The XRP price has dropped by 5.5% overnight, falling to $0.5722 after the SEC canceled a meeting to discuss ongoing litigation.
This means that the altcoin is also down by 5% in a week, although it sits on a 4% gain in a fortnight and an 18% increase in the last 30 days.
Yet with XRP actually down by 17.5% in the past year, the SEC’s cancellation of its meeting has potentially deprived the coin of a chance to make up for lost time.
But some traders are even predicting that the arrival of the long-awaited settlement between the regulator and Ripple will not do that much for the XRP price, at least not without some big adoption news.
No XRP Price Surge Expected After Ripple-SEC Verdict: Forecast
XRP has erased the gains it made earlier in the week, when news of the SEC’s closed meeting raised hopes that the regulator was preparing to agree a settlement with Ripple.
It has in fact fallen below where it was prior to the pump, although this means that it is now in an oversold position from where it should rebound.
For instance, its relative strength index (purple) has dropped from 70 at the end of July to just under 40 today.
At the same time, XRP’s 30-day moving average (orange) dropped below the 200-day (blue) yesterday, which is usually sign of a selloff.
Yet it’s likely that this selloff has already bottomed out, given XRP’s RSI and the fact that it bounced a little from its support level (green).
🚨 20,000,000 #XRP (11,659,024 USD) transferred from unknown wallet to #BitGethttps://t.co/Tf2tlmNCru
— Whale Alert (@whale_alert) August 2, 2024
As the tweet above shows, whales had been leaning towards selling in the past day, with Ripple themselves even moving XRP out of escrow, perhaps in readiness to profit from the recent rally.
The coin’s loss today obviously comes as a blow to holders, yet some XRP supporters have even suggested that the coin’s price won’t do much as and when the much-anticipated Ripple-SEC settlement arrives.
I hate to be the one to say it. But I do not think the final Ripple/SEC/Torres event will do anything for the price of #XRP. Here is why:
1. It is simply the details on how Ripple will be punished for the few minor indiscretions committed.
2. The point at which clarity was…— Rachelle Renee (@rachelleskinner) July 31, 2024
Instead, XRP holders such as the poster above argue that Ripple needs to attract significant usage and adoption for the XRP price to make a big move.
This may be true, yet it’s also arguable that a final settlement may clear the way for more adoption and growth, particularly if the settlement Ripple pays isn’t particularly big.
It may reassure potential investors or partners that Ripple will face no significant hurdles to its business.
If so, the XRP price could rise to $1 by the end of the year following a good settlement.
New Alts May Be Better for Market-Beating Gains
Because there’s doubt over whether XRP can surge without some momentous adoption news, some traders may prefer to turn to newer tokens for their fix of quick returns.
Newer tokens can often outperform the market, particularly if they go viral, with presale coins also occasionally mooning once they list.
One such coin with good potential is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised $5.9 million in its popular sale.
Stack $PLAY and live life on easy mode 🌊 💰
Join the #Presale 👇 https://t.co/JT0VEofqf2 pic.twitter.com/QVL6JOvjvd
— PlayDoge (@PlayDogeGame) July 29, 2024
What’s appealing about PlayDoge is that it’s in the process of launching a Tamagotchi-style play-to-earn game.
Featuring nostalgic 8-bit graphics, the game enables players to earn rewards by breeding and completing missions with their own virtual Shiba Inu pets
PLAY will serve as the native currency for the game, with which players can buy pets and other in-game items.
This will give it a natural source of demand, with the game’s growing popularity potentially squeezing its price upwards over time.
It will have a capped supply of 9.4 billion tokens, with holders able to earn passive rewards by staking it.
PlayDoge’s sale will end in the next few weeks, but latecomers can still join it by visiting the PlayDoge official website.
1 PLAY currently costs $0.00525, with investors able to buy the coin using ETH, USDT or fiat currency.
It could rise much higher once it lists, especially if the popularity of its sale is any indication.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
