After experiencing a dramatic 27.63% loss in the opening week of November, XRP was able to recuperate 16%, bouncing off its $0.32 support level during the second and third weeks of the month. Currently trading at $0.38, XRP is testing the area of support between $0.3736-$0.3820 in an attempt to break out and move higher. With the SEC v. Ripple court decision imminent and multiple new use cases being explored for the project, will Ripple continue to buck the market’s bear trend, or sink back to recent lows?
At this moment, the price is trading beneath EMA 20, EMA 50, and EMA 100 levels, which suggests that in both the short- and long-term XRP may be bearish.
The Relative Strength Index has been moving within a range between RSI 44.49 and RSI 51.90 for the past several weeks and is currently sitting at RSI 46.08. To indicate a possible move into the upside, XRP must break out from this range and trade decisively above RSI 50.
Though in a bullish crossover position currently, the separation between the moving average has been slowly diminishing for the past couple of weeks as observed from the declining histogram. The moving average has also begun to move sideways, which indicates a neutral position. If it starts pointing down, a bearish crossover may be in the cards.
Crypto analyst and influencer Miles Deutscher stated to his over 250,000 followers on Twitter this past Friday that even though he isn’t a fan of XRP, he is still hoping they win their case against the SEC for the benefit of the entire industry.
“If they don’t, there will likely be massive ramifications,” he noted. “Anyone hoping they lose is against crypto.”
If the SEC prevails against Ripple in its accusations that Ripple sold unregistered securities (XRP tokens) to investors, it would likely have a negative impact on cryptocurrency innovation not just in the U.S., but globally. If Ripple wins, however, it will surely mean a rapid price increase for XRP.
In other recent Ripple news, CTO David Schwartz said in a Nov. 29 interview that although he still gets most excited about payments, he’s also got his eye on carbon credits and gaming NFTs as Ripple use cases.
“There are real problems in the gaming space that NFTs solve,” he said, highlighting that gamers tend to stick to old tech and game titles where they have their achievements for a long time, and can be wary of trying something new. “You have to start over from scratch, and there’s this feeling of loss. If you could take NFTs with you, then you wouldn’t have that feeling of loss, and you’d be more likely to migrate to the game that the game studio wants you on.”
Schwartz also noted that blockchain can solve a lot of issues in the carbon markets.
“We’re really excited about carbon credits,” he said. “I think just because the fit seems to be really good. There’s a real problem in the carbon credit space right now of provenance and making sure that things aren’t issued, like there aren’t two sets of carbon credits.”
The power of NFTs and blockchain tech to transform the carbon credit markets isn’t an insight unique to Ripple, with another sustainable crypto project that’s 100% focused on carbon credit trading and climate change mitigation currently creating a lot of hype in the crypto space.
IMPT.io has developed a cutting-edge platform that offers users rewards in the form of NFT-based carbon credits. These credits can be sold or used to retire/burn for unique rewards, with major brands like Microsoft, Netflix, Amazon, Macy’s, and Samsung already affiliated with the project.
So far, IMPT has raised over $18.7 million in two months and is close to finishing its token presale. In these last days of the presale, IMPT is making more than $1 million each day and still looks like it will make a lot more before ending in a few hours.
The project allows users to support hundreds of environmental initiatives around the world while they shop for everyday items. A designated portion of each sale made on the platform is donated towards these projects, allowing shoppers to easily support climate change-fighting initiatives.
The IMPT token will be listed on exchanges at $0.0253, which is a 10% increase from the presale price. So far, LBank and Changelly have confirmed listings, and seven more exchange listings are in progress.
Visit IMPT Now
Another crypto gaining a lot of attention right now in the crypto community is Dash 2 Trade, a cutting-edge analytics and trading platform set to revolutionize the way crypto traders trade and crypto investors invest.
Amid the recent FTX scandal, Dash 2 Trade’s tools that can help protect people from crypto scams have gained more interest. As a result, the team has announced an earlier launch for their platform and a shorter token presale. 665 million D2T tokens were previously supposed to be sold through 9 stages of the presale but this number has now been reduced to only 262.5 million tokens in 4 stages.
Some features the platform will offer include buy/sell signals, social sentiment analysis to identify coins that are being talked about online, on-chain analysis of trending coins, and backtesting tools for trying out new strategies. Also available will be scorecards for presale cryptos so investors can decide which ones are worth considering.
The use of D2T tokens will be necessary for most of Dash 2 Trade’s functions, which is likely to result in high demand for the token. So far, $9.43 million has been raised through presales and 71% of tokens have sold.
Visit Dash 2 Trade Now
Another interesting project using NFTs for gaming is RobotEra, where players use NFT-based robot companions to explore and rebuild the destroyed planet of Taro. With in-game tools, players can build their own robots, work on terrain, and build other assets without any coding knowledge. In addition, there are many opportunities to make money through questing, community events, renting out billboards or spaces, and hosting events.
The project plans to merge VR and AR into the game by 2023, which would make player-created worlds even more interesting. The game has many ways for players to contribute to the in-game economy, which gives it the potential to do well even when markets are weak and prepares it for future success in the next bull market.
To date, RobotEra has raked in over $481K in sales since its presale launch.
Visit RobotEra Now
A quick 3min read about today's crypto news!
