Ripple’s payments-friendly $XRP coin has surged 31% on last week and 11.8% overnight to outperform the market leaders Bitcoin ($BTC) and Ethereum ($ETH).
Bitcoin is up 8% from last week to trade at $97,542, while Ethereum rose 13% to $3,467.
$XRP’s price pump today is driven by an announcement that Ripple’s XRP ledger is taking its first steps into the area of real-world asset (RWA) tokenization. RWA tokenization is the process of bringing traditional financial (TradFi) assets on-chain.
Alongside stablecoins, RWA tokenization is likely to be the biggest use-case for the technology among TradFi firms.
That said, $XRP has been pumping all week and many are bullish about it, including crypto educator Steve Courtney who tweets under the handle @CryptoCrewU. Courtney on Saturday tweeted that we could see a breakout in the coming months looks similar to that of 2013-2017.
Perhaps “breakout” is a fitting term, because $XRP’s upward momentum this month is like nothing the coin has seen in the last 365 days. In fact, Ripple has been rallying pretty consistently for the last fortnight, leading to gains of 147% for holders.
To put that in context: at $XRP’s current price of $1.44 it is only about 132% higher than it was one year ago. So, people who bought the coin fourteen days ago have profited more than people who bought it a whole year ago.
That said, $XRP has spent much of November so far in overbought territory. Today, $XRP’s relative strength (RSI) index is 55 and rising, which means buying momentum has picked up again in the hours following the RWA tokenization announcement.
Source: TradingView
Ultimately, this signals a probable correction in the short-term, meaning $XRP’s rally will fizzle soon and the coin may even crash as holders cash out on their outsized gains.
Traders Diversify Ripple ($XRP) Holdings With Catslap
Ripple’s $XRP has always been a relatively strong coin to invest in from a technological perspective. However, legal troubles with the US Securities and Exchange Commission (SEC) since 2020 have given holders a rough ride.
Ripple shrugged off the worst of its legal troubles thanks to a landmark ruling in July 2023 by Judge Analisa Torres, who said sales of XRP to the public do not necessarily constitute securities sales. However, sales to institutions could constitute securities infractions under the Howey test.
While the whole industry stands behind Ripple, and the SEC is not likely to get its desired outcome, prudent investors keep a diverse crypto portfolio.
Recently, they’ve been snapping up a brand new Ethereum meme coin has launched directly to DEXs called Catslap ($SLAP).
It debuted on Uniswap last week. Within 24 hours it had blown up over 1,500% as investors bundled in, intrigued by the project’s tap-to-slap mini game.
The game is on Catslap’s official website, where players click (or tap) the screen in order to animate a gif of the viral slapping cat.
The game logs each by country and distributes rewards to the nation at the top of the leaderboard.
Somehow, the project’s X account already boasts almost 10,000 followers in only a few days of trading.
Catslap has a maximum supply of 9 billion, with 50% going towards liquidity, 20% to staking—where investors can earn 40% for locking up their tokens, 10% to community rewards, 10% to development, and 10% to its team (with this latter 10% vested for ten years).
Find Catslap it either via Uniswap or directly via the official website, where 1 SLAP is $0.00512911.
The website urges investors to “buy and stake $SLAP before major announcement!” along with a timer displaying nine days left.
The post $XRP Breaks Out of 10-year Symmetrical Triangle Pattern With 30% Weekly Gains, Is This Low Cap Cat Meme Coin Next To Pump? appeared first on Cryptonews.
