Major cryptocurrencies are registering steep losses as a perfect storm led by worsening inflation levels, SEC’s hawkish stance and struggling equities has turned the market sentiment distinctly bearish.
The global crypto market cap plummeted by 2% over the past day, with even Bitcoin showing strong volatility as it fell to the $28,600 price level.
XRP is also seeing a major sell-off as the token has fallen below the $0.6 price mark. Investors believe that the token will continue to retrace its post-win bull rally, especially with the SEC seeking to appeal Ripple’s landmark victory.
On the other hand, the demand for high-utility presale tokens is on the rise. The Launchpad XYZ ($LPX) token is emerging as an alternative investment to XRP, having already raised $1.3 million in its presale.
XRP Plummets Despite Ripple’s Strong Opposition Against An SEC Appeal
The XRP market capitalization has fallen below the $31 billion mark after the token corrected over 2% in the daily time frame, bringing its cumulative loss to over 6% over the past week.
XRP saw a remarkable, bullish surge after it was granted a non-security status in Ripple’s watershed victory against the SEC. District Judge Analisa Torres ruled that the programmatic and individual sales of XRP tokens did not meet the Howey criteria and thus did not violate the Securities Act.
Following the historic win, the token traded as high as $0.85, with a market capitalization of over $43 billion.
However, with the ruling now in danger of an SEC appeal, the token has plunged over 21% in the past month to trade at just $0.58.
Last week, the SEC requested an interlocutory appeal against Torres’ ruling and asked for a stay on all court proceedings. In response, Ripple lawyers have filed a strong opposition to any such appeal, stating that the SEC has no substantial ground for such a request.
Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, who are individual defendants in the case, have also separately filed their opposition.
Nevertheless, investor confidence in XRP appears to have shaken, especially since another District Judge Jed Rakoff sided with the SEC and rejected Torres’ Howey analysis in regards to XRP.
TradingView reflects this pessimistic view of investors, giving it a Sell signal in the daily time frame. The token is underperforming most of the important moving average indicators and is at risk of falling below its 100-day Exponential Moving Average at $0.577.
XRP is also bearing the brunt of the worsening macroeconomic outlook. The FOMC minutes released by the US Fed on Wednesday highlighted the need for more interest rate hikes, a scenario that could be extremely bearish for the crypto market.
In response to this news, equities like S&P 500 and NASDAQ-100 turned red, which led to further selling pressure on the crypto market and altcoins like XRP.
However, while XRP and other major altcoins struggle, some new tokens continue to grow despite the bearish market conditions. One example is the Launchpad XYZ project, which is currently offering its $LPX token on presale and has gained a lot of attention from investors.
Launchpad XYZ Sees Surging Demand Despite Bear Market – $LPX Token Presale Nears $1.5 Million
Launchpad XYZ is a comprehensive all-in-one platform designed to meet the diverse needs of crypto traders and investors, empowering them for resounding success within the Web3 landscape.
The platform is offering a suite of powerful products that will help its users navigate the complexities of the market.
For example, investors are often unaware of high-potential gems like Pepe and FLOKI until it’s too late. To help solve this issue, the Launchpad Quotient ranks a diverse set of crypto assets across 400 data points, ensuring that investors do not miss out on the next big coin.
Traders can also gain a competitive advantage through Launchpad’s Trading Edge platform. Similar to leading investment analysis platforms like AltIndex, it helps traders make real-time informed decisions with the help of sentiment analysis, the latest news and important market insights.
However, unlike other platforms, Launchpad XYZ also offers its own Terminal trading engine, so pro traders can execute their trades at a blazing-fast speed.
This all-in-one portal claims to bring “all of Web3 in one place”, offering its own Web3 wallet, a decentralized exchange, an NFT marketplace, fractionalized assets, etc.
Investors have been quick to recognize the potential of this project, as its native $LPX token has already raised over $1.3 million in the presale. There’s now just $200,000 to go before the next stage price increase.
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