{"id":572824,"date":"2024-09-04T14:13:30","date_gmt":"2024-09-04T14:13:30","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=572824"},"modified":"2024-09-04T14:13:30","modified_gmt":"2024-09-04T14:13:30","slug":"xrp-price-slumps-3-as-ripple-unveils-ethereum-smart-contracts-on-xrp-ledger-and-traders-flock-to-this-gamblefi-crypto-for-100x-potential","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/xrp-price-slumps-3-as-ripple-unveils-ethereum-smart-contracts-on-xrp-ledger-and-traders-flock-to-this-gamblefi-crypto-for-100x-potential","title":{"rendered":"XRP Price Slumps 3% As Ripple Unveils Ethereum Smart Contracts On XRP Ledger And Traders Flock To This GambleFi Crypto For 100X Potential"},"content":{"rendered":"

The XRP price plunged 3% in the last 24 hours <\/span>to trade at $0.5755<\/span><\/a> as of 03:39 a.m. EST on trading volume that surged 34% to $1 billion.<\/span><\/p>\n

This comes as <\/span>Ripple<\/span><\/a> aims to add Ethereum-compatible smart contracts to its XRP Ledger. <\/span>The Smart contracts will also play an important role in expanding its overall functionality to support more elaborate applications like decentralized exchanges.<\/span><\/p>\n

As a result, there may be vital implications for the XRP token, as its overall fundamentals will increase. Could this also have an impact on the XRP price?<\/span><\/p>\n

XRP Price Bound For A Bullish Trend Reversal<\/h2>\n

For much of August, the token has struggled along with the cryptocurrency market. Since August 24, the XRP price has been on a downtrend, trading within the falling channel pattern, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n

The downtrend has resulted in the price of XRP falling back below both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the slight bearish stance.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) falls below the neutral line, showing that ETH is under some selling pressure.<\/span><\/p>\n

If the selling pressure continues and the RSI drops to the oversold region, the price of Ethereum could plunge further back to the $0.50 support region in the short term.  <\/span><\/p>\n

\"XRP
XRP Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

However, long-term holders may want to position themselves, as the XRP price may use the indicators to stage a rebound, potentially soaring to the $0.6322 target.<\/span><\/p>\n

As the XRP price bulls search for more buying signals, other investors are shifting to <\/span>Mega Dice ($DICE)<\/span><\/a>, a promising GambleFi project on Solana.<\/span><\/p>\n

99Bitcoins, a popular crypto channel on YouTube with over 706,000 subscribers, says that $DICE could potentially soar 100X after its launch.<\/span><\/p>\n