3 Reasons XRP Price Won’t Reach $1 - Traders Are Backing These Penny Cryptos Instead | News Direct

3 Reasons XRP Price Won’t Reach $1 - Traders Are Backing These Penny Cryptos Instead

News release by Finance News

facebook icon linkedin icon twitter icon pinterest icon email icon New York, NY | May 30, 2023 06:08 PM Eastern Daylight Time

While the Ripple vs SEC case moves toward a final verdict, the sentiment among the masses is that XRP will prevail victoriously. However, the XRP price will not reach the $1 mark for several reasons, with traders seeking alternative penny cryptos that could explode instead.

The current XRP price is $0.5022 at the time of writing, which has historically been a key level for the coin. As seen in the chart below, the previous bull market highs were followed by a strong bounce at this zone, and the price has bounced below the zone multiple times since 2019.

With this in mind, it would be no surprise if the price bounces from here, before pursuing a downwards trajectory.

Another factor holding the XRP price down is its circulating supply. The XRP token has a 51% circulating supply, with a fully diluted market cap of $50 billion.

This means around $24.5 billion worth of XRP is waiting to be released onto the market. Considering the project’s legal difficulties, the excess supply will keep the price stagnant at best.

With the the Ripple vs SEC case is coming to a close, the sentiment among retail investors is bullish. However, institutions and the Ripple company understand this, making it the perfect time to dump the vast XRP supply without causing too much price impact.

Finally, XRP hit its peak price in January 2018 at $3.84 putting the market cap at $120 billion, and making it one of the highest-ranking coins.

However, unlike other cryptos like Bitcoin and Ethereum, XRP has been unable to reclaim its 2018 ATHs, instead the coin has currently in a long-term downtrend.

Considering the vast supply, which is frequently unlocked and dumped by the Ripple team, the XRP price could likely continue its downtrend into the future.

Although the future looks bleak for XRP, traders have shifted their focus to other penny coins in recent months, with Wall Street Memes, yPredict and Ecoterra seeing considerable liquidity influxes.

Wall Street Memes Backed to Explode After Raising $1.3m in Presale

While XRP may have a bearish future, one token that traders certainly are bullish on is Wall Street Memes ($WSM).

 Wall Street Memes is a new presale meme coin launched on May 25. Despite being just five days old, the project has outperformed the markets, already raising an impressive $1.3 million.

Currently, the presale is in stage three, priced at $0.0256 per $WSM token. There are 30 rounds in total, and the final round will see a price of $0.0337. This presents considerable savings for investors who buy at the current price, totalling a 31% discount.

The supply at the current price is limited, with the price set to increase once the raised total equals $1,518,000. However, it is not only the discount driving traders to scoop up Wall Street Memes.

Its main USP is that it is the meme coin of a well-established online brand with over one million followers across all platforms.

Wall Street Memes was born out of the Wall Street Bets community following the GameStop saga. It first released an NFT collection (Wall St Bulls) that sold out in 32 minutes, then continuing to publish memes and other humorous crypto and stock related content on social media.

The project has received notable attention from traders and influencers, causing some speculators to predict that the Wall Street Memes presale has 10X potential.

 Visit Wall Street Memes Presale 

yPredict Building AI-Powered Analytics Platform, $YPRED Token Now on Presale

On top of its legal issues, many traders fear that XRP lacks the utility to sustain a price above $1. On the other hand, yPredict is a presale utility token that leverages AI and machine learning to provide predictive model forecasts on various issues.

yPredict’s presale is heading towards a $2 million total raised, with many traders seemingly opting for a coin that provides more utility than XRP.

Currently priced at $0.09, the tokens exchange listing price is set at $0.12. This represents a 33.33% gain for investors immediately at launch. However, following the launch, the price will be determined by supply and demand, and based on its utility, $YPRED has the potential to climb much higher.

The project enables AI and machine learning engineers to use the yPredict platform to create predictive models that forecast future events based on past data. These predictions could be on anything from the Bitcoin price to predicting the likelhood of a medical patient being prone to a disease or virus.

Predictive model creators can then sell their predictive models on the yPredict platform on a monthly recurring subscription, and buyers will pay with the $Ai token.

$Ai will grant holders access to the project’s decentralised autonomous organisation (DAO), and users can stake it in return for passive rewards.

 Visit yPredict Presale 

Ecoterra Fighting Climate Change with Recylce-to-Earn App, $4.5m Raised

Another token worth watching is Ecoterra, a Recycle2Earn presale project which has raised $4.5 million so far in its presale. The project aims to serve the circular economy, tackling several issues relating to climate change using blockchain technology.

The current presale price is $0.0085, and its listing price is $0.01. While this only represents a 17% increase, many traders and analysts are calling for the token to explode following its IEO.

YouTuber Jacob Bury discussed the coin in a recent video, highlighting that it is the most hyped eco-friendly coin, which gives it 10X potential.

The project features various mechanisms making it stand out from other crypto projects.

Firstly, it offers users the chance to earn $ECOTERRA by recycling goods in ecoterra’s reverse-vending machines that will be situated in supermarkets.

Secondly, it will provide a recycled goods marketplace, enabling B2B transactions between recyclers, reworkers, and others needing recycled goods.

The project will also feature a carbon offset marketplace, enabling companies to offset their carbon footprint on-chain, making it transparent and immutable.

Finally, the project will feature an impact tracker profile, where companies can verifiably prove they are making eco-friendly business decisions.

The project is on the cutting edge of innovation, leveraging the blockchain benefits of revenue share and transparency to tackle one of the world’s most critical current issues.

 Visit Ecoterra 

DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.


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