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The XRP price plunged more than 6% over the past 24 hours to trade at $0.5871 as of 7:32 a.m. as investors offload their holdings in the crypto on the market.
The Ripple token’s correction comes after Bitwise filed for a spot XRP ETF (exchange-traded fund). Although this is a bullish development for the altcoin, it does not guarantee that the crypto index fund manager will submit an application for a spot XRP ETF with the US Securities and Exchange Commission (SEC).
The XRP Price Testing A Key Support
4-hour chart for XRP/USDT (Source: TradingView)
A descending price channel has formed on the 4-hour chart for the XRP price after it recorded multiple lower lows and lower highs over the last couple of days. Now, the remittance token’s price is resting on the $0.5837 support. A drop below this mark could expose the crypto to the risk of falling to the subsequent technical safety net at $0.5613 in the short term.
The bearish thesis might be invalidated if the XRP price maintains a position above the $0.5837 support level for the next 12 hours. In this alternative scenario, the crypto could try to break out of the bearish channel and attempt to flip the $0.6060 resistance into support. A 4-hour candle close above this threshold might then give XRP the foundation needed to rise to $0.6260.
Technicals Warn That Bears Could Keep Forcing The XRP Price Down
From a technical perspective, the XRP price could continue to fall in the next 24 hours. Sellers are currently in control of the crypto’s short-term movement, as indicated by the Relative Strength Index (RSI) indicator on the 4-hour chart.
Towards the end of Sunday’s trading session, the RSI line crossed below its Simple Moving Average (SMA) line to indicate that bears gained the upper hand against bulls. This technical flag was validated, resulting in the formation of the negative price channel. Since the RSI line is still breaking away below the SMA line, traders might not enter a long position any time soon.
Looking at the Moving Average Convergence Divergence (MACD) indicator, it seems the XRP price has entered a negative trend as well. The MACD line is positioned below the MACD Signal line, with the gap between the two technical indicators still growing. This is a classic bearish signal that suggests XRP’s negative momentum shows no signs of slowing down just yet.
With sellers in control of the XRP price, investors might want to consider an alternative like Crypto All-Stars (STARS), which offers stunning staking rewards.
Consolidating Meme Coins For Unprecedented Staking Rewards
Meme coin investors no longer have to solely rely on hype to grow their portfolios. This is because Crypto All-Stars (STARS), through its unique staking solution, is offering fans of these light-hearted tokens a single platform to stake all of their meme coins for passive rewards.
Cryptos including DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO can all be put to work on the project’s platform. Once locked up, investors will start earning rewards that are paid out in STARS.
In addition to giving investors a unified staking solution, users who receive STARS can also stake these rewards for potential compounded returns. Anyone who stakes the project’s native token now will unlock annual returns of 776%.
YouTuber Austin Hilton recently analyzed Crypto All-Stars in a video to his 275K subscribers. He said that STARS is “one of the best meme coin launches in recent history,” and could even be the best meme coin ICO of all time.
Investors Rush To Buy STARS At Presale Prices
Crypto All-Stars has already raised over $1.9 million through its ongoing ICO. With the high staking rewards up for grabs, it’s easy to see why an investor frenzy has erupted around STARS, with whales also buying a substantial amount of STARS tokens in recent weeks.
Anyone that wants to acquire the token at this early stage can do so using the simple buy widget embedded on the project’s website.
Selling for $0.0014769, STARS can be bought using USDT, BNB, ETH, FLOKI, SHIB, PEPE, FLOKI and bank cards.
Potential buyers will want to act fast because the meme coin’s price is scheduled to increase during the subsequent stages of the project’s ICO. The next price hike will happen in less than 43 hours.
Purchase and stake STARS here for the 776% APY before the next price increase.
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