XRP Plummets 11% as Remittix Token Gains Traction
1min read In the past 24 hours, there has been a significant wave of panic among traders as top altcoins reacted aggressively to Bitcoin's recent drop below $80,000. Among these altcoins, Ripple's XRP has shown considerable volatility, with its price heading towards a new support level below $2. The XRP price briefly broke below $2, hitting $1.916, but quickly recovered to above $2. Long-term speculation suggests that a second breakout below this range could be detrimental to investors' funds.
Amidst this market turmoil, a new asset is gaining traction and could potentially shift focus away from XRP's bearish movements. This new asset is the Remittix token, which is making waves in the crypto payment landscape. The Remittix token aims to revolutionize crypto payments by offering a direct crypto-to-FIAT payment solution, making transactions easier for both businesses and individuals. This utility sets Remittix apart from other tokens and has drawn the attention of seasoned crypto analysts.
The Remittix presale round has become a hot topic in the market, with investors making significant investments in the token. Analysts believe that Remittix could set a new record in the crypto market, with a potential launch breakout that could see the token hit 150x its current value. The utility of this new token is expected to drive its adoption to record highs after its launch.
Meanwhile, concerns about a potential incoming recession, dubbed the "trumpcession," have added to the market's volatility. The recent announcement of a crypto reserve by economic experts was initially projected to set the crypto market on a new bullish path. However, the current market chaos has prevented a favorable reaction to this announcement. The XRP price, which initially reacted positively to the crypto reserve news, has since experienced a seven-day bear drop of over 11%, indicating that the price could face further declines.
Technical analysis of the XRP price chart suggests that the recent formation might indicate an impending fall below $1. The monthly chart shows a new bearish formation just above the 7 Simple Moving Average (SMA). This psychological range could have numerous sell orders set just below it, potentially triggering a significant fall if the price moves below the 7 SMA. If the XRP price falls below the 7 SMA, currently at the $1.7724 range, the next major support is at the 50 SMA, which could take the XRP price below $1.
