The price of Ripple ($XRP) continues to suffer as it threatens to drop below the $0.50 level.
The cryptocurrency has been trading in a range between $0.55 and $0.5 since the mid-August dip but shows little chance of pushing higher. Instead, all signals point to a potential break beneath $0.5.
The bearish outlook is largely a result of an underwhelming performance in the overall market, with $BTC threatening a decline of its own as it heads toward $25,000. In addition, the Ripple company continues to sell $XRP tokens, further fuelling the price drop fear.
As a result, traders are starting to hedge their bets as they move to utility tokens. In particular, Launchpad.xyz ($LPX) is turning heads as it crosses the $1.5 million milestone during the market turbulence.
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Ripple ($XRP) Threatens to Drop Below $0.50 As Overall Crypto Market Struggles.
Ripple ($XRP) continues to hammer the lower boundary of its established range as it continues to threaten a drop beneath the $0.5 level;
The sluggish price action is primarily a result of the overall crypto market struggles, with market leader Bitcoin currently threatening a break of its own beneath $25,000;
Bitcoin ($BTC) has been battling to hold support at $25,770 since the mid-August price collapse and has spiked beneath the level at the time of writing.
A closing candle beneath the support could signal further declines for $BTC, resulting in additional sell-offs in alternative cryptocurrencies like Ethereum and Ripple.
For $BTC, support below lies at $25,415, $25,000, $24,750 (June 2023 lows), $24,000, and $24,235 (December 2020 resistance).
Ripple Labs Continues to Sell Million of $XRP
In addition to the bearish sentiment within the overall market, Ripple Labs, the company behind $XRP, continues to sell $XRP on a monthly basis – adding further fuel to the downside action.
According to blockchain scanner Whale Alert, Ripple Labs has unlocked tens of millions of $XRP tokens and has sent them to an exchange – seemingly to be sold off;
The data shows that Ripple Labs sent $15 million worth of $XRP to Bitstamp yesterday.
Just a few days earlier, Ripple Labs sent another $14.8 million worth of $XRP to Bitstamp;
Overall, if Ripple Labs continues to add selling pressure to the market, we can expect $XRP to crash beneath $0.5.
Ripple ($XRP) Analysis: How Low Can $XRP Go If It Breaks $0.5?
So, how low can $XRP go if it breaks beneath the $0.5 level?
As mentioned, the market has been trading sideways between $0.55 and $0.5 since the mid-August collapse, establishing a solid trading range;
The lower boundary of this range is provided by a downside 1.414 Fib Extension, while the upper boundary is provided by a bearish .382 Fib Retracement, which provided resistance for $XRP in March, April, and June.
If the sellers break beneath $0.5, the first support lies at $0.45, which supported the market in June. This is followed by support at $0.4, $0.346 (March 2022 lows), $0.33, and $0.31.
Are Traders Shifting Into Utility Tokens to Hedge Their Bets?
With $XRP starting to show hints that further declines are incoming, traders are beginning to shift their focus on utility tokens to hedge their bets.
Utility tokens have long been known to provide relief in bear markets as they are required for usage on specific platforms, giving them a sustained market demand.
In particular, Launchpad.xyz ($LPX) is starting to turn heads as it raises over $1.5 million in its presale, with investors expecting beyond 10x returns after the platform launches.
In addition, yPredict ($YPRED) is also making waves as it crosses $3.7 million due to its unique approach to using AI to help traders become consistently profitable.
Launchpad.xyz Crosses $1.5 Million Milestone as Trading Groups Provide 10x Returns.
Launchpad.xyz is quickly gaining traction during the market turbulence as its presale crosses the $1.5 million milestone.
Investors are rushing to this project for numerous reasons, including the fact that it can provide access to 10x return trades, help you find the next best Web3 or NFT project to invest in, has a strong utility, and has a fully doxxed team.
In addition, investors also believe that their presale investments have the potential to provide 20x returns as the Launchpad.xyz platform gains more adoption.
