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The XRP index drops 19% in the current week, a drop of 33% from the highs in January. The price is $23.61m in liquidation of longs.
The price of XRP has fallen 19% over the last week and is now down 33% from its January peak, but it has remained over the critical $2 level to date.
Although XRP isn’t the only culprit in the crypto market, it is not the only one that is suffering significant losses. Evidence suggests that bears have taken control as $23.61 million worth of XRP long positions were liquidated on Sunday.
In this XRP price analysis examines whether investors should purchase the dip or think about potential alternatives such as Solaxy, Cardano, and Hedera instead.
It is also worth reading: Solana faces congestion issues as TRUMP takes over, MELANIA coins soar; Solaxy layer 2 offers some hope
Trump has plans, but bears seize control
The market has been heavily negative for XRP as Coinglass having reported more than $375 million of open short interest, compared to just $125 million for the open interest in long-term.
The liquidations that took place on March 9, reveal the similar tale. $23.61 million of longs was liquidated, compared to $3.94 million for shorts, showing that XRP sellers and bears dominate the market in the near term.
The initial excitement over Donald Trump’s announcement about a strategic reserve in crypto doesn’t seem to be working, particularly after the crypto Czar David Sacks clarified that only Bitcoin would be able to be purchased.
This means that altcoins such as XRP, Cardano, and Solana could only be derived through the seizure of illegal operations, because Sacks stressed that the government doesn’t have plans to invest directly in these altcoins.
These announcements seem to have slowed XRP’s momentum in the short term and triggered its recent slump, however it’s important to note that XRP remains adamant about important price levels of around $2.
Price levels at key points show contradicting signs for the future of XRP.
The analyst at Solberg Invest identifies the $2 mark as an important level that is crucial to XRP and suggests that increased trading activity near this level could trigger a rise to $4.4. This positive outlook is against the present fundamental outlook for XRP on the market.
On the negative side, analysts such as Crypto Anbu have noted a head-and-shoulders pattern that is forming on the XRP chart and could trigger an important retracement of $1.5 or less if an support of $2 is broken.
The two different perspectives highlight the fact that the price of $2 is now the main indicator of XRP’s future direction. With XRP’s high market value as the third highest-valued cryptocurrency, trailing only Bitcoin and Ethereum Its potential for growth is very limited, whereas it’s still a risky proposition for investors looking to make a profit on the downturn.
Other cryptocurrencies provide exciting investment opportunities
One of the main dangers when taking a risk with XRP is its existing market capitalization that is $126 billion. It is ranked third in the cryptocurrency market it has the potential to grow but also is not without limitations when compared to lesser-cap alternatives that have better risk-to-reward rates.
Cardano is a possible alternative that may outperform XRP over the future. The layer 1 blockchain is focused on security, scalability, and decentralized governance. It is making waves within the crypto community.
The ecosystem is experiencing rapid growth, illustrated by Midnight, a Cardano-based project which has forged a prominent collaboration with OpenZeppelin.
With a market capitalization of $26 billion which is around 20% of XRP’s value, Cardano may offer more opportunities to grow.
Hedera is a different promising XRP alternative, but it has a smaller market cap that is $8.8 billion. This highly scalable Layer 1 blockchain is focused on secure, fast and energy-efficient transactions. smart contract capabilities.
The project has recently announced an alliance with the world-wide payments network SWIFT that shows the ability of the project to function at the highest level that traditional finance can offer.
Solaxy presale gains steam as investors look for growth options
Another interesting option to replace XRP Solaxy Solaxy, which is currently raising money through an initial presale, which has already racked up $25 million.
As the premier Solana Layer 2 blockchain, Solaxy promises faster, less expensive and more secure transactions than Solana’s Layer 1 which will improve the user experience, and opening up the platform to new uses applications.
When compared to XRP’s $126billion valuation and Solana’s $64billion capitalization, Solaxy has massive room for expansion. Solaxy is already attracting investor interest, largely because of its stake APY which is over 150 percent.
A lot of early investors are anticipating profits ranging from 10x up to 50x of the initial investment, which makes it a viable alternative for people looking to go beyond the established cryptocurrencies like XRP.
Don’t miss this chance! Learn more about Solaxy’s pre-sales before it closes as well as join thousands of other investors who are already prepared for growth potential.