Here’s Why XRP Is Down Over 4% as New Crypto ICO Raises $10M

XRP (XRP) has fallen over 4% since yesterday, with the token now trading around the $0.50 level.

This drop aligns with the bearish sentiment towards XRP, which has been the narrative for several weeks.

However, some crypto traders are shifting their attention to the hugely anticipated ICO launch of Bitcoin Minetrix (BTCMTX) – an Ethereum-based project that promises groundbreaking crypto mining innovations.

XRP Falls to Major Support Level as Selling Pressure Mounts

XRP is now down 27% since December’s high of $0.70, with the token at its lowest level in three months.

On the daily chart, XRP has been posting clear lower highs and lower lows, representative of a strong downtrend.

A key catalyst for XRP’s 4% drop in the past 24 hours is the token’s rejection of the minor resistance level at $0.53.

XRP had struggled around this level since Friday, testing it several times before eventually capitulating.

Given its psychological importance, holders will now be watching the $0.50 level closely.

XRP hasn’t closed below $0.50 since October – and if the token were to drop below this level, it could open the door for a steeper decline towards $0.47.

Notably, CoinMarketCap data shows that spot trading volume for XRP is actually up a whopping 94% in the past day.

This could be because short-term traders are looking to capitalize on the bearish pressure and take intra-day positions.

Whale Selling & Regulatory Woes Deepen XRP’s Bearish Outlook

Adding to the negative sentiment around XRP is the growing concerns about increased selling activity from “crypto whales.”

Data shows a noticeable decrease in reserves held by wallets with 100 million to 1 billion XRP tokens, alongside increased holdings by entities above 1 billion tokens – likely to be crypto exchanges.

This suggests that high-net-worth investors may be looking to offload their XRP holdings, usually viewed as a bearish signal.

Moreover, market pundits see little chance of a spot XRP ETF being approved anytime soon, given the ongoing SEC lawsuit.

Without an ETF to drive fresh institutional demand, XRP will likely continue underperforming relative to Bitcoin and Ethereum.

For this reason, retail investors have been selling off their holdings this week – and there doesn’t look to be any buying interest to absorb this pressure.

Trending Bitcoin Minetrix Defies Market Gloom & Nears $10m Funding Milestone

As negative sentiment swirls around XRP, some traders are shifting their attention to more promising opportunities in the market.

One new token that has generated enormous buzz is Bitcoin Minetrix (BTCMTX), currently in its presale phase.

Bitcoin Minetrix offers a groundbreaking “Stake-to-Mine” platform that allows holders to earn BTC rewards just for owning and staking the native BTCMTX token.

Built on Ethereum, Bitcoin Minetrix essentially offers two potential passive income streams for token holders.

At the time of writing, staking yields for BTCMTX are set at 67% per year – far higher than the industry average.

Over 625 million BTCMTX tokens have been staked already, showcasing the enormous interest from crypto investors worldwide.

This interest has also led to more than $9.9 million in presale funding being raised in just four months.

Once Bitcoin Minetrix’s presale ends, the development team plans to list BTCMTX on several exchanges to provide broader access to the token.

Given the uniqueness of the Stake-to-Mine protocol, many early community members believe there could be a wave of demand for BTCMTX tokens.

YouTuber Jacob Bury even described it as “the best crypto to buy now.”

While XRP struggles and looks headed for further downside, Bitcoin Minetrix could be a viable alternative for investors seeking innovative projects with solid use cases.

Visit Bitcoin Minetrix Presale

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