Ripple’s USDC Surpasses XRP in Market Cap
USD Coin (USDC), a stablecoin pegged to the US dollar, has surpassed Ripple’s XRP in terms of market capitalization. Currently, USDC holds the fifth position with a market cap of around $26.15 billion, while XRP stands at sixth with approximately $25.95 billion.
This shift in dominance occurred after XRP experienced a price decline due to concerns about potential digital asset sales from FTX, a failed and bankrupt crypto exchange. Although other sectors of the market have recovered, XRP continues to struggle in the mid-$0.48s.
XRP’s downtrend began after a spike in value following Ripple’s partial victory over the SEC regarding their alleged unregistered securities sales. On the other hand, USDC’s market cap has also been decreasing since reaching a record high of $56 billion in June 2022.
The decline in USDC’s market cap was accelerated by fears of under-collateralization during a mini banking crisis in March. Despite these fluctuations, the competition between USDC and XRP continues.
Price Prediction โ What Happens Next for XRP (XRP)?
XRP has managed to recover slightly from its recent lows but remains within a downtrend since July. To confirm a break in this trend, XRP would need to surpass its 21-day and 200-day moving averages, which have acted as strong resistance levels since August.
If this occurs, there could be short-term relief for XRP and an opportunity for it to move towards resistance in the mid-$0.50s. However, the future performance of XRP will heavily depend on news related to the ongoing Ripple/SEC lawsuit.
A district judge previously ruled that XRP may not necessarily be classified as a security, but the SEC has filed an appeal challenging this decision. Ripple’s President, Monico Long, has expressed determination to continue fighting the SEC.
Despite the legal battle, many believe that momentum is in Ripple’s favor, suggesting a positive outlook for XRP as the SEC’s efforts to classify it as a security weaken.
Wall Street Memes Launches $WSM Meme Coin Token
Wall Street Memes, an influential retail investing community with over 1 million followers across various social media platforms, is expanding its reach into the cryptocurrency market with the launch of its meme coin token called $WSM.
The presale of $WSM has been highly successful, raising over $25 million and receiving support from numerous crypto industry influencers and analysts. With less than 14 days remaining in the presale, investors are urged to get involved before it concludes.
$WSM aims to rival popular meme coins such as Pepe Coin, Dogecoin, and Shiba Inu. Don’t miss out on the opportunity to invest in this token.
Hot Take: Wall Street Memes Enters Crypto Market with $WSM Meme Coin
Wall Street Memes, known for its influence in retail investing, is making a splash in the cryptocurrency world by introducing its own meme coin token called $WSM. The presale of $WSM has been incredibly successful, raising over $25 million and attracting support from industry influencers and analysts.
This move signifies Wall Street Memes’ desire to become “the king of crypto” alongside its title as “the king of stonks.” With less than 14 days left in the presale, investors have limited time to participate and potentially benefit from the success of $WSM.
If you’re looking to invest in a token that could rival the popularity of Pepe Coin, Dogecoin, and Shiba Inu, now is the time to buy $WSM.
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