Panic has engulfed retail investors this morning amid a significant downturn in the crypto markets, prompting questions like “Why is crypto down?” and “Is crypto dead?” Despite Ripple’s resilient performance last week, the XRP price is now facing a meltdown, having lost crucial support.
As the dust settles following rejection from last week’s bullish move, in this article, we’ll unpack the latest on Ripple (XRP) price, explore an XRP price forecast for the weeks ahead – and look to see whether there are stronger alternative plays available this week.
$XRP Sentiment
CROWD = Bearish 🟥
MP | #SmartMoney = Bearish 🟥 #Ripple
Check out sentiment and other crypto stats at https://t.co/HQDyBNuzek#crypto #cryptotrading #CryptoX pic.twitter.com/SHQz1hgMfJ— Market Prophit (@MarketProphit) August 5, 2024
Amid the drop, XRP holder sentiment for Ripple has shifted bearish, with dreams of an XRP breakout utterly crushed by the rejection move.
XRP Price Forecast: As Ripple Holders Sell-Off Following Major Rejection – What’s Next for XRP?
As XRP price continues to tumble amid the market meltdown, Ripple is currently trading at a market price of $0.45 (Representing a 24-hour change of -13.8%).
This comes after calamity gripped the Ripple chart on Wednesday, July 31, when a bull trend was rejected at $0.65 (a converged historical resistance and Bollinger band level).
The consequent tumble saw the price slam down through expected 20DMA support (which is now left high above price action at $0.58)—an incident that only acted to fuel the momentum behind XRP’s drop.
So far, since last Wednesday, XRP price has bled out -32% and in a worrying development this has seen Ripple bottom out – smashing the lower-level of our Bollinger bands.
This could prove to be a major alarm signal; bear market confirmation would occur just a -15% move from here – so there’s a lot to play for.
Yet, some positivity can be found in the RSI indicator, which is displaying significant bullish divergence at a fully cooled-off 22.2 – suggesting a bounce could occur here above $0.41 support – posing a price to push back towards the 20DMA.
This leaves XRP price trapped between a rock (the 20DMA at $0.58) and a hard-place (lower trendline support at $0.36) – leaving Ripple with a short-time frame risk: reward ratio of 0.67 – suggesting a bad entry with oversized downside risk.
But while Ripple might seem bearish heading into August, opportunities still abound in a resilient and volatile crypto market, and none shine brighter this month than the Olympics-themed Meme Games.
Crypto Gets Its Own Olympics With The Meme Games (Best Play of August?)
The Olympics are one of the most followed events in the world – the thrill of watching athletes compete at such a high level in the name of their country excites all of us a little.
The Memes Games was born to bring this emotion and excitement to crypto. The most famous meme coins represent five countries: Doge for the USA, Turbo for Italy, Pepe for France, Brett for Germany, and WIF for Great Britain.
Believe it or not, this is what peak performance looks like. ⛵🌊#Paris2024 #Crypto $MGMES $PEPE pic.twitter.com/s1WoewVbqD
— The Meme Games (@MemeGames2024) August 4, 2024
The Meme Games presale has raised more than $338k so far and the price per token is $0.00915 until the next increase.
Every time you buy $MGMES tokens, you get a chance to participate in the games. If the meme you selected wins its Meme Games event, you’ll earn a 25% bonus on your token purchase.
Another way to earn is the staking option available on Ethereum for you $MGMES tokens with a current APY of 737%.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
