2023-8-9 23:30 |
Major cryptocurrencies are seeing a strong recovery as the global crypto market cap surged by 1% over the past day, and the Bitcoin price recovered to the $29,500 level.
Despite the bullish market outlook, Stellar remains bearish in the weekly time frame, down more than 4% over the last seven days. Investors expect more selling pressure on the token in the coming days as the SEC appears set to appeal Ripple’s recent victory.
As a result, investors have now pivoted to presale tokens that can outperform the crypto market, with XRP20 emerging as the consensus choice. The token has already exploded past the $1 million mark in a dominant presale performance.
Stellar Remains Bearish, How Far Will XLM Plummet?XLM remains one of the worst performing assets in the crypto market, down more than 5% over the past week despite appreciating over 1% in the past hour. The token is trading at $0.14, with investors preparing for further bearish movement.
Stellar received a major boost last month from Ripple’s landmark victory against the SEC. The token mirrored XRP’s bull rally, surging by as much as 50% to trade near the $0.18 mark.
XLM’s strong correlation with XRP is not a new phenomenon, with Ripple and Stellar both sharing a common history. Jed McCaleb, the co-founder of Ripple and the Mt. Gox exchange, launched Stellar in 2014 by forking the Ripple code base.
Both the companies also have a somewhat similar use case – leveraging distributed ledger technology to provide low-cost cross-border payments. However, while Ripple prioritises providing its services to banks and other financial institutions, Stellar mostly focuses on retail clients.
However, Stellar has now adopted a bearish stance over the past week due to lack of any bullish narrative and the threat of an SEC appeal against Ripple’s partial win.
XLM’s technical analysis also points to a grim outlook for the token, with TradingView giving a Sell signal to the token in the daily-time frame. It is also under threat of falling below its 30-day Exponential Moving Average at $0.138 and Hull Moving Average at $0.139.
Experts crypto trader @CryptoTony_ believes that the Stellar bull run is over for now and is looking to short the token when it falls below its support line at $0.136.
All eyes now turn to the CPI report due to be released on the 10th of August. The inflation data will be key in determining whether the Federal Reserve proceeds with its hawkish monetary policy or pivots to a more dovish stance. A less-than-ideal CPI can lead to another interest hike, which will likely cause more bloodshed for altcoins like XLM.
XRP20 Token Hits $1 Million Milestone In Impressive Presale PerformanceWith investors taking a pessimistic view on altcoins like XLM and XRP, newly-launched presale tokens such as XRP20 are getting major traction.
The token’s surging demand has resulted in it raising over $1.2 million in the presale in just over a week. XRP20 is priced at just $0.000092 in the ICO.
Retail investors are also gravitating towards the token as its on-chain stake-to-earn mechanism affords a great prospect to generate passive income. Furthermore, its ERC-20 design offers seamless compatibility with existing Ethereum platforms and wallets, making it easy to trade, track and store the token.
The project has also adopted community-driven tokenomics, making 40% of the token supply available in the presale itself while another 10% is allocated to provide liquidity on decentralised exchanges.
The token also utilises an efficient burn mechanism – 0.1% of every XRP20 transaction is sent to a burn address. Furthermore, 10% of the tokens will also be burned to create a deflationary supply, boosting XRP20’s value.
The presale has a hard cap of $3,650,000. Interested investors can purchase the token by swapping ETH, USDT or BNB in exchange for it. Visit XRP20 Presale
The post Stellar Lumens Price Struggles Despite Bitcoin Recovery, But XRP20 Has Passed $1 Million appeared first on BeInCrypto.
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