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Despite expectations, XRP has officially entered a period of price declines that will last at least a few weeks. Ripple is showing at least four red flags that will have a negative impact on XRP token prices. The downside is ahead, and all metrics back it up, including technical, fundamental, and on-chain data.
While XRP whales are dumping tokens, and the graphs are showing a clear head-and-shoulders breakdown, a few emerging crypto platforms, including Bitcoin Minetrix, Sponge V2, and Meme Kombat, are gaining investor's trust, gearing up for some of the highest gains expected in 2024.
Before introducing the cryptos that can only go up from here, we have to look at the 4 XRP red flags clearly showing that Ripple will keep losing value until April 2024.
The first and the clearest sign of XRP losing value is the so-called bear flag pattern characterized by a small upward-sloping rectangle made up of parallel lines against the strong downtrend. A situation like this can only be resolved once the price of the asset breaks below the lower trendline, falling as low as the downtrend's height.
XRP entered January 30, hovering just above the lower trendline of the bear flag, sending strong signals of a price breakdown. The RSI is around 40, another sign that the token will keep losing value. When all numbers are considered, XRP could drop to $0.24, losing over 55% of its value by late May or early June.
The data mentioned above is now followed by crypto whales dumping hundreds of millions of dollars worth of XRP into leading cryptocurrency exchanges. A single wallet dumped over $24.75 million XRP just a few days ago, indicating a critical shift in token distribution. The amount of dumped tokens adds up to over 1 billion XRP, suggesting that crypto whales are either selling or redistributing their tokens.
XRP sell-off risks are increasing steadily, as shown by the crossing of bearish technical indicators on shorter periods. XRP's 50-day EMA will likely drop below the 200-day EMA, forming what's known as the "death cross" – another clear indication of a bearish sentiment. The previous time this happened to XRP, the token saw a decline in value of over 65%.
The price movements now show clear signs of a head-and-shoulders pattern, where a peak is followed by a higher peak, entering a lower peak. The distance between these peaks is then calculated, and according to the current situation, it shows that XRP could drop as low as $0.34, translating to 30% in losses months ahead.
Lastly, the chances of XRP getting spot ETFs are declining by the day. Without XRP ETFs, the demand for the token will likely go down. The primary reason why no one is talking about XRP spot ETFs is Ripple's ongoing lawsuit against the SEC and the lack of XRP futures ETFs in the US.
While Ripple is clearly entering a high-risk period that will last for months, emerging crypto platforms such as Bitcoin Minetrix, SpongeV2, and Meme Kombat are gearing up for explosive gains. Here's a quick rundown of the features that will result in some of the highest returns in crypto markets this year.
Bitcoin Minetrix is a Stake-to-Mine BTC cloud-based mining platform designed for everyday users without technical knowledge. It solves the biggest challenges of mining Bitcoin – high hardware and electricity prices by providing users with access to remote mining machines.
The platform is powered by the native BTC MTX token you must stake to earn mining credits. The rewards depend on the number of tokens you stake, and once you earn mining credits, you can manage and monitor the process through a special Bitcoin Minetrix smartphone app. The official Bitcoin Minetrix presale event raised over $10 million, and the number of investors is growing by the day. Visit the official site today and invest in BTC MTX token to get the most out of the next Bitcoin halving event planned for April 2024.
If you missed your chance to invest in $SPONGE, one of the highest-gaining meme coins of 2023, you now have another opportunity to earn 5,000% returns. $SPONGE tokens went live without a presale, and the platform reached a market cap just short of $100 million in about three weeks.
However, $SPONGE tokens lost most of their value without utility, so the developers introduced Sponge V2, a new version built around a Mario-Kart-like P2E game with multiple reward opportunities. That said, the only way to get SPONGEV2 tokens is through a Stake-to-Bridge reward system that requires you to purchase the original $SPONGE and stake them to earn Sponge V2 tokens that will explode after reaching their first listings.
Third on our list is Meme Kombat, a unique meme-inspired P2E battle arena game unlike anything the world has ever seen. It combines gaming, online casino, and cryptocurrency features to create a unique battle arena experience where players put their favorite online meme characters against each other in fully AI-governed battles.
The ecosystem is powered by the native MK token you can earn by winning matches, completing challenges, or betting on random battle outcomes. Meme Kombat is available in presale and has raised nearly $8 million so far, so invest today to get the highest returns in 2024 and beyond.
XRP had its ups and downs before, but with everything considered, it will keep losing value despite crypto markets entering a bullish market. Ripple did everything possible to clear its name, but the ongoing lawsuit against the SEC prevented it from reaching its full potential during the upcoming bull run. However, new cryptocurrencies such as BTC MTX, SPONGE V2, and MK are taking the spotlight, so join their communities today to get the highest return in 2024.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
