’s true that Ripple’s case with the SEC is still open, new developments point to a conclusion being near.
Meanwhile, this article also discusses some other cryptocurrencies that investors might want to consider for more speculative trading in the near future, with quant (QNT) currently being the best-performing top-100 coin.
The XRP Price Fell 11% in the Past Day
With a 24-hour high of $0.481153, XRP has fallen 12.1% from its peak to its current price of $0.422670. With a seven day high of $0.543612, XRP has fallen 22%. Indicators for XRP have not changed their favorable trend. Its relative strength index is still over 50, albeit falling from yesterday’s level of approximately 75.
Even more encouragingly, its 30-day moving average is climbing closer to its 200-day average, which indicates that XRP is still in the middle of a medium-term gain.
The fact that XRP’s price has increased by 2% in the past week and by 30% in the past 30 days just adds fuel to the fire of this suspicion. Compared to bitcoin, which is down 5% in the same time period, this is a huge improvement.
The cryptocurrency XRP surged sharply earlier in the week on the back of optimism that the Ripple-SEC lawsuit had entered its last phase, so today’s decline looks to be a necessary corrective to over-exuberance.
In particular, both Ripple and the SEC have asked the judge presiding over the case to issue a summary judgment, thereby ending the litigation. Although such a ruling won’t be handed down right away, it’s already on the horizon as it was requested by both sides.
Without a definitive answer, XRP’s recent enthusiasm has naturally died down. The general selloff in the Bitcoin market hasn’t helped matters and has likely accelerated its loss of momentum.
Quant (QNT): Safe Investment Option
If you’re seeking an alternative to XRP’s increases over the previous few days, QNT’s price has increased 11% in the last 24 hours to $136.59. This reflects a 35% increase over the last week and a 46% increase over the past month.
The current strengths of QNT’s indicators are very suggestive of a coin in the midst of an upswing. A breakthrough to a new level was indicated when the 30-day moving average started climbing above the 200-day moving average. Quant is a distributed ledger system (DLT) having the ability to link and make other blockchains compatible with one another. As interest in Quant has grown over the past few weeks, its native coin QNT has seemingly started to recover on the back of this buzz.
Quant reached 100,000 Twitter followers just as QNT’s surge was gaining momentum, with the network’s consistent organic growth helping to attract new investors. As with any gain in the cryptocurrency market, it is uncertain how long QNT can sustain its current good fortune. While XRP investors await the SEC’s decision on Ripple’s appeal, this is a coin to monitor.
TAMA another Alternative Coin worth Investing
After a brief surge above $0.05, Tamadoge , another prospective XRP alternative that just had its IEO on the OKX exchange, has found good support around the $0.020 mark on excellent trade volumes.
In the first 6 hours of trading, 224 million Tamadoge tokens (out of a total of 1 billion) had been traded. Traders believe the TAMA price has the potential to yield returns of up to 83x, making the current price an appealing and low-risk starting point.
Register on OKX to buy Tamadoge
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