Described as the solution to Web3 investing, Launchpad.xyz provides all the tools a user would need to succeed in the convoluted and complex world of Web3.
The platform provides insights and learning, trading alpha analytics, and investment strategies to revolutionize how you invest in Web3 projects.
The platform’s overall goal is to humanize how people interact with Web3 by making an inviting and easy-to-navigate interface to simplify Web3.
The customer-centric approach allows users to identify potential Web3 investment opportunities and buy into them while retaining custody without leaving the interface.
The solution provided by Launchpad.xyz allows users to find early access to the best projects in the blockchain space. From NFTs to P2E games, fractionalized assets to utility tokens, Launchpad.xyz can rank all potential opportunities and let you get in early.
The best part about the platform is that it’s integrated with an artificial intelligence solution that helps rank all potential Web3 opportunities.
Dubbed Launchpad Quotient, the AI provides a single value to denote the risk and reward opportunity with any Web3 project, helping investors choose the best project.
It also has its own AI chatbot, Apollo, which uses large language models and NLP technology to help users find potential projects through a chat-like experience. For example, users can ask Apollo to find the next Shiba Inu, and the bot will bring up a list of the best meme coin opportunities in the space.
Finally, investors are flocking to the presale to grab one of the NFTs that are up for grabs that grant access to the VIP trading channels.
These VIP trading channels are already live and have provided investors with multiple 10x traders per month.
The trading channel has found trades that have provided 20x returns in ELON 2.0, 10x in ECHOES, and 11x in WAGGIEBOT.
Investors buying over $200 worth of $LPX in the presale can access the channels through the NFTs.
The $LPX presale is quickly gaining momentum as it crosses the $1.5 million level. It will be the utility token behind the project, and users will require it to stake to access the platform – providing it with exceptional demand.
Furthermore, investors are rushing to the project as they know the team is fully doxxed, meaning they have no potential to ‘rug-pull’ the project.
$LPX is currently on presale, selling the token for a total of $0.0445. With the presale gaining momentum, it’s expected to sell out relatively quickly as investors start flocking to utility projects.
yPredict Hits $3.7 Million as Traders Rush to Hedge Bets
Another utility token making waves in the market is yPredict ($YPRED), which has already raised over $3.7 million in its presale.
Investors are hurrying to this project due to its expansive use-cases of artificial intelligence.
The platform’s primary goal is to use AI to help traders become consistently profitable. However, it also uses its AI technology to branch out into other fields, such as SEO optimizations and video editing.
yPredict is described as the next-generation AI-based trading research and analysis platform that provides traders with data-driven insights to help them make better trading decisions.
The team has built cutting-edge trading research and analytical tools for the trading community.
Its flagship feature is the yPredict Marketplace, which allows AI/ML developers to list their own financial prediction models in a results-as-a-service economy.
Traders can browse the highest-ranking prediction models suited to their trading staples and subscribe to them on a monthly basis using $YPRED tokens.
In addition, the platform also has a yPredict Analytics suite, which provides traders with an edge in the financial market.
This suite uses a new breed of AI-based trading tools capable of using pattern recognition and sentiment analysis to identify imminent breakouts and newly forming trends – allowing traders to get positioned ahead of the herd.
As mentioned, yPredict also uses AI technology to revolutionize the SEO niche. The AI-powered yPredict Backlink Estimator is a calculator for SEO experts to help generate more traffic by calculating backlink counts and authority metrics.
There’s also a yPredict Editor that helps streamline video editors’ workflows.
Overall, yPredict is a massive ecosystem with a wide range of products requiring the $YPRED token for access.
Over time, the value of $YPRED will explode as the demand for the products increases and hits mainstream markets.
The presale is currently blazing through its milestones, selling the token for $0.1. However, well over half of the tokens have already been sold, so traders must be quick to get positioned in $YPRED at presale prices.
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