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News Junction > Blog > Cryptocurrency > What Will Happen With XRP If Bitcoin Price Drops under $40K
What Will Happen With XRP If Bitcoin Price Drops under K
Cryptocurrency

What Will Happen With XRP If Bitcoin Price Drops under $40K

Published January 22, 2024
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Contents
Ride The Wave Of Innovation With ScapesManiaRipple (XRP) Faces Critical Market ChallengesConclusion

The cryptocurrency market is witnessing a downturn, with Bitcoin dropping to its lowest level since the U.S. approved several Bitcoin ETFs. This decline contrasts sharply with last year’s 160% surge in BTC value, driven by optimism around these ETFs. BlackRock Inc.’s and Fidelity Investments’ Bitcoin ETFs have seen significant inflows, indicating growing investor interest.

If the Bitcoin (BTC) price falls below $40,000, it could impact the entire crypto market, including  Ripple (XRP). The price movements of BTC often influence other cryptocurrencies, and a substantial drop could reduce investor confidence, potentially affecting the Ripple (XRP) value. However, the unique challenges and technological aspects of Ripple (XRP) mean its response to the fluctuations of Bitcoin (BTC) could vary based on multiple factors.

Ride The Wave Of Innovation With ScapesMania

As the ScapesMania presale nears its completion in February, the team is working hard to secure a quick listing on tier-1 exchange platforms. There is a good probability that the token’s value will increase exponentially after the listing.

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The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.

Moreover, the token’s utility is impressive. It’s not another meme coin whose success relies heavily on trends and hype. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. 

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As the presale is wrapping up, you need to act fast and grab your discounted tokens now! The countdown is on – don’t let this chance pass you by.

Presale is Live Now – Join Now for a Chance to Benefit with MANIA

ScapesMania, a player in the $376 billion gaming industry, leverages the market’s growth potential. Post-exchange debut, holders can anticipate greater liquidity and easier trading.

The community’s excitement about the project is evident so far, with $4,500,000+ raised to date from crowd/retail contributions alone. Notably, the fundraising amount is growing by $50,000+ daily and the follower count has reached 60K+ and showcases a weekly growth of 12%.

The growing interest from crypto whales with checks of $20,000+ might expedite ScapesMania’s transition from niche to mainstream.

ScapesMania’s smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry.

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Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out.

Make sure you don’t pass up the opportunity to get the early bird discount as the presale nears its end. Be quick if you want to get your hands on those lucrative tokens before they’re all gone.

Presale Closing Soon – Seize Opportunities Now!

Ripple (XRP) Faces Critical Market Challenges

Ripple (XRP) price has dropped by approximately 10% in January, primarily due to profit-booking by investors and a broader bearish sentiment in the cryptocurrency market. A key factor contributing to this decline is the formation of a bearish pattern, specifically a descending triangle, which was resolved on January 3 with the price dropping to its lowest level since October 19, 2023.

The Moving Average Convergence Divergence (MACD) indicator suggests that market conditions still favor the downside. If the sell-off continues, Ripple (XRP) could see a further decline, potentially reaching a bearish target of around $0.4971, a 19% drop from current levels.

Data from research firm Santiment indicates that Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are currently exhibiting historically high-risk profit levels. This suggests that holders are booking profits on recent rallies due to uncertainties in the market. However, there is still potential for recovery in Ripple (XRP) price, particularly with more exposure from ETFs and other positive news.

The recent approval of several spot Bitcoin ETFs in the United States had sparked hopes for other cryptocurrencies, including Ripple (XRP). However, BlackRock, the world’s largest asset manager, has reportedly stated that it has no plans to launch a spot XRP ETF. This news has contributed to the bearish sentiment in the Ripple (XRP) market.

Considering the current technical analysis, market sentiment, and the lack of prospects for an XRP ETF, Ripple (XRP) price is likely to face further challenges in the short term. The critical support levels around $0.5619 will play a significant role in determining its future price movement. If these levels hold, Ripple (XRP) might stabilize or potentially rebound. However, if the support is breached, a further decline is likely, with the possibility of falling to lower levels such as $0.3857.

Conclusion

The cryptocurrency market, particularly Bitcoin (BTC) and Ripple (XRP), is currently in a downturn. The recent drop of Bitcoin (BTC) to its lowest level since the approval of several ETFs marks a significant shift from last year’s optimistic surge. This decline in Bitcoin (BTC) could have a broader impact on the crypto market, including Ripple (XRP). The Ripple (XRP) price has already fallen by about 10% in January, influenced by bearish market sentiment and technical patterns indicating further potential declines. The lack of plans for a spot XRP ETF by major asset managers like BlackRock adds to the bearish outlook for Ripple (XRP). The future of Ripple (XRP) price hinges on critical support levels; if these hold, there might be a chance for stabilization or recovery, but if they fail, further declines are likely.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

#Happen #XRP #Bitcoin #Price #Drops #40K

TAGGED:40KBitcoinDropshappenpriceXRP
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