XRP Price Prediction: Ripple Token Plunges 10% In A Week As Traders Pivot To This Solana Layer 2 ICO Charging Toward $26 Million

The XRP price dropped 10% in the last week and 1% in the past 24 hours to trade at $2.12 as of 4:50 a.m. EST on trading volume that surged 31% to $9.6 billion.

The Ripple Token price drop is part of a broader market pullback that saw many other cryptos’ prices undergo a sharp dip in the last 24 hours. XRP itself retraced to $1.9238 around seven hours prior to the time of writing. After that, the coin saw a recovery to trade at its current price.

The correction comes as the crypto Fear and Greed Index fell to 15, reaching the lowest point in several years, causing numerous traders and investors to withdraw from the market. However, some saw it as an opportunity to get desired coins and tokens at a discount.

XRP Price Prediction

The XRP price has seen quite a bit of volatility lately, and while its Bollinger Bands saw a major widening as the price dropped and then recovered, its slow ascent has been followed by a tightening of the bands.

This suggests that the amount of activity has dropped, and band narrowing is generally considered to be a bearish signal.

5-minute chart for XRP/USDT (Source: TradingView)

The project’s Relative Strength Index (RSI), on the other hand, shows that trading activity is still strong, and that the bulls are driving the price action for the time being. The price dropped as a result of a major sell-off that pushed the XRP RSI to the oversold zone, down to the value of 20.

As traders moved in to buy the dip, the RSI surged to 70, spending several hours fluctuating between 70 and 60. After that, the fluctuations once again increased, taking the RSI between 50 and 70, but the price continued to recover, alongside smaller fluctuations of its own.

Overall, the XRP price was quick to recover, and while it is still down 10% on a weekly basis, with a resistance at $2.15 standing in the way, the recovery could still push it back up.

Promising Alternative To XRP

While the price of XRP is on the rise, investors seem to be more interested in new cryptos such as Solaxy (SOLX), which is currently immune to the volatility of the market thanks to the fact that it is still in the presale stage.

Solaxy is the first-ever Layer-2 project for the Solana network, and aims to help the blockchain resolve its network congestion issues.

The problems emerged as the SOL ecosystem started seeing massive amounts of traffic due to the booming meme coin sector, as well as an increase in the use of the local dApps, DEXes, DeFi protocols, NFTs, and more. Despite the fact that Solana was developed to be a faster alternative to the Ethereum network, it has not been able to keep up with the surging demand.

As a result, Solana has started seeing transaction failures, which Solaxy can help with thanks to its proven scalability technologies.

Investors have doubled down on the project, pouring over $25.82 million into its presale already. As a result, Solaxy’s ICO is approaching the $26 million milestone, with the project’s SOLX token priced at only $0.00166.

ClayBro, a crypto YouTuber with over 136k subscribers, believes that the current crypto market situation could help propel SOLX’s price once the token goes live.

Interested investors can buy SOLX through the buy widget embedded on the project’s website. Anyone considering buying the token will need to hurry, because SOLX’s price will increase in less than 31 hours.

Visit Solaxy’s official website.

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