The price of Ripple (XRP) fell below the important psychological level of $0.60 on Tuesday for the first time in almost 10 days.

The altcoin posted a second straight day of losses as much debate continues over Coinbase’s legal loss against the US Securities and Exchange Commission (SEC).

In contrast, Ripple released only half of the expected one billion, or 500 million XRP, from escrow this month, which is surprising.

Is this a one-off action, or part of a new strategy? Will Ripple Rise This Month?

SEC’s Legal Battle With Coinbase and Ripple Intensifies

The legal battles between the SEC, Coinbase, and Ripple have become increasingly intertwined, with the future status of XRP as a security or non-security at the center.

Coinbase’s defense relied heavily on an earlier ruling by Judge Torres in the case against Ripple, which ruled that XRP was not a security when sold on exchanges. This ruling, which was initially seen as a victory for Ripple, has now come under fire following another judge’s decision to deny Coinbase’s request to dismiss the lawsuit.

The SEC accuses Coinbase of acting as an unregistered intermediary in the sale of US securities through its staking program, through which investors earned interest on their crypto tokens. This has direct implications for Ripple, as the outcome of the case against Coinbase depends heavily on XRP’s classification as a security.

Ripple’s Half Escrow Issuance: A New Strategy?

In a recent development, Ripple released 500 million XRP from its escrow, sparking discussions throughout the cryptocurrency sphere. This release, which took place in April, has not only sparked curiosity but also fueled speculation about potential future token batches.

According to data from Whale Alert, the last escrow execution took place today at 02:51 (UTC) for April, unleashing 500 million XRP worth an impressive $314.87 million. However, the remaining 500 million XRP tokens are still being held back.

Despite the release, the Ripple address that received the tokens has not yet distributed or sold them, and retains a balance of 500 million XRP. With this move, the escrow balance now stands at 4.5 billion XRP tokens, with the next execution scheduled for May 1.

Initially, Ripple had announced that it would lock 55 billion XRP in escrow, with the intention of releasing $1 billion worth of coins every month. This strategic move was intended to regulate the token’s market dynamics.

While Ripple typically releases 1 billion XRP per month from escrow, there have been anomalies. In the previous month, Ripple only released 500 million XRP and held 800 million due to a technical glitch. Likewise, February saw the initial release of 800 million XRP, which was later completed to meet the 1 billion quota.

So the question is whether Ripple will release the rest of the tokens later this month.

Technical analysis XRP

Ripple is trading sideways within a tight range between $0.5670 and $0.6686, two levels that act as key support and resistance respectively for XRP on the daily chart.

The latest decline appears to have some momentum as both the red bars move below the neutral line on the Awesome Oscillator (AO) and the Relative Strength Index (RSI) below the 50 center line, supporting the bearish thesis.

XRP price could sweep support at $0.5386, a significant support level on the daily chart, and gather liquidity before attempting a recovery to test resistance at $0.6686.

A daily candlestick close below the $0.60 level could also trigger a run to the January 31 low of $0.4853.

This dynamic puts Ripple at a crossroads, where both optimistic and cautious perspectives should be considered when considering whether XRP can rise. Besides XRP, there are also other emerging cryptos that are important to keep an eye on, especially those that are still in the presale phase.

5th Scape (5SCAPE)

An important event the emergence of 5th Scape, an advanced token that is gaining increasing appeal among traders, especially those inclined to gaming. This company aims to connect Virtual Reality (VR) and cryptocurrencies within a complex environment to use both technologies effectively.

Recently, the team shared their grand plans to build a series of virtual reality games. They will also provide VR headsets and AR gaming chairs. The debut of this project’s opening game, scheduled for release in the second quarter of 2024, is highly anticipated.

As for the 5th Scape environment, all transactions within the system can be performed using the 5SCAPE token, its native currency. Users who choose to pay with this token can receive significant discounts as an incentive. Furthermore, there is an opportunity for investors interested in earning passive income by staking the 5SCAPE tokens.

The 5SCAPE presale recently started, and more than $3.5 million has already been raised. The tokens are currently priced at $0.00248, but this price is expected to rise to $0.00285 once the presale reaches the next stage. Ultimately, the goal is to list the tokens at $0.01.

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Slothana (SLOTH)

Slothana (SLOTH) is a new memecoin that started selling in presale last week; they have already been able to raise $5.8 million. The sloth living on Solana is tired of the daily 9 to 5 life and wants to dabble in crypto for a different form of earning among Solana fans.

Due to its well-known slogan and an upcoming crypto airdrop after the coin’s release, SLOTH has gained immense popularity. Slothana plans to raise the meme currency to a market cap of $420 million, which could be a high potential return for those who invested early.

SLOTH is available in presale for one SOL and can be exchanged for 10,000 tokens; therefore, a single SLOTH will cost you approximately $0.18 each. The end of the presale will come very soon, and once this is over, the token will be launched on the first exchange, potentially increasing its value significantly.

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Bitcoin Minetrix (BTC.MTX)

There is a project worth waiting for Bitcoin’s halving called Bitcoin Minetrix (BTCMTX). This project has redefined crypto mining and made it more feasible with a Stake-to-Mine mechanism; this ensures that you can mine Bitcoin in the cloud.

To generate passive income by staking BTCMTX, you will receive tokens and mining credits that can be used to mine BTC via the cloud. This entire flow is guided by an intuitive interface that makes Bitcoin mining simple and further decentralized.

This project has now generated over $12.8 million in initial funding, and BCMTX is currently on pre-sale for just $0.014r. The goal is to quickly reach and then exceed the hard limit of $15 million dollars, after which the BTCMTX token will be launched on its first exchange. Shortly afterwards, the mining protocol will go live and you will be able to mine BTC via cloud mining using your BTCMTX stake as a participation ticket.

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Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.

Source: https://bitcoinmagazine.nl/nieuws/xrp-onderuit-na-ontwikkeling-rechtszaak-gaat-ripple-stijgen

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