Ripple XRP Outlook: Bracing for 30% Plunge?

Join Our Telegram channel to stay up to date on breaking news coverage

Ripple XRP has been one of the most volatile assets on the crypto market over the past few weeks after the surge of July 13. Despite attempts by some factors to influence the token’s price, it has continued to trade in the red zone.

Ultimately, with these frequent fluctuations, XRP could be bracing for a 30% plunge against the wishes of investors who have faith in the project.

While the asset ranks #5 on CoinMarketCap, its price action dwindles below its status. Below is the general market outlook of Ripple (XRP).

Ripple XRP Price Moves Drastically in Past Weeks

Over the past 30 days, XRP has experienced a marginal decline of 21.4%, with reductions of 6.8% and 11.4% in the last 7 and 14 days, respectively.

At 6:24 am EST, XRP is trading at $0.5849, with a decrease of 2.4% in the last 24 hours. The token’s trading volume is also down by 4.32%, showing trading activities in the sell zone.

From this standpoint, there’s uncertainty if XRP is poised for more declines or whether some factors could reverse the downtrend.

Technical Analysis of XRP

The chart above shows that Ripple’s XRP coin has been in a bearish trend for the past three days. The asset is trading below the 50-Day Simple Moving Average. This means that XRP’s short-term market trend is bearish.

Also, the coin’s Moving Average Convergence Divergence (MACD) indicator is below the signal line and has bold red histogram bars. This depicts the bearish solid momentum on XRP’s price in the last three days.

In the chart above, XRP has formed a third red candle stick, indicating increased selling pressure. Again, its Relative Strength Index (RSI) is 34.89, moving flat near the oversold region.

The small red candle stick formation on the chart represents this flat RSI movement. If more selling activities increase, the red candle will lengthen, and the RSI will proceed toward the oversold region (below 30).

However, buying activities could increase if the bulls step in, triggering a trend reversal on the chart. While XRP is plunging to the oversold market condition today, traders and investors should closely monitor its price movement as a bounce could occur when buyers could at its lowest price levels.

XRP Might Record Trend Reversal as Many Developments Unfold

In addition to the crypto market volatility, the recent developments within the asset’s ecosystem can still save XRP from more losses.

Some notable progress made by the Ripple community includes the partnership deal with Amazon Web Services (AWS) to integrate XRP as a form of payment for their online shopping.

https://twitter.com/CoingraphNews/status/1690782576586248192

As much as this deal will benefit the Ripple community when fully enacted, it is also an excellent move for the entire crypto market. Hence, XRP’s price action or inflows are expected to increase in the short or long term following the announcement.

As expected, in their weekly report, CoinShares, detailed a high influx of digital asset fund movements as investors increased their asset holdings. Also, with the bidding made by the XRP community to secure an ETF spot, analysts are keeping their fingers crossed for a potential trend reversal.

However, despite the court ruling over a month ago on XRP as a security, the final verdict has yet to be established. This may be the reason behind the heavy price fluctuations in the asset market and could negatively affect XRP.

Chimpzee’s Progressive Sales Continue to Attract More Investors

The Chimpzee project has shown that it cares about the environment. The project’s roadmap focuses on protecting animals, stopping climate change, and preventing deforestation.

The team introduces a new and clever way to save animals and the environment using unique digital coins and blockchain technology.

The Chimpzee Ecosystem lets people make money while also supporting environmental projects. This method includes giving part of their profits to groups protecting wildlife and fighting climate change. Ultimately, Chimpzee Coin is doing its part to help the environment.

As part of the project’s essential features, there are different things for users to keep themselves busy with, like the Chimpzee shop, NFT marketplace, and Zero Tolerance Game. These activities get people involved and excited about helping the environment.

Chimpzee NFT passports are like special tickets that give extra benefits to the Chimpzee ecosystem. They show you’re a part of the Chimpzee community and ready to abide by the rules.

Developments are also ongoing for the release of the Chimpzee Transformation Generator. It is an intelligent tool that turns your picture into a unique avatar.

This avatar can be used for things like accessing the platform, playing games, trading special digital items in the NFT marketplace, or even getting printed on things using Chimpzee’s printing service.

Chimpzee Presales Edging Close to 1.8 Million Hard Cap as it Hits $1.2 Million

The CHMPZ token is rushing during its presale phase. The team behind it has already raised a significant amount of money, over $1.2 million, by selling the tokens at $0.00085 each.

The tokens will be sold for a bit more in the next round at $0.00095 each. With over 1.9 million CHMPZ sold, it is clear that more investors are jumping in on the project.

Hence, people who want to get involved can buy CHMPZ tokens on the official project website using Ethereum (ETH) or USDT. They can also purchase the tokens directly using a bank card.

Newest Meme Coin ICO - Wall Street Pepe

Rating