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Ripple (XRP) Price Lets Down Traders Again – Should Investors Turn to Meme Kombat?
XRP is again frustrating its investors. When looking at the last 7 days of performance, XRP is the worst performer (next to BTC) among the top 10 coins globally.
The XRP price has barely moved while all other altcoins are surging, especially ADA and AVAX which are up over 40%. XRP is trading around $0.62 at press time.
Popular crypto influencer @_Crypto_Barbie, who has over 25k followers on Twitter, posted a kind of positive view towards XRP:
“XRP IS NOT MADE FOR RETAIL INVESTORS. If you are tired of the years of waiting for #XRP to moon and feel like you want to sell, then do it. It’s only made for the people who can see the bigger picture and for the ones who know exactly that it’s not made for people like you and me – it’s created for the largest financial institutions and banks out there.
Not for us. Also, it is only intended for people who are patient enough to wait for this groundbreaking utility to be deployed. Not for impatient paper hands. That’s why only a few will make it to generational wealth.”
She makes a fair point. XRP was created by Ripple specifically to facilitate fast, affordable global payments for major financial institutions and banks. It was never intended to be a coin that generates quick profits for retail crypto traders and investors.
The XRP ledger and liquidity solutions are meant to help banks save time and money on international transfers. This long-term utility is what underpins the potential value of XRP. However, it means price appreciation may be slower than other cryptos tailored more for speculation.
Crypto Barbie is saying that only investors willing to wait many years for XRP’s adoption by large banks and subsequent price impact will reap the full rewards. Impatient traders looking for short-term profits are likely to be disappointed and should look elsewhere.
XRP Technical Analysis
According to technical analysis by altFINS, a bullish breakout from an Ascending Triangle pattern and move above the 200-day moving average signaled the resumption of an uptrend in November. The XRP price spiked up to $0.73 but became overbought (RSI > 85) and pulled back on some profit-taking, forming a Bullish Flag continuation pattern.
In the Bullish Flag pattern, there is a short-term small trading range between diagonal parallel lines that runs counter to the prevailing longer-term uptrend. This often indicates a brief pause or consolidation before the previous uptrend resumes.
The Bullish Flag is considered one of the most reliable continuation patterns because it sets up an opportunity to enter an existing trend as it prepares to continue. Trades are initiated on a breakout in the direction of the prevailing trend, ideally with an increase in volume.
For XRP, the momentum indicators are mixed. The MACD line is below the signal line which is bearish, but the RSI is around 50 which is neutral.
The nearest support zones are at $0.55 (previous resistance) and $0.45. Resistance zones are seen at $0.68, then $0.92. A break above $0.68 could signal the Bullish Flag breakout and resumption of the uptrend.
Hot New Meme Token – Meme Kombat
As XRP continues its frustratingly slow price action, a new meme coin gaming project called Meme Kombat (MK) is generating substantial interest before even launching officially.
Meme Kombat combines play-to-earn innovation with the inherent viral potential of internet memes. The concept involves wagering on unpredictable AI-animated battles between meme coin mascots like Doge and Pepe. This unique gaming angle offers exciting income potential.
The outcomes of each meme battle are completely arbitrary, with characters having different randomly-assigned strengths and weaknesses each round. This encourages gamers to keep returning to try their luck.
Although not launched yet, Meme Kombat recently concluded a wildly popular presale phase that raised over $3.3 million for the project. The next step is a Uniswap listing that will mark MK’s public market debut.
Initially, eleven classic memes will compete in the meme battles. But the Meme Kombat roadmap has much bigger plans to continually evolve the game with new features, rewards, battle formats, partnerships, and more. Generating lasting player engagement is a priority.
Substantial rewards have already been set aside for presale participants, staking, liquidity incentives, and community giveaways. The team’s incentives distribution shows their commitment to enriching the community long-term.
By leveraging unpredictable AI to generate arbitrary battle outcomes on Ethereum, Meme Kombat creates betting events where not even experts know what will happen. As memes clash and brackets shift, plenty of wagering and payout opportunities should emerge for observant players.
The intersection of red-hot gaming trends with the viral nature of memes gives Meme Kombat a solid foundation if the execution matches the vision. For crypto traders frustrated with XRP’s price action, participating in MK’s launch could provide exciting exposure to a new type of meme project with built-in speculation appeal.
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