In the cryptocurrency space, investors are always searching for new opportunities that offer promising returns. This is because the market is volatile and even top currencies like Ripple (XRP) do witness price drops.
That has been the case with Ripple (XRP) in recent times. Meanwhile, investors are flocking to a new project, Sparklo (SPRK), after Ripple (XRP) went bearish this week.
Ripple (XRP) Price Plummets To $0.45
Following a consistent rise last week, Ripple (XRP) has encountered resistance from sellers around the $0.538 mark. The price peaked at around $0.5382 before beginning a new descent, similar to the trends observed in Bitcoin and Ethereum.
The price of Ripple (XRP) plummeted below key support levels of $0.520 and $0.500, with a further drop below $0.450 and a test of $0.440. Ripple appears to be more bearish than the broader crypto market because of the uncertainty over the SEC Case.
Currently, the price is consolidating losses and trading below the 100 simple moving average (4 hours) and below $0.500. The immediate resistance for Ripple (XRP) is the $0.490 mark or the 50% Fibonacci retracement level between the high of $0.5382 and the low of $0.4403.
A breakthrough above the $0.490 and $0.500 resistance levels could propel the price toward $0.5252, with additional gains potentially leading to the $0.5380 range.
Should Ripple (XRP) fail to surpass the $0.490 resistance area, the price may decline further. The initial support on the downside can be found around the $0.452 mark, followed by the next significant support at $0.440. However, the primary support level is at $0.400. If the price drops below this level and stays there, Ripple’s (XRP) price could continue to drop.
Why You Should Not Miss In Sparklo (SPRK)
Sparklo (SPRK) is developing the world’s first decentralized platform for trading precious metals and that is why it has garnered so much attention from investors and analysts while in presale. Thanks to its new investment opportunity, practical use cases, and potential for long-term growth, the project is projected to lead both the crypto and metal markets for years to come.
Sparklo’s goal is to eliminate common obstacles in traditional metal trading platforms, such as high transaction fees and high costs of investment. Making precious metals like gold, silver, and platinum available to everyone at no extra cost means the adoption of Sparklo (SPRK) could rise as it launches.
Investors anticipate a potential increase of 5,000x for Sparklo by the end of Q4 2023, given the lucrative nature of the rare metals industry. Meanwhile, experienced investors recognize that the presale phase is an opportune time to invest in a project and reap long-term benefits.
Sparklo (SPRK) is at the first stage of its token presale and the token goes for $0.015 apiece. This is a good opportunity for investors to jump in before all the tokens are bought. Besides, only 60% of the total token 1 billion supply is available for the presale stage.
Find out more about the Sparklo presale:
Website: https://sparklo.finance
Presale: https://invest.sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance
Source: https://www.cryptopolitan.com/investors-move-towards-sparklo-sprk-as-ripple-xrp-sentiment-turns-bearish/