XRP20 price has behaved exactly as I forecasted in my previous analysis. Based on my fundamental research, I explicitly warned the presale buyers of the ongoing slump. Nevertheless, many people still fell for the cash grab project and are now sitting at massive unrealized losses.
Crypto markets have been in a slump since the last two weeks after a major sell-off in Bitcoin and major altcoins. The market conditions are far from ideal for a new project to launch. However, in the case of the XRP20 coin, there’s more at play than just market conditions.
I am not surprised by the recent sell-off in XRP20 after its Uniswap listing. In fact, I warned my readers about this scenario as the project lacked any fundamentals whatsoever. The only utility of the coins is to stake them, but the high APY does nothing but dilute the XRP20 price on exchanges.
A deeper look at the project reveals that it has no official connection or similarity to Ripple’s XRP except for a similar name. In fundamental terms, it is more like a memecoin than any other crypto project. While many presale investors still continue to hold the project in utter disappointment, an organic recovery seems to be a far cry.
I urged caution before taking part in the XRP20 presale because there was no organic hype. The project ran paid promotions on many big crypto websites, but there was no interest from veteran crypto investors in the project.
Consequently, the XRP20 price prediction is looking extremely bearish. To gain a bullish outlook, the coin needs to break above its presale price of $0.000092 and flip it into a support level. Such a move seems highly unlikely in the current market conditions with low liquidity.
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This post was last modified on Aug 28, 2023, 11:19 BST 11:19