The XRP price has experienced a 5.5% drop overnight, falling to $0.5722 after the Securities and Exchange Commission (SEC) canceled a meeting to discuss ongoing litigation. While the altcoin is down by 5% in a week, it has seen gains of 4% in the last two weeks and 18% in the last 30 days. However, XRP has decreased by 17.5% in the past year, and the cancellation of the SEC meeting has potentially impacted its ability to recover lost ground. Despite hopes for a settlement between the regulator and Ripple, some traders do not expect a significant surge in the XRP price without major adoption news.
Following the news of the SEC’s canceled meeting, XRP has fallen below its previous levels, signaling an oversold position from which it could rebound. Technical indicators, such as the relative strength index and moving averages, suggest that the selloff may have already bottomed out, and some price recovery could be expected. Whales have been leaning towards selling XRP, and Ripple itself has moved XRP out of escrow, possibly in anticipation of profiting from a recent rally. Despite the price drop, some XRP supporters are doubtful that a final Ripple-SEC settlement will significantly impact the coin’s price without substantial adoption and usage.
There is speculation that XRP may require substantial adoption and growth to experience a significant price increase, even after a settlement between Ripple and the SEC. However, a settlement could clear the path for more adoption and growth by reassuring potential investors and partners that Ripple will not face significant obstacles. If Ripple’s settlement is favorable, the XRP price could potentially reach $1 by the end of the year. Some traders may opt for newer tokens with the potential for quick returns, as doubts linger over XRP’s ability to surge without significant adoption news.
One such token with growth potential is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised $5.9 million in its presale. PlayDoge is launching a Tamagotchi-style play-to-earn game with 8-bit graphics, allowing players to earn rewards by breeding and completing missions with virtual Shiba Inu pets. PLAY will serve as the native currency for the game, creating a natural demand for the token. With a capped supply and opportunities for passive rewards through staking, PlayDoge has the potential for price growth due to its increasing popularity. Investors can participate in the PlayDoge sale by visiting the official website and purchasing the token using ETH, USDT, or fiat currency.
Investing in cryptocurrencies, including XRP and new tokens like PlayDoge, carries high risk and potential loss of capital. While there may be opportunities for significant gains, individuals should exercise caution and conduct thorough research before making investment decisions in the volatile crypto market. The future performance of XRP and other tokens remains uncertain, and investors should consider their risk tolerance and financial goals before entering the market.
