XRP Plunges As Crypto Market Slumps
XRP has started September on a bearish note after posting a 3.6% decline in the last 24 hours. It has erased most of the gains made earlier this week, down by 27% over the past month. The overall bearish momentum has triggered selling activity for XRP. Despite the price decline, XRP’s trading volumes have jumped 37% over the last 24 hours, currently trading at $0.505.
XRP Poised For Further Downtrend
XRP will likely decline in the short term. The bears now have control of the market, making a more significant case for a bearish pattern. XRP is poised to test key resistance at $0.49 before dropping to $0.485. If the trend continues, the price will drop lower to hit $0.443, creating a three-month low. XRP needs to hold prices above $0.50 to prevent drastic price declines.
SEC Delayed Decision on Bitcoin ETFs Triggers XRP’s Decline
The decline in XRP’s price is attributed to the US Securities and Exchange Commission (SEC) delaying its decision on spot Bitcoin ETFs. XRP had previously benefitted from favorable court rulings but the recent delay has reversed the gains made after a US court ruled favorably on Grayscale’s ETF application. XRP’s decline is in response to the uncertain regulatory environment.
Sonik Coin Presale Nears $1 Million
The presale of Sonik Coin is gaining momentum, with over $925,000 raised so far. The presale will close in four days or until it reaches a hard cap of $2.09 million. Once the hard cap is achieved, Sonik Coin will be listed on the Uniswap decentralized exchange. The SONIK stake-to-earn platform is also gaining popularity, with over 32 billion SONIK tokens staked into the contract.
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