The XRP price has inched up by 0.2% in the past 24 hours, with its current level of $0.518577 representing a 13% decline in the last seven days.
XRP is also down by 27% in the past month, with the altcoin – which had outperformed the market in July – being disproportionately affected by a market-wide downturn caused by a combination of macroeconomic concerns (mostly related to the Chinese economy) and fears surrounding recent Bitcoin ETF applications.
But with the bull case for XRP remaining as strong as it has been since the Ripple ruling from the middle of July, the altcoin should pick up soon enough.
XRP Price Prediction as Bulls Hold $0.50 Level – Here’s Where XRP is Headed Next
XRP’s indicators make it clear that the coin is close to bottoming out, with its relative strength index (purple) still very low after having plunged to 25 over the weekend.
However, XRP may have to wait until its 30-day moving average (yellow) drops below its 200-day average (blue) before it can really turn a corner.
This may entail some further losses for the altcoin, although judging by its support level (green), any incoming losses may be very slight.
As we’ve written before, XRP’s recent woes have very little to do with the cryptocurrency itself or with Ripple, with pretty much all major tokens falling heavily in the past couple of weeks.
XRP (and crypto) may therefore need the global economy to recover from its China-induced headache before it can see any price improvement, while an acceptance from the SEC of any recent Bitcoin ETF application would also provide a significant boost to levels.
Either way, XRP remains as bullish as it has been since the middle of July, when Judge Analisa Torres delivered her ruling in Ripple’s case with the SEC.
In particular, Torres judged that Ripple’s sales of XRP on exchanges didn’t amount to the offering of securities, something which enabled US-based exchanges to relist the token.
The ruling has also enabled Ripple to begin expanding its business a little more proactively than before, something which ultimately bodes very well for sales of XRP.
Based on this, XRP can be expected to recover to $0.60 in the next few weeks, with the altcoin potentially on course to return to $0.80 by the end of the year, assuming that conditions become more favorable.
Newer High-Potential Altcoins For Market-Beating Gains
As solid as XRP remains, its progress over the rest of the year may not be rapid, so anyone looking for quick above-average returns will probably have to consider newer altcoins, including presale tokens which are looking forward to their exchange listings.
Somewhere near the top of this list is Sonik Coin (SONIK), an ERC-20 meme token that began its presale last week and has already raised over $350,000.
With its memes based on long-running video game character Sonic the Hedgehog, SONIK has given itself an edgy yet disarming personality that’s sure to win over many converts, at least judging by how quickly it has raised its current total.
And in keeping with the Sonic memes, SONIK has its sights set on becoming the fastest cryptocurrency to reach a market cap of $100 million when it launches on exchanges in the next few weeks.
The meme token’s sale will have a hard cap of $2,098,547, which equals half of its overall supply of 299,792,458,000 (the speed of light in mm/s).
Another 40% of this overall supply has been allocated to staking rewards, meaning not only that holders will be able to earn a passive income from the token, but that it will have a highly decentralized distribution.
Interested investors will need to act fast if they want to grab some SONIK at a discount though, since the sale is due to end in just under two weeks.
The can join the fun by going to the coin’s official website and connecting their software wallets, with 1 SONIK selling at a price of $0.000014.
And once the sale has ended, the meme token will list on trading platforms, where it’s likely to see significant gains, judging by how quickly its presale has progressed.
Visit Sonik Now
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.
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