- XRP experiences a drop of nearly 25% from a recent high following Ripple’s partial legal victory over the SEC.
- The newly launched XRP20 token, amid the ongoing hype for 2.0-coins, enjoys a warm reception, reaching $200,000 in presale.
Ripple’s XRP has been on a tumultuous ride since its partial victory against the US Securities and Exchange Commission (SEC) a few weeks ago. The subsequent euphoria that engulfed the cryptocurrency market has evaporated, with XRP’s price dropping nearly 25% from a recent peak of $0.8875 over the past three weeks.
Ripple’s Partial Victory and its Aftermath
A US court ruled that XRP tokens offered for public trading aren’t securities, marking a significant legal victory for Ripple after a protracted dispute with the SEC. This decision sparked market-wide enthusiasm, with XRP experiencing an 80% price surge on the same day. Even other altcoins such as SOL, MATIC, and ADA benefited, registering an average increase of 30%.
However, the initial excitement has since subsided. XRP now trades around $0.6712, well below the previous high, representing a roughly 25% loss for those who bought in at the peak anticipating a rise to $1.
Despite wild price predictions for XRP ranging from $100 to $500, the cryptocurrency has struggled to find a firm footing post the legal victory. Such bold forecasts often serve to generate buzz rather than providing realistic expectations. As it stands, XRP’s value surpassing $1 by year-end would be considered a significant achievement, let alone achieving a valuation that exceeds the entire crypto market, including Bitcoin.
XRP20’s Promising Beginning
Amid the prevailing hype for 2.0-coins, the newly launched XRP20 token is gaining traction among investors, reaching $200,000 in presale within a few days. The token’s popularity is fueled by its staking capability and a burning mechanism that removes a portion of the token from circulation with each transaction, which might make XRP20 increasingly attractive to potential buyers.
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Considering the speed at which XRP20 tokens were purchased, the soft cap target of $1.85 million seems modest. As typical of Initial Coin Offerings (ICOs), initial momentum could be followed by a surge of interest, suggesting the XRP20 presale might conclude in the next two weeks.
The tokenomics reveals that 10% of tokens are reserved for DEX-liquidity, which means an efficient trade is assured with a liquidity pool of hundreds of thousands of dollars available upon listing on decentralized exchanges.
Given the impressive gains experienced by 2.0-coins recently, XRP20 emerges as a promising prospect worth investors’ attention.
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