XRP20 price has rebounded strongly from its last week’s lows. The price has surged 138% in the last 4 days, and bulls are gaining momentum. However, it is still trading far below its presale price and far from a full recovery. The current market conditions are also not favorable for the new coins.
Bitcoin price is once again trading below $26,000. Most of the altcoins are trading at their fresh yearly lows as investors take a cautious approach. XRP20 coin is down 1.68% at press time as the price consolidates after a significant recovery.
According to the latest news, more and more holders are staking their XRP20 tokens. As per the officially released stats on Twitter, more than 22 billion coins have been stakes till now. This decreases the amount of coins in circulation.
Despite a strong rebound from last week lows, the XRP20 price is still trading 15% below its presale price. This means that all the presale investors are currently underwater. These buyers gained nothing by buying the coin even at its early stage. They expected the price to surge after the Uniswap listing, but it never happened.
You might wonder why my XRP20 price prediction is still bearish even after a 138% surge in the last 4 days. The reason lies in the fact that the bulls have failed to break above the presale price of $0.000092 even after a strong rally. This could simply turn out to be a dead cat bounce before the coin enters an endless downward spiral.
Very few coins have been able to reclaim their presale price after breaking below it. While due to market manipulation, there could be volatility spikes in the coin, the long-term outlook is looking extremely bearish. I hate to be the bearer of bad news, but I warned you guys about this scenario even before the launch of XRP20.
In the meantime, you are also welcome to follow me on Twitter to keep track of my personal trades and the next 1000x Gems.
This post was last modified on Sep 04, 2023, 11:15 BST 11:15