Will XRP hit $1 thanks to the XRP20 rise?

Ripple is back in the news these days in the midst of recent news about the lawsuit it’s in with the SEC. Following a partial ruling handed down by Judge Analisa Torres on July 13, which concluded that the sale of tokens to retailers did not meet the definition of value, the price of XRP jumped to $0.9650, bordering the dollar.

However, the subsequent profit taking lowered expectations and left Ripple just above $0.65. Although the balance is still positive and has risen significantly from the price just before the ruling ($0.4770).

In parallel with XRP, a new project was rolled out in the presale. Near XRP20, a cryptocurrency that intends to follow in the footsteps of the previous one and get a strong revaluation in the short term. To do this, he has several factors that can determine his performance, such as attractiveness. bid.

XRP and XRP20 together, but not mixed

Note that, despite the name, XRP20 is not directly related to Ripple and its ecosystem. The token is actually built on the Ethereum network, hence its name after the ERC-20 chain.

What the XRP20 development team did was to tie their fate to that of Ripple, as they wanted to build on their successes and failures to establish themselves as an independent cryptocurrency, yet capable of growing at the same time as another.

It should be expected that the correlation between the two tokens is close, given that many investors, simply because of the question of the name, will associate one with the other.

<<Доступ к предпродаже XRP20 >>>

What does Ripple need to get $1?

Ripple is currently going through a period of uncertainty as another decision was made after Judge Torres’ successful decision, in this case in a process between the SEC and Terrafrom Labs, where the chief judge refutes the theory that supports the distinction between whether a cryptocurrency is a security or no, depending on purchasing power.

This has made it increasingly clear that the SEC will eventually appeal the Analysa Torres decision once it becomes final, leading to a new scenario of XRP price turbulence.

From its current position, Ripple will need rally by +51%, which a priori seems difficult to achieve, unless some market event affects the price:

XRP Price
XRP Price Details / Source: TradingView

In addition, when doing updated technical analysis, we see that the indicators of strength and direction are clearly downwards.

For example, the RSI crosses the descending threshold at 47.91. Similarly, the MACD signal has crossed lower and the DMI is about to do the same.

XRP price detailing with RSI, MACD and DMI indicators / Source: TradingView

That being said, the possibility of XRP hitting the dollar is not impossible as it has previously been at even higher levels, but extremely unlikely, at least in the same time frame that XRP20 hits its first million dollars, as our headline states. .

XRP20 presale is skyrocketing

At the moment, according to the official website, the XRP20 collection has exceeded $220,000, which was only achieved in the early days, and is expected to reach the $250,000 milestone soon.

Presale XRP20

Behind the demand is a project with limited emissions, with an automatic combustion mechanism and hard cap low in order to achieve a multiplication of our assets in a short time. In addition, he has an interesting system bid which provides high returns in APY.

Anyone wishing to participate in this pre-sale can purchase XRP20 tokens with ETH, BNB or USDT at a fixed price of just $0.000092 per unit.

<<Доступ к предпродаже XRP20 >>>

Denial of responsibility

Disclaimer: This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project’s principles of fair and transparent reporting, this content is generated by a third party and is intended for promotional purposes. Readers are encouraged to independently verify the information and consult with an expert before making decisions based on this sponsored content.

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About Ankur Jain

I'm Ankur Jain, and I'm thrilled to be part of the suboonews.xyz team as an editor. I call India my home, and I have a passion for crafting engaging and well-written articles. With a solid background of 7 years in this field, I bring a wealth of experience to my work. It's my pleasure to contribute to the informative and captivating content you'll find on suboonews.xyz. Stay tuned for some exciting stories and news pieces coming your way!

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