Last updated:
Author
Simon Chandler
Author
Simon Chandler
Share
Why Trust Cryptonews
The XRP price has fallen by 3% in the past 24 hours, with its drop to $0.5258 coming as the crypto market slides by 2.5% today.
XRP is also down by the same percentage in a week and by 10% in a month, with the altcoin – the seventh-biggest token in the market – basically static in the past year.
These are disappointing percentages, yet price data suggests that the recent selloff is slowing down, with the XRP price likely to rebound soon.
XRP Price Slump to $0.53 – Analysts Predict Possible Rebound as Selling Weakens
XRP’s woes over the past couple of days have put its indicators in the kind of oversold position that usually precedes an upswing.
XRP’s relative strength index (purple) dropped below 30 today, while yesterday saw its 30-period moving average (orange) cross under the 200-period average (blue).
Together, these two indicators signal that XRP is close to a bottom, with investors overselling the coin.
This is also finds support in another indicator, the Chaikin Money Flow, which measures whether a given asset is experiencing more accumulation or selling.
In XRP’s case, its CMF is currently at -0.15, with a negative number indicating more selling than buying.
However, what’s encouraging is that the CMF has recovered in recent days, rising as high as 0.29 yesterday after dropping to -0.36 over the weekend.
This means that the overall medium-term trend has shifted for XRP, and while the CMF has dipped in the past hour or so, it could easily rebound.
Today’s little dip mostly follows from Bitcoin ETF outflows, which have dampened investor sentiment.
Yet October has proven largely positive overall for the market, with the renewed optimism likely to continue as 2024 draws to a close, particularly if the Fed cuts rates gain.
XRP is likely to ride the coming wave, with investors finding reassurance in Ripple’s recent response to the SEC’s appeal against it.
Legal experts also believe that the SEC doesn’t have much of a chance with its appeal, while success would result only in another financial penalty anyway.
Based on this, we could see the XRP price reach $0.60 by the end of November, and $0.70 by the end of the year.
New Altcoins with Big Potential
Many investors may be frustrated by XRP’s lack of progress in recent months (and years), in which case they should consider turning to newer tokens with more upside potential.
This includes presale tokens, with the biggest sales often resulting in big rallies once the corresponding coins list on the market for the first tie.
One exciting coin in this category is layer-two project Pepe Unchained (PEPU), which has raised over $21.8 million in its highly successful presale.
Pepe Unchained will launch a layer-two network for Ethereum, with its network set to provide all-but instant transactions and competitively low fees.
It’s aiming to become an ecosystem for meme tokens, potentially stealing traffic and adoption away from Solana and other L2s.
What’s bullish about Pepe Unchained is that, because of its scalability, it will be able to offer double the usual staking rewards.
This will provide greater incentive to hold PEPU over the long term, along with the simple fact that users will need it to pay transaction fees.
The coin will have a max supply of 8 billion PEPU, with its protocol allocating 30% to staking and 20% to its presale.
Also, the coin’s X account now has over 51,000 followers, a strong sign that it will grow strongly once it launches.
Read More: Pepe Unchained Price Prediction
Investors can join PEPU’s sale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
It’s currently available at a price of $0.01176 per token, although this will rise with each new stage of its sale.
Given its early successes, it has every chance of becoming one of the biggest new listings of the year.
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.
