Crypto Market Update: Bitcoin, XRP & Meme Coins on the Move

XRP loses $7 billion in value in 24 hours – price falls towards critical mark

XRP has struggled over the past 24 hours, with the cryptocurrency’s market capitalization dropping by over $7 billion, while the broader crypto market also saw significant losses .

Why XRP price collapse wipes out weekly gains

On March 28, XRP suffered a significant setback: Its price plummeted sharply, making it one of the biggest losers among the top cryptocurrencies. According to data from CoinMarketCap, XRP’s market capitalization fell from around $137 billion to $129.81 billion. The currency thus broke through the psychologically important $130 billion barrier—wiping out the entire week’s gains in an instant.

On both a daily and weekly basis, the loss amounts to over 6%, erasing all recent price gains. The price of XRP fell from a high of $2.37 to the current $2.22 – a loss of $0.15.

Critical support levels in sight

The $2.30 mark previously served as important support, but was breached overnight from Thursday to Friday. Within two hours, the price fell further to $2.22. Currently, the $2.20 mark is considered the next crucial level, which the bulls are holding onto. A rebound above $2.30 could bring some optimism back to the market.

However, if the $2.20 mark also falls, XRP could quickly sink towards $2.00. This level is not only technically relevant but also plays a major role in investor confidence. A drop below $2 could severely shake this.

There still appears to be slight support at $2.05 – but if market sentiment continues to deteriorate, even this level may not be enough to stop a further decline.

XRP price prediction: Eyeing $3

Despite the negative price action, there is still potential for a recovery. According to on-chain analyst Ali Martinez, XRP could invalidate the current bearish pattern if the price breaks through the resistance at $3.

“If XRP rises above $3, the Head & Shoulders pattern will be negated, which could pave the way for a bullish trend,” Martinez said.

At the time of his analysis, the XRP price was still at $2.34. It is now significantly lower, suggesting that the pattern may be more long-term.

For now, it’s all about holding the support at $2.20. Failure to do so could result in a decline toward $2.00, with the possibility of a red daily close.

XRP price after strong setback – total crash?

XRP is down around 6.2 percent today, trading at around $2.22. This wipes out many of the gains made at the beginning of the week. At the beginning of the week, estimates suggested the price could fluctuate between $2.20 and $2.50 in a more pessimistic scenario.

A look at some key metrics: The RSI(14) is at 44.31, indicating a neutral zone, albeit slightly below 50, which implies a certain degree of caution. The MACD(12.26) provides only a minimally positive signal at 0.018, as the short- and long-term moving averages are barely moving apart. In contrast, the CCI(14) at -139.6054 indicates a strong selling phase, while the Ultimate Oscillator at 41.119 also indicates rather weak buying interest.

At the same time, the ROC is at -4.22, illustrating that momentum has recently been declining. The Bull/Bear Power (13) is in negative territory at -0.1371, further indicating dominant sellers.

Legal developments and possible scenarios

The SEC recently dropped its lawsuit against Ripple, ending the four-year legal battle. While this move could potentially improve sentiment, the market currently doesn’t seem to be pricing it in sustainably. In the short term, weak momentum suggests that XRP could slide further toward $2.10 to $2.20.

However, if the situation reverses, a spontaneous jump to $2.35 to $2.40 is conceivable, especially if investors revisit the positive outcome of the legal battle. Meanwhile, a crypto analyst named Dark Defender is causing quite a stir: According to him, XRP is still in a major uptrend on the higher timeframe. The third wave, he says, could reach prices between $5.00 and $8.00 once a new momentum develops. As a result, a scenario of $18.22 to $23.20 is even possible.

Those with long-term plans should keep this forecast in mind. Short-term traders, on the other hand, are monitoring the current levels: A slide below $2.20 would increase the risk of further downside, while a rise above $2.35 could provide initial positive signals.

While the XRP Army is still reeling, a new trend in the meme space is gaining traction. A new project called the Meme Index , which is about to complete its presale, could revolutionize the way memecoins are invested. The entire meme sector is once again approaching the $56 billion mark, led by established tokens like Dogecoin and Shiba Inu. Even some smaller coins are showing double-digit percentage gains in a very short period of time, which is causing a stir among speculative investors.

Meme Index: Foray into the billion-dollar market

The Meme Index bundles various meme tokens into four “baskets.” These include big names like Dogecoin, but also mid-cap and low-cap candidates that represent a greater risk appetite. This provides investors with a kind of reflection of the meme industry, which is co-determined by the community. This is intended to prevent weaker projects from retaining too much weight in the index for too long. The approval of token holders is required for every use or change in the indices.

Anyone interested in the project should act quickly. Only three days remain to buy Meme Index ($MEMEX) at the fixed price of $0.0166883 per token. After that, listings on several exchanges are planned, which could increase visibility. Additionally, there’s a staking offer with an APY of around 542 percent, which, according to the project, could significantly increase holdings within a short period of time. A total of 185 million tokens are already locked in staking, meaning they won’t be immediately tradable at the start of trading.

