Ripple Price Prediction: XRP Falls 1% – Whales' New Favorite or Temporary Pause?

Ripple Price Prediction: XRP Falls 1% – Whales’ New Favorite or Temporary Pause?

Updated: 23 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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After a 1% decline at yesterday’s close, Ripple (XRP) saw a 0.2% rise, reaching $0.53 by 3:18 a.m. EST.

While this might be a positive sign for buyers, the monthly overview shows a significant 28.5% drop.

XRP/USD Chart Analysis. Source: Tradingview.com — XRPUSD Chart Analysis. Source: Tradingview.com

As seen in the chart above, XRP is trading within an ascending triangle, with the upper barrier proving resilient, forcing the price to pull back.

If the bears are persistent, they may drive the price to the lower barrier of the triangle.

The price indicators for XRP also highlight an increase in selling pressure. The price trades below the 50-day and 200-day moving averages.

If these Simple Moving Averages (SMAs) continue to exert their influence, a more significant decline could likely occur. This could encourage bearish traders, potentially leading to a substantial drop toward the critical support level at $0.29.

The downward path of the relative strength index (RSI) adds to the prevailing bearish sentiment. The RSI is currently at the oversold threshold of 30. This underscores the likelihood of further selling pressure and a potential rebound.

Optimistic investors must display additional resilience as the price is projected to decrease further, eventually finding stability at the key support level of $0.31.

During this period, the bullish camp might find an opportunity to consolidate their efforts and recover their losses, making it an attractive buying point.

This effort could involve pushing the price toward the crucial resistance point of $0.65.

As Wall Street Memes approaches the final stages of its presale project, a new wave of millionaires could emerge.

The token is currently available at a low price point and holds the potential for substantial returns once it is listed on exchanges. This positioning makes it a compelling alternative to XRP.

$WSM Presale Approaches Final Stretch

Wall Street Memes (WSM) stands out with its notable appeal in meme-based tokens, emerging as a prominent and competitive player.

Its presale round has attracted attention from experienced investors and those new to the world of cryptocurrencies.

Great advice (Credit @gabagoolmarx) pic.twitter.com/mPAqm0SpjJ

— Wall Street Memes (@wallstmemes) August 22, 2023

Nearing the end of its presale phase, the Wall Street Memes (WSM) token project has successfully gathered over $25 million, establishing itself as one of the fastest-growing cryptocurrency presales of 2023.

Its extensive scale, strong emphasis on equity, and strategic significance distinguish Wall Street Memes from numerous cryptocurrency presales.

Currently in its final stage, the project’s presale is positioned to pave the way for the official coin launch on multiple exchanges.

With a total token supply of 2 billion, the presale ensures an even distribution by allocating 50% of this supply.

Within this allotment, 30% is assigned to community rewards, 10% is allocated to Centralized Exchange (CEX) liquidity, and 10% is directed toward Decentralized Exchange (DEX) liquidity.

Investors interested in WSM tokens will unlock an exciting opportunity in the Wall Street Memes competition.

This competition presents a golden chance for five fortunate individuals to partake in a $50,000 $WSM airdrop.

Investors already holding $WSM tokens are eligible for the airdrop by following the steps delineated on the Wall Street Memes page.

To acquire WSM tokens, you can seamlessly obtain them on the Ethereum blockchain and BNB Smart Chain by connecting your wallets to the WSM website. Then swap your ETH, BNB, or USDT (ERC-20 or BEP-20) to $WSM.