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Ripple’s Market Standing: Is a 20% XRP Decline on the Horizon?

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XRP Price Analysis in Coming Days - Most Likely Scenarios
XRP Price Analysis in Coming Days - Most Likely Scenarios

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The price of Ripple (XRP) might go down by 20%. Even though Ripple worked with Amazon recently, the experts still think the value of XRP could decrease. This article will explain why this might happen.

Amazon’s XRP Integration: How Ripple’s Partnership is Changing Online Shopping

In a significant move, Amazon has joined forces with Ripple, the entity behind the digital currency XRP. This partnership aims to seamlessly integrate XRP into Amazon’s payment infrastructure, opening up transactions using this cryptocurrency.

This team-up is a big deal because Amazon, an extensive online store, uses special money for payment. Other stores might do the same thing, making more people use this money.

With this partnership, Ripple’s technology gets a big thumbs up in online shopping. We don’t know what will happen in the future, but Ripple’s money (XRP) is doing something unexpected right now. Ripple is struggling with the US Securities and Exchange Commission (SEC).

SEC’s Ripple Decision Stirs Debate: Impact on XRP’s Path Ahead

US Securities and Exchange Commission is appealing Ripple Labs’ recent court decision. Because of this, it was unable to oversee the cryptocurrency market. As part of its appeal, the SEC wants to challenge the decision made by Judge Analisa Torres on July 13. According to the ruling, Ripple followed federal securities laws when it sold XRP tokens on public exchanges.

The SEC wants to do this because they see the rules differently and want to ensure everyone understands them for this kind of money. They want to show they can control how cryptocurrencies are used.

But many people didn’t like this idea. They disagree with Gary Gensler, the leader of the SEC, for trying to change the decision. Even lawmakers, who make the extensive rules, are starting to argue against what Gensler wants to do.

It’s been a month since a decision said XRP is not unique when regular people buy it. But, XRP is still facing problems with people selling it. Even though good things happened, like working with Amazon and countries using XRP for their digital money, XRP is not doing so well. Investors think it’s because of Gensler and the SEC who are stopping XRP from doing better.

At the moment, XRP is trading at $0.6262. In the past 24 hours, $864.721 million has been sold. Over the last 24 hours, XRP has decreased by 0.25%, and its price has also dropped 16% over the past month.

XRP Statistics:

  • XRP price now – $0.6262
  • XRP market cap – $33.058 Billion
  • XRP circulating supply –  52,787,284,454 XRP
  • XRP total supply –   99,988,519,823 XRP
  • XRP Coinmarketcap ranking – 5
Source: Coinmarketcap

XRP Technical Analysis

Looking at the daily chart for XRP/USD, the price might keep going down. The cryptocurrency’s price has declined for about 5 to 6 days, showing those red candles going down. If this continues, the price might drop even more, maybe around 20%, and reach about $0.4971.

Source: Tradingview Daily Chart

Looking at things, if they go down, the starting support level is at $0.5967. If the price goes below this and stays there, it might drop below $0.5000. But if things go up, the beginning challenge is at $0.6683. If the price goes over this and stays there, it might stop things from going down. Then, it could go up even more to around $0.7351.

Right now, the technical stuff shows that the trend of going down might continue. The simple moving averages of 20 and 50 days are above the price, indicating that the price is decreasing. Also, the “Relative Strength Index” is below the middle line. This makes it more likely that the price might go down even more.

Even though things don’t look good for XRP, another coin called XRP20 is doing well in trading.

Wall Street Memes – Ripple alternative

Wall Street Memes is a better alternative to Ripple because, despite the recent surge, the current bullish wave can always be over, which would leave those who bought at peaks holding the bag.

Wall Street Memes is a meme coin, an ERC-20 token that has raised close to $24 million ever since it opened its presale in June 2023.

Wall Street Memes - THORchain alternative

Inspired by Wall Street Bets, a Reddit group that created a nightmare for hedge funds managers by engineering Gamestonks – a Gamestop short squeeze, Wall Street Memes aims to do the same for meme coins and turn them into wealth-generating assets by creating and mobilizing a community around them.

And this community has grown, with over 250k followers on Wall Street Memes’ X (formerly known as Twitter) page, bringing its total follower count above 1 million across four social media platforms.

Featuring a community-centric approach with decentralized economics, this project’s current presale pace can allow it to outpace currently trending meme coins once it lands on cryptocurrency exchanges. Many experts have stated that it may be 10x once the presale is concluded.

New investors yet to participate in the presale can visit and buy WSM before the presale concludes.

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