$XRP Falls Below Critical Support as Ripple Dumps 400 Million Tokens — Investors Buy Up $GFOX Instead
The post $XRP Falls Below Critical Support as Ripple Dumps 400 Million Tokens — Investors Buy Up $GFOX Instead appeared first on Coinpedia Fintech News
Ripple has been in the news this week – and unfortunately for holders, it’s not because of litigation with the SEC, but rather for falling below critical support levels. As Ripple holds about 45 billion $XRP tokens, there have been speculations that the team’s consistent dumping on the market is killing any chance of a rally..
Understanding $XRP’s dip is particularly difficult because of the general bullish trend in the market at the moment, as well as overall positive news related to its case with the SEC. By all measures, $XRP should be pumping hard. But for some reason, it’s not. Even memecoins have experienced a big price surge in the past few weeks, especially in the past few days. Top on the charts is $GFOX, which is set to launch in Q2, 2024.
What’s the latest news on $XRP?
$XRP’s dip below its $0.53 support level has raised questions about the factors that influence its price. According to market data, Ripple has unlocked a large percentage of its $XRP holdings for circulation. Many analysts have described this as the major cause of the token’s increased liquidity, excess supply, and thus the price decline.
Reports show that in February 2024, Ripple’s monthly escrow unlocked 1 billion tokens. So far, Ripple’s Treasury account has dumped about 400 million $XRP. This dump has increased the token’s monthly inflation by over $60 million.
Another factor that analysts believe may have contributed to the decline in XRP’s price is the ongoing legal tussle between the US Securities and Exchange Commission (SEC). Despite winning several key battles, the uncertainty surrounding the outcome of this ongoing case has kept many investors watching from the sidelines, waiting for final clarity.
To cushion $XRP’s price decline, the token’s community is reportedly working to develop potential exchange-traded funds (ETFs) and improve its on-chain transactions. Analysts have, however, cautioned that while the token’s recent price dip may suggest an uptrend line on the chart, a break below could cause a bearish trend of about 35%.
Although current technical indicators still lean slightly bullish, overall market sentiment remains neutral. The recent unlocking of 400 million $XRP from escrow and additional dumps by whales have affected investors confidence, hence the neutral sentiments. This has further increased the token’s circulating supply, creating more pressure on the token’s price.
With the uncertainty surrounding $XRP, investors have shifted to more profitable memecoins with massie price potentials. $GFOX is currently one of the most popular coins investors are reportedly taking an interest in.
Is $GFOX the Best Alternative?
Galaxy Fox ($GFOX) is the latest memecoin/GameFi token striving to make its mark in the play-to-earn (P2E) and staking niche. With its recent presale of over $3.5 million and planned token burn mechanism, $GFOX has been described by many analysts as an attractive option for potential investors.
$GFOX has created a number of utilities that makes it an industry top choice. The tokens advanced web 3 runner game is not only entertaining, but also an avenue for players to experience premium P2E gaming experience. In this game, players are rewarded with tokens based on their performance. At the end of every gaming season the top 20% players will enjoy extra $GFOX bonuses.
The network also has also proposed for a unique but limited collection of about 3,000 NFTs. While players can purchase NFTs as part of the network’s in-game advantages, these NFTs will be exclusive to only community members and holders.
Galaxy Fox is hinged on the activities of its community, hence the network prioritizes its token holders. While $GFOX holders can stake their tokens to earn passive income, the general community earns a fraction of every transaction fee on the network.
Unlike Ripple’s frequent $XRP dump that increases the token’s liquidity, Galaxy Fox has implemented a burning mechanism to manage its 5 billion tokens. This mechanism will ensure the continued scarcity of $GFOX, and it’s subsequent increased demand and price.
Over the last 8 stages of its Presale, $GFOX has displayed an impressive price and sales chart. The token has surpassed the prediction of many analysts. Having raised over $3.5 million in sales within a few months of its launch, more analysts have tipped the P2E meme token as the next big thing in the crypto space.
With $GFOX’s impressive price potential, early investors could earn over 450% their investment when it is launched on a DEX. At a reasonable price of 0.0028, $GFOX is currently one of the most affordable tokens with a utility of this nature. Little wonder, the token has become investors all time favorites.
Final Thoughts
As of February,2024, the future $XRP’s price is still uncertain. The token’s popularity has been influenced by the ongoing legal battle with the SEC, unprecedented whale/development team activity, and general market sentiment. Unfortunately, these factors are expected to continue to decrease the value of the token. At best, investors can only hope for a consolidation phase in Q2, 2024, assuming the overall market stays bullish.
Meanwhile, $GFOX has become the most popular investment alternative in the crypto market. The P2E meme token has proven its potential for long-term utility and price growth. This token presents the best opportunity for investors to earn passive income and huge profits. Join the $GFOX community today and start your journey to financial bliss
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