As XRP price slides towards $0.6, could XRP20 token be an alternative?

The crypto market is once again showing an unprecedented lack of volatility as Bitcoin holds at the $29,100 price level.

However, major altcoins continue to take a beating, with XRP correcting 7% over the past week and gradually dropping towards the $0.6 mark.

Ripple’s post-win euphoria has completely faded as the threat of a successful SEC appeal has now become the dominant narrative. The lack of macroeconomic clarity and the US government’s hawkish stance against the crypto industry are also creating problems for the token’s near-term outlook.

Some investors who expected much higher returns after Ripple’s historic victory against the SEC are now looking to newly launched tokens that can outperform the crypto market.

The XRP20 token is gaining traction, having already raised $400,000 in its presale in just three days.

XRP prices struggle as experts paint a grim outlook

XRP continues to trade in red and has become one of the biggest losers in the crypto market over the past week. The token plunged 7% over the past week to trade at $0.66, bringing its total losses to 15% over the past 14 days.

TradingView is now giving a SELL signal to XRP in the daily timeframe as it underperforms most of the major moving average indicators.

Experts are also predicting rough near-term prospects for the token. Popular crypto investor @TheEliteCrypto believes that XRP has become overbought after Ripple’s historic win and may correct down to $0.5.

Another trader, @Trade4ddictrevealed that a confirmed descending triangle will likely play out for XRP, causing the price to fall to $0.56.

Judge Analisa Torres awarded Ripple a partial victory when she ruled that the company’s programmatic sale of XRP to retail investors did not meet Howey’s criteria and did not violate securities law.

However, SDNY District Court Judge Jed Rakoff gave the SEC a major boost when he rejected Torres’ analysis, pointing out that the Howey test does not distinguish between retail buyers and institutional buyers.

Investors are now concerned about the short-term and long-term prospects of XRP as the SEC appears ready to appeal Torres’ decision.

The broader crypto outlook is not boosting investor sentiment either. A recent report from Saniment reveals that the crypto market remains highly correlated to the S&P 500. As a result, the growing strength of the US Dollar over the past few weeks has become a major obstacle to any potential bullish rally.

The threat of Binance being prosecuted for potential fraud by the US Department of Justice doesn’t help either.

expert trader Michael van de Poppe reveals that although Bitcoin has held the price at $29,000, lack of confidence in the market may push BTC to $27,800, leading to more bloodshed for altcoins like XRP.

XRP20 Raises $400,000 in Impressive Presale Performance, Could It Be an Alternative to XRP?

While the price of XRP is struggling, the new XRP20 token is growing rapidly after recently launching its pre-sale phase.

The token is currently priced at just $0.000092, which is 30 times cheaper than XRP at its all-time low. The growing demand for the token is visible as it reached the $400,000 milestone in just 3 days.

XRP20’s on-chain stake mechanism is also creating a lot of buzz among retail investors due to its ability to generate attractive passive income. Additionally, its ERC-20 design provides seamless compatibility with existing platforms and wallets, allowing investors to easily trade, track, and store the token.

The project also used an efficient burn mechanism – 0.1% of every XRP20 transaction will be sent to a burn address. Additionally, 10% of the entire token supply will also be burned, resulting in deflationary supply and an increase in token value.

An additional 10% of tokens will provide liquidity on decentralized exchanges, providing a smooth trading experience.

The XRP20 presale has a fixed cap of $3,680,000. Tokens can be purchased using ETH or USDT.

Visit the XRP20 presale

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