The rapid pace at which new projects are launching demonstrates that meme tokens are becoming popular again. The platform Pump.fun reports numerous new listings in this context. Meme Index is attempting to make this process more transparent and relies on various index categories with different risk profiles. All strategies are based on community voting. This creates a flexible system that can respond to new developments. Those who participate now may secure a more favorable entry into an environment that is currently gaining momentum again before the end of the presale.

Note: Investing is speculative. Your capital is at risk when investing. This website is not intended for use in jurisdictions where the trading or investments described are prohibited and should only be used by persons and in a manner permitted by law. Your investment may not be eligible for investor protection in your country or state of residence. Therefore, please conduct your own due diligence. This website is provided to you free of charge, but we may receive commissions from the companies we feature on this website.

XRP on track for $29 price target? Analysts are optimistic

XRP has already shown impressive price performance this year and is currently up 249 percent year-on-year. Despite the recent sell-off in the crypto markets, the third-largest altcoin remains in a strong position. Now, a new forecast is causing a stir, citing even greater price potential for the Ripple token.

Bitwise analysts see XRP at $29

Experts at asset manager Bitwise made a remarkable prediction in a recently published study. In a highly bullish scenario, the XRP price could rise to as high as $29, which would represent a more than tenfold increase from current levels.

However, according to analysts, several factors would have to come together to achieve this price target. In particular, widespread adoption of the cryptocurrency by financial institutions and companies is necessary. Furthermore, XRP would have to play a central role in the tokenization of real assets such as real estate.

XRP as a potential market leader in the crypto space

Bitwise isn’t the only one optimistic about XRP’s future. Well-known analyst Dark Defender has also reiterated his thesis on the X platform that Ripple could soon become the dominant force in the crypto sector, surpassing both Bitcoin and Ethereum in market capitalization.

Dark Defender cites several factors as reasons for his forecast: the end of the legal battle with the SEC, the upcoming approval of XRP ETFs, and the increasing adoption of Ripple in the corporate world. He believes XRP could initially rise to $11 after the current consolidation phase is over.

Bitcoin Bull Presale Gains Momentum

While XRP is receiving impressive forecasts, Bitcoin remains the dominant force in the crypto market. For investors looking to profit from the price performance of the largest cryptocurrency, the Bitcoin Bull Token offers an interesting alternative. This memecoin combines the advantages of meme tokens with a direct link to Bitcoin price performance.

The token’s concept envisions either token burns or Bitcoin airdrops to holders at certain Bitcoin price milestones. For example, a token burn is planned for $125,000 and a BTC airdrop for $150,000. The project’s presale has already raised $4.1 million—a sign of strong investor interest.

Note: Investing is speculative. Your capital is at risk when investing. This website is not intended for use in jurisdictions where the trading or investments described are prohibited and should only be used by persons and in a manner permitted by law. Your investment may not be eligible for investor protection in your country or state of residence. Therefore, please conduct your own due diligence. This website is provided to you free of charge, but we may receive commissions from the companies we feature on this website.

XRP: Ripple gets millions back – SEC backs down in legal dispute

It’s payday for Ripple. The years-long legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a surprising turn. As Stuart Alderoty, Ripple’s Chief Legal Officer, announced via X on Tuesday, the SEC plans to refund a large portion of the $125 million fine paid by Ripple.

Last week, Ripple CEO Brad Garlinghouse indicated that the SEC had withdrawn its objection to parts of an earlier ruling. Now, Alderoty clarified the situation: Of the $125 million deposited in an interest-bearing escrow account, the SEC will retain $50 million. The remaining $75 million will be returned to Ripple. In addition, the agency intends to ask the court to lift a previously imposed standard injunction, which was issued at its own request. Implementation, however, is still subject to a vote by the Commission and the final court proceedings.

The legal dispute revolves around the classification of the Ripple token XRP. In July 2023, Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that programmatic sales of XRP did not violate securities laws because they were conducted through an anonymous bidding process. However, direct sales to institutional investors were classified as securities. This second part of the ruling led to the $125 million penalty, a significant portion of which Ripple is now repaying.

Conclusion:

The $75 million refund is not only a financial success for Ripple, but also a sign that the relationship between cryptocurrency companies and regulators may be further easing. This development is likely to provide a boost not only to the XRP price but to the entire crypto industry.

Note: Investing is speculative. Your capital is at risk when investing. This website is not intended for use in jurisdictions where the trading or investments described are prohibited and should only be used by persons and in a manner permitted by law. Your investment may not be eligible for investor protection in your country or state of residence. Therefore, please conduct your own due diligence. This website is provided to you free of charge, but we may receive commissions from the companies we feature on this website.

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This article reflects my personal analysis based on the mentioned sources. It is not financial advice. Please do your own research and make investment decisions at your own discretion.

Source:

• With material from the Binance.com, Coinmarketcap.com, Coingecko.com. The content has been independently analyzed and rewritten to provide original insights.

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