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The Ripple price forecast is currently bearish after falling sharply along with the rest of the cryptocurrency market due to investors’ low risk tolerance. The XRP/USD pair last traded around $0.39, down 3.4% in the past 24 hours, according to CoinMarketCap.
This brings the total drop since last Friday to 7% and a $1.5 billion drop in XRP’s total market cap
XRP is losing momentum after a failed attempt to break through resistance
XRP has lost momentum since last Friday after a failed attempt to break through resistance near the $0.41 and $0.42 levels, which are similar to the July highs and September/October lows.
Like the rest of the markets, the crypto sector is struggling due to the collapse of the FTX crypto exchange that happened earlier this month. Before the FTX crash, which was triggered by a large number of withdrawals following the news that FTX was misusing user funds, XRP fell below the $0.50 level.
XRP Still 8% higher than a week ago
Despite the FTX drama, Ripple is still up 8% from last week. It fell again last Monday, but still held at its 200-day moving average, which it topped last week.
Still, part of this increase appears to be related to Ripple’s ongoing case against the SEC, which appears to be developing positively. On Wednesday, both parties will file for summary judgment, and according to analysts, Ripple can use this to end the lawsuit properly.
In 2020, Ripple was sued by the SEC for suspecting Ripple of using unrecorded amounts of money for a fundraiser. If the SEC is forced to close the lawsuit, this could give the XRP token a significant boost.
Traders are anxiously watching the outcome of the lawsuit, which will have a big impact on XRP’s price. In addition, traders are looking at the fallout from the FTX crash – BlockFi was declared bankrupt on Monday as a result of this crash.
Macro conditions also affect the price of XRP. People expect US inflation to peak and the Fed to loosen up, slowly making risky investments attractive again.
This trend could extend with upcoming events related to the Fed, including a keynote speech from Chairman Jerome Powell on Wednesday and lectures on the US labor market, which could add more optimism.
If XRP breaks above the $0.41 and $0.42 resistance, Ripple may continue to rise
If the above conditions work well and can propel XRP above USD 0.42, Ripple may continue to climb towards USD 0.50 due to the low level of technical resistance against this rise. With a rise above this level, traders can expect to see highs of $0.55 again, similar to those seen in September and October.
Crypto Presale projects are outperforming the market
While we await the outcome of global conditions, investors can look to altcoins that offer a better opportunity for short-term gains. These altcoins mainly consist of coins that are still in the presale and will soon be available on the crypto exchanges.
While 2022 has been a tough year for the cryptocurrency market, some coins have seen an increase of up to 1,800% from their pre-sale value. This means that presale coins with a strong foundation can be very profitable if you invest as early as possible. That’s why we have three of the most promising pre-sale crypto projects here.
Dash 2 Trade (D2T)
Dash 2 Trade (D2T) is an intelligent trading platform on the Ethereum blockchain that provides investors and traders of all levels with real-time analytics and social trading data, enabling them to make better investment choices.
For the launch of the platform in the first quarter of 2023, the native The D2T token has already raised over $7.3 million in pre-sales. D2T will also be added to LBank Exchange and BitMart once the presale is completed, so early investors can get a lot of profit from the presale.
Visit the Dash 2 Trade Presale here
Robot Era (TARO)
RobotEra (TARO) is a sandbox metaverse that will enter alpha testing mode in Q1 2023. Within this Ethereum-based platform, players can control robots that help them build the virtual world using NFT properties , buildings and other objects in the game.
TARO currently has a value of 0.020 USDT per token (You can buy it with ETH or USDT), but this value will increase to 0.025 USDT per token in the next phase of the presale, which will start soon.
Visit the RobotEra Presale here
Calvaria (RIA) is a crypto trading card game where players can compete against other players with their NFT battle cards and win prizes. The most impressive thing about Calvaria is that players can join the game without owning any cryptocurrency, despite it being a play-to-earn game. This may prompt more Web2 players to enter the cryptocurrency world.
RIA, Calvaria’s native token, can be used in this ecosystem to purchase in-game objects and to bet, giving the token a strong use case. The token has so far raised $2.1 million during its presale, which is currently in its fourth phase. In this phase you can buy 1 RIA token for 0.025 USDT.
Visit the Calvaria Presale here