Ripple's Market Stance Weakens: XRP In a Range, but New Contender BTC20 is Making Waves

Ripple’s Market Stance Weakens: XRP In a Range, but New Contender BTC20 is Making Waves – Here’s the Scoop

Updated: 12 August 2023

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XRP is not showing many signs of favorable price movements after its mid-July rally. The token’s value is stabilized when trading within the $0.63 and $0.62 range.

Meanwhile, BTC20 has emerged as its new contender, making waves shortly after being listed on Uniswap.

XRP Price Isn’t Showing Any Major Action

In the last 24 hours, XRP’s performance has been subpar. According to the latest charts, there hasn’t been any action in its price.

CoinMarketCap shows that there has been a marginal 0.03% decline in XRP price, which now stands at $0.63. XRP’s trading volume has also dropped 35%, indicating low interest in this token.

XRP Shows 2023 Markets Report

Amidst this lukewarm news, XRP has revealed its Q2 2023 markets report.

The report discusses multiple incidents that have influenced XRP’s movements in the market, starting with the SEC.

It highlighted RIpple’s victory and how it has “vindicated” Ripple, Chris Larsen, and Brad Garlinghouse.

The report states that SEC’s campaign is misguided and argues that the Securities and Exchange Commission’s case against Ripple and the crypto market is nothing more than a “strategy of intimidation and misinformation in furtherance of its political power.”

In other news, XRP has now been launched on Gemini.

$XRP is now available on @Gemini. It's important to note how we got here. Instead of creating clear rules for crypto, the @SECGov has resorted to suing everyone. It lost its case against Ripple and a judge provided clarity when @GaryGensler wouldn't. America deserves better. https://t.co/7adpGwAyLb

— Tyler Winklevoss (@tyler) August 11, 2023

Gemini was one of many cryptocurrency exchanges delisted XRP due to its battle with Ripple in 2021. With the recent victory, this cryptocurrency exchange has become the latest to relist the token.

However, none of these seem to have impacted XRP’s price.

XRP Price Analysis

Daily candle charts show that Ripple firmly consolidates between $0.62 and $0.62.

The general performance of the token has been bearish. Recent greens indicate that bulls are trying to get things back on track, but it is unlikely that XRP will form support over $0.63.

Another reason behind our bearish outlook is the RSI. It is closer to the overbought zone. And the negative MACD also indicates that people are veering away from XRP.

With so little development in XRP’s price action and the underlying indicators showcasing no interest, it is better to focus on an alternative crypto – BTC20.

XRP Alternative – BTC20

BTC20 is an Ethereum-based Bitcoin that copies Bitcoin’s tokenomics, and investors pick an asset that could follow Bitcoin’s growth trajectory.

It has a total supply of 21 million, of which 6.05 million tokens have been sold already during the recent presale. BTC20 is now live on Uniswap and up 50% in the past day, at the time of writing. View the DEXTools price chart here.

While the upcoming gains would be an excellent prospect to buy this token who invested during the presale, there is another reason to be bullish about this asset: Stake-to-Earn utility.

Mirroring the mining rewards of the original Bitcoin, stake to earn will reward investors with lucrative APY for staking. The remaining supply of the tokens – 14.95 million – has been dedicated to staking.

Staking will deliver a dynamic yield to investors. The official website states that there would be 50 blocks released per year. Individual rewards for staking can go up to. 520% APY. Also, similar to Bitcoin, BTC20 will go through four-year halvings. 25 BTC20 blocks will be released yearly after the first halving in 2025, 12.5 in 2029, and 6.25 in 2033.

https://twitter.com/BTC20Token/status/1690279242204868608?s=20

Furthermore, BTC20 recently tweeted the estimated yield of BTC20 – which is 70.89%.

Those who wish to stake this token can go to btc20.com today.

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