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The XRP price plunged 6% in the last 24 hours to trade at $2.95 as of 7:46 a.m. EST as investors offload their holdings in the crypto on the market.
The drop in the Ripple Token price comes as XRP generated more revenue for leading US crypto exchange Coinbase in Q2 than altcoin leader Ethereum (ETH).
Bitwise’s head of research Ryan Rasmussen pointed out that XRP contributed 13% of the exchange’s Q2 revenues, while Ethereum only contributed 12%.
That’s after XRP was delisted from Coinbase for over two years.
XRP Price Forms Bearish Triangle On Daily Chart
Daily chart for XRP/USD (Source: GeckoTerminal)
A descending triangle pattern has emerged on the daily chart for the XRP price with the base of the pattern at the $2.9536 support level, according to data from GeckoTerminal. Should the altcoin break below this mark within the next 24 hours, it might be exposed to the risk of plunging to the subsequent support down at $2.4798.
However, if that bearish triangle pattern is not validated, the Ripple token price might try to reclaim the support of the $3.2766 mark. A breach of this barrier could then see the crypto climb to as high as $3.6642 in the short term.
Technicals Warn The XRP Price Might Drop Some More
Looking at technical indicators on the daily chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), there are signs that warn the XRP price could drop some more over the next 24 hours.
Over the last week, the MACD line has gradually dropped below the MACD Signal line. This suggests that XRP’s bearish momentum is picking up steam. What’s more, the falling Histogram values warn that no end to this trend is in sight.
Sellers have also recently gained an upper hand on XRP’s chart, with RSI readings dropping below the neutral 50 mark in the last couple of days. While bulls can still take back control of the altcoin’s price, the downward slope of the RSI line warns that sellers won’t give up without a fight.
While bears look to push the XRP price further down, investors continue to pile into the presale for Bitcoin Hyper (HYPER). According to 99Bitcoins, a popular crypto channel on YouTube with over 723K subscribers, HYPER is one of the best crypto presales to buy now.
Bitcoin About To Get Its Own Scaling Solution
Since its inception, the Bitcoin network has seen the price of its native token skyrocket. In addition to this, the blockchain has earned a reputation as a decentralized store of value network. However, its core technical infrastructure has remained relatively unchanged, causing it to fall behind cheaper and faster competitors in terms of scalability, until now.
Bitcoin Hyper, a layer-2 scaling solution with a focus on BTC, aims to increase the number of transactions the legacy network can process at any given time. This is made possible through its integration with the Solana Virtual Machine (SVM), the same engine that powers the SOL ecosystem.
In addition to scaling the Bitcoin network, Bitcoin Hyper will also bring smart contract functionality to the Bitcoin blockchain. This could see the network’s utility expand beyond just a store of value to a host for the next generation of decentralized applications.
The project will also come with a decentralized Canonical Bridge, allowing HYPER token holders to seamlessly bridge assets between the Bitcoin Hyper layer-2 chain and the Bitcoin base network.
Powering that whole system is the HYPER token. As more people use the decentralized apps on the Bitcoin Hyper network, HYPER token stands to gain.
Bitcoin Hyper Presale Goes Parabolic Even As The Market Slumps
Investors are betting big on HYPER’s future, as evident by the more than $6.3 million that has been pumped into its ICO so far. This momentum has continued even as the crypto market slumped over 3% in the last 24 hours.
Interested investors can acquire HYPER through the simple buy widget embedded on the project’s website. Selling for $0.012475, HYPER can be bought with either ETH, SOL, USDT, USDT, BNB or bank card.
Once purchased, tokens can also be staked for an attractive 165% annual return.
In order to secure the best presale deal, investors will want to act fast with the next price hike due in less than 4 hours.
Visit the official Bitcoin Hyper website to learn more.
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