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XRP’s price action could have been more impressive, dwindling the faith of investors who want to believe in a recovery. However, as the recent developments in Ripple’s ecosystem become more prominent, there are speculations that the token is set to generate a strong momentum.
In the short term, if these developmental changes continue, there may likely be a 24% uptrend in XRP’s market.
How Ripple (XRP) Stands in Crypto Market
At 5:43 am EST, XRP is trading at $0.599, with a 4.46% decrease in the past 24 hours. Over the past 7 and 14 days, the token had experienced lows of 6.3% and 13.5%, respectively. This shows that XRP is currently seeing a downtime and is yet to find stability in the green zone.
However, specific discussions are spreading around the crypto market developments in Ripple’s ecosystem. These developments ignited a possible uptrend considering the significant status of XRP’s trading volume.
According to CoinMarketCap, the trading volume is up by 79.50%, suggesting increased trading activity.
Online Shopping Using Cryptocurrency as Amazon Integrates with Ripple (XRP)
Some days back, the news cut across the crypto industry that notable e-commerce giant Amazon has partnered with Ripple. The partnership would see Amazon integrate the asset as part of its payment methods for its followers who wish to transact in crypto.
https://twitter.com/CoingraphNews/status/1690782576586248192?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1690782576586248192%7Ctwgr%5Eb17f3df14c44e65b9e8a2c4153a4a0fad6cbb099%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Finsidebitcoins.com%2Fnews%2Fripples-market-standing-is-a-20-xrp-decline-on-the-horizon
This deal is more or less a hedge breaker for XRP, as it faces a downtrend due to surrounding security concerns. However, things are still being determined as Ripple battles securities to stay afloat.
Ultimately, other stores may want to copy Amazon’s move, which could significantly boost the number of investors trading XRP.
Rapid Increases in XRP’s Institutional Holdings
Based on the weekly report detailing digital asset fund movements from CoinShares, XRP observed inflows amounting to $0.5 million in the previous week. The recent influx of capital indicates that institutional investors are displaying their confidence in the prospective trajectory of XRP by augmenting their asset holdings.
Throughout July, numerous digital asset funds encountered a 57% surge in their XRP Exchange Traded Products (ETPs). A concrete illustration is Fineqia, experienced a rise in its XRP Assets Under Management (AUM), almost doubling from $49 million to $76.8 million.
Despite the bearish trading of the token, there is an optimistic sentiment surrounding XRP as investors wait for the final verdict on the Ripple-SEC legal war.
Technical Analysis of XRP
XRP trades below the 50-day Simple Moving Average (SMA) but remains above the 200-day SMA, signaling a potential momentum shift in the coming days.
The Moving Average Convergence/Divergence below the signal line mirrors the bearish sentiment in the market.
The RSI at 37 suggests that the coin is approaching the oversold territory. However, a bullish rebound is possible once the price reaches the overbought zone since most buyers may take the chance to accumulate coins in anticipation of future rallies.
The bearish MACD and the oversold RSI align with a short-term bearish sentiment, indicating that the coin might undergo a corrective phase. Traders and investors might consider this scenario an opportunity to reassess their positions and strategies, especially if they have a short-term focus.
However, While XRP executes its ETF bidding proposal for a long-term pump, investors can consider alternatives such as yPredict for a potential short-term ROI.
yPredict Continues to Capture the Eyes of More Tech-inclined Investors
The AI project, yPredict, leverages the immense potential of artificial intelligence (AI) to revolutionize trading analysis. By furnishing users with insights derived from data, it facilitates well-informed and strategic decisions in trading activities.
One remarkable and distinguishing feature of yPredict is its steadfast commitment to maintaining the credibility of its trading models. Through this, every prediction undergoes thorough validation by members of the ypredict DAO.
Built upon cutting-edge AI and machine learning technologies, yPredict is an advanced trading research and analysis hub. It examines the intricacies of financial markets, resulting in a collection of simple predictive tools that enhance trading strategies.
Interestingly, YPRED holders can access the yPredict analytics platform without paying. They can also stake the token to earn rewards. With these excellent features, the yPredict project is getting more popular, triggering excitement among early investors.
yPredict Presales Slowly Gliding Towards $4.6 Million Hard Cap
The presales of the AI token are in stage 7, with over $3.4 million raised from a hard cap of $4.6 million. The asset’s price is selling at $0.07, while its expected listing price is $0.12.
yPredict is experiencing progressive strides in its purchases, and in a short while, the presales may finally close.
Potential investors can buy $YPRED tokens via the project website before the presale ends using ETH, MATIC, or USDT bank payments.
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