XRP Price Prediction: As SEC Seeks Comments On Franklin Templeton’s XRP ETF, Solaxy Presale Goes Parabolic With Only Days Left

The XRP price slid 3% in the last 24 hours to trade at $2.13 as of 6:04 a.m. EST.

The drop in the XRP price comes after the US Securities and Exchange Commission (SEC) opened public comments for Franklin Templeton’s proposed spot XRP ETF (exchange-traded fund).

XRP Price Breaks Support And Forms A Bearish Channel

4-hour chart for XRP/USDT (Source: GeckoTerminal)

The XRP price dropped below a support level at $2.1738 in the last few hours and is now approaching the next technical safety net at $2.0899, data from GeckoTerminal shows. This is after the altcoin printed multiple lower highs and lower lows on the 4-hour chart, resulting in the formation of a descending channel.

Should the crypto continue to trade within that negative range, it could end up losing the $2.0899 support in the next 48 hours. Traders might then push the XRP price down even more in the short term.

However, a break above the upper boundary of the descending channel, which is also confluent with the $2.1738 mark, could invalidate the bearish thesis. This more bullish scenario could lead to a climb to as high as $2.2577.

Technicals Suggest Bears Might Force The XRP Price Down Lower

XRP technicals show bears still have overwhelming control of the crypto’s price. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) all warn the altcoin might drop some more in the next few hours.

The MACD has been breaking away below the MACD Signal line over the past 24 hours, with no signs of this trend ending any time soon. This suggests XRP’s bearish momentum could carry on over the course of the next 24 hours.

Sellers have also grown stronger against buyers in the last 24 hours, as evident by the drop in RSI values during this period. The downward slope of the RSI line and the current reading in the high 30s suggests bears might try to push the XRP price further down and that there is still room for the crypto to drop before it enters oversold territory.

While XRP technicals continue to flash bearish, investors are rushing to buy Solaxy (SOLX) before its blockbuster presale ends in 5 days. According to 99Bitcoins, a popular YouTube channel with over 723K subscribers, SOLX has the potential to soar 100X after its launch.

Solana Will Soon Have Its Own Layer-2 Scaling Solution

Solana, which was initially launched as a more cost-effective and quicker alternative to the clunky Ethereum blockchain, has shown signs of weakness during peak traffic periods, such as when there is a meme coin frenzy. This results in delayed and sometimes even failed transactions.

Solaxy addresses that issue by bringing the first Solana layer-2 scaling solution to the market. Similar to how Arbitrum and Optimism help Ethereum process more transactions, Solaxy will bundle transactions off of the mainnet before submitting them to the layer-1 chain for final validation.

Not only that, Solaxy will also act as a bridge between the Solana and Ethereum blockchains. This provides developers with a way to simultaneously tap into the network’s strengths, giving them a platform to build the next big Web3 innovation without having to deal with the technical restrictions of the past.

Solaxy’s team has already started delivering on their solution, and has deployed their testnet, the testnet’s block explorer, the Solaxy bridge, and a native no-code token launchpad.

Recently, the team also announced their roadmap, which lays out the schedule for implementation after the presale ends.

Last Chance To Buy SOLX Before Launch

Solaxy’s blockbuster presale has raised over $7 million in just the last week, pushing the project’s total raise to above $54.2 million. With just 5 days left until the token’s presale ends and SOLX gets listed, time is running out for investors to join one of the most successful presales of the year.

Interested investors can buy SOLX via the simple buy widget embedded on the project’s website. Selling for $0.001766, SOLX can be bought with both crypto or bank card. Tokens can also be staked for a 78% APY.

Anyone looking to buy will want to hurry with the presale ending in just 5 days.

Visit the official Solaxy website.

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