XRP is bearish today after dropping 2.4% in the last 24 hours. At the time of writing, XRP was trading at $0.361, according to CoinGecko. XRP’s weekly losses currently stand at around 20% amid a crash across the cryptocurrency market.
XRP price analysis
XRP has continued with a bearish sentiment today. In the last 24 hours, XRP has traded between $0.32 and $0.38, indicating a wild swing in volatility. XRP’s trading volumes over the past day stand at $3.5 billion.
XRP’s market capitalization currently stands at over $18.14 billion, ranking it the seventh-largest cryptocurrency. XRP is on a similar downtrend as most tokens across the cryptocurrency space.
The selling pressure that saw XRP plunge by double-digits this week seems to be easing. The Relative Strength Index at 43 indicates that the token could be entering a neutral level, and the prices could consolidate at around $0.36 before another wild price action is ignited.
If XRP continues to drop, support at $0.32 will likely be tested again. Failure to hold this support could cause a further decline toward $0.25.
On the other hand, there is the likelihood that the bearish sentiment across the broader market will ease, and XRP traders will start buying the dip. Buying support will cause gains towards $0.38.
Developments in the XRP ecosystem
Besides the broader market’s performance, several developments within the XRP ecosystem will determine where the price is headed. The head of decentralization and general counsel at Andreesen Horowitz’s a16z, Miles Jennings, recently said that it was unlikely for Ripple to win its SEC case. If Ripple loses this case, XRP could make a notable downtrend.
Because they were selling tokens to retail in the US, and, per to the SEC, the value of those tokens were dependent on Ripple's efforts as opposed to a decentralized ecosystem. I'm for Ripple and worked on CCI's brief, but I don't have my hopes up.https://t.co/mI2VajORhP
— miles jennings (@milesjennings) November 8, 2022
Nevertheless, the XRP ecosystem is growing, with Ripple recently announcing a partnership with ProprHome to develop an innovative way to buy, sell and rent real estate property in Portugal.
XRP alternatives to invest in today
As the crypto markets continue declining, investors are looking for alternatives, and presales have often proven lucrative opportunities. Here are two coins that are in presale today and can potentially deliver some good returns.
Dash 2 Trade is like the “Bloomberg Terminal” for crypto traders. The platform contains analytics and intelligence tools that will assist traders in making traders with a high potential for profits.
In just a few weeks, the D2T presale has raised more than $5.7 million, attracting much attention globally. D2T has already confirmed the first centralized exchange listing at LBank.
There is a new metaverse project in the web 3.0 & crypto space, which is RobotEra (TARO). TARO is in one of the hottest presales, which is expected, given that the blockchain gaming sector has received much interest in recent years.
The RobotEra gaming project has solid fundamentals, which is why it is supported by LBank Labs. The TARO presale has only started, but it has already raised over $300,000. The presale has a total of three stages.
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