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Ripple‘s XRP trades at $0.51 as bears threaten further losses, while Bitcoin and Ethereum continue to hold above critical support levels.

As investors assess the market, many are using the dip to position ahead of a potential bullish flip. Is this the outlook for XRP, and could the new token Bitbot (BITBOT) be one of the top altcoins to buy now?

XRP, the native token of the XRP Ledger, has been in downtrend since the SEC sued Ripple in December 2020.

Although prices rallied higher following a court ruling that XRP is not a security, the SEC’s pursuit of a $2 billion settlement amid Ripple’s XRP sales are issues before the court. There’s also the matter of what lies ahead in terms of the court’s verdict on XRP’s use in ODL.

The coming weeks could therefore be key for XRP. Negative sentiment as a result of the court’s decision could accelerate downside action. Meanwhile, whale activity suggests a potential bullish flip.

Bitbot’s launch in the market will see it become the world’s first non-custodial trading app on Telegram. The trading app also features artificial intelligence (AI) and offers access to institutional-grade trading tools

As such, Bitbot does not just ensure users remain on top of their wallets and assets’ security, it adds to its superior user-first security approach with anti-MEV and anti-rugpull protections.

So you have a trading bot that lets users trade from their Telegram app, does not take control of their assets’ private keys and is the ultimate AI assistant.

This is what puts Bitbot ahead of other bots in the market, which are custodial solutions that expose users to risks such as those recently witnessed with Banana Gun and Unibot.

The BITBOT token will offer utility and governance functionality to holders, as well as access to a unique revenue-sharing model. The presale is in stage 12 and has raised more than $2.9 million.

XRP at $0.51 comes after bulls struggled to reclaim control at the 61.8% Fibonacci retracement level at $0.62. Buyers also gave up at the 50% Fibonacci retracement level at $0.58, resulting in the decline to support at $0.42.

The daily RSI and MACD indicators suggest XRP could revisit recent lows if it breaks below the 23.6% Fibonacci retracement level.

On the upside, decisive breakout moves above $0.55 and $0.65 could signal fresh bullish momentum for XRP, with $1 the main short-term target.

Bitbot being in presale means its price increases are currently controlled and will rise as indicated in each stage.

Currently, that BITBOT price is at $0.0171 and will increase to $0.018 in the next presale stage. The final stage will see it hit $0.020.

When the presale ends, it’s possible that the token could see a significant surge in value amid new demand. Listing on secondary markets for BITBOT, the debut of the trading bot and broader market conditions could be key drivers.

Notably, Bitbot has outlined how the bot works and the buzz around it is growing as the token sale moves towards the final stage.

Learn more here.

The post XRP price forecast as Bitbot makes big presale move appeared first on Invezz

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