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There has been a wave of panic in the last 24 hours, with top altcoins reacting aggressively to Bitcoin's recent drop below 80k. The Ripple coin is also one of the top altcoins that has continued showing wild unbalance, with the XRP price now headed towards a new support below $2. The XRP price saw a breakout below $2 today, hitting $1.916, but quickly recovered to above $2.
Long-term speculation projects that a second breakout below this range could be deadly to investors' funds. However, a new asset is making stronger waves right now and might be capable of taking the attention away from XRP bearish moves. Here are the details.
Will the Crypto Reserve Inclusion Keep the XRP Price Above $2?
There is a growing concern with what some economic experts call the trumpcession. This is the fear of a potential incoming recession, which the recent Trump economic policies could trigger. However, one of those new policies is the announcement of the crypto reserve, which market makers had earlier projected could set the crypto market on a new bullish path. However, with the current mix of the ongoing chaos in the market, the crypto market is not seeing a favorable front to react appropriately to the announcement.
Although the XRP price immediately reacted to the crypto reserve announcement, the days that followed have been bearish. At the moment, the price is at a seven-day bear drop below 11%, showing that the price could be taking more hits than initially expected.
XRP Price Prediction Using Technical Analysis
Furthermore, analysts' projections suggested that the recent formation on the XRP price chart might be showing signs of an impending fall below $1. The monthly chart gives a top view into the XRP price, showing a new bearish formation current just above the 7 SMA. However, this is more of a psychological range, meaning that this range could have a lot of sell orders set just below it, which could trigger a significant fall if the price moves below the 7 SMA on the monthly chart.
Suppose the XRP price falls below the 7 SMA, which is currently at the $1.7724 range. The next major support is at the 50 SMA, which could take the XRP price below $1.
Is 150x A Possibility With This New Payment Token?
While many new crypto tokens have always been known for claims of a high-value breakout, only a few have been able to live up to the hype. Beyond the hype, a major factor that has contributed to the success of the tokens is a strong utility; this is why analysts have been drawn to the Remittix token. The Remittix token is a new crypto token with the potential to revolutionize the crypto payment landscape, ushering innovations that help users achieve ease of payment.
The XRP coin has been one of the main focuses of the crypto payment sector in the last few months, with its remittance made easy. However, with Remittix's introduction of an approach that makes this transaction easier and uses a direct crypto to FIAT payment solution, it could take over the payment sector soon. Remittix's crypto-to-FIAT solution helps both businesses and individuals get the best from their crypto in everyday transactions.
The Remittix presale round is the talk of the market, with investors taking up larger investments in the Remittix token. Seasoned crypto analysts believe Remittix could be approaching a new record in the crypto market, setting a launch breakout that could see the token hit 150x. The Utility of this new token is setting the pace for its adoption to hit a record high after its launch.
Take a position with the Remittix presale today to stay above the bearish market. Check out the links below to start your journey toward this revolutionary altcoin.
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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