The cryptocurrency market continues to weather sustained bearish pressure, with the global market cap shrinking by nearly 1% in the past 24 hours.
Bitcoin is one of the many coins struggling and looks to be heading back to the $29,000 level.
Meanwhile, XRP's price has fallen by 10% in the past week as the threat of an SEC appeal looms.
Despite the negative outlook of most in the market, several new penny cryptocurrencies are showcasing bullish momentum – hinting that they may be poised for a fruitful few months ahead.
XRP Plummets as SEC Appeal Becomes Increasingly Likely
XRP's post-win momentum looks to have stalled, as the token is now in the grips of sustained bearish momentum.
The token has fallen to the $0.708 level – a 10% drop in the past seven days.
This drop has surprised many, given that XRP received a significant boost after Ripple's historic win against the US SEC when District Judge Analisa Torres ruled that XRP is not a security.
Following the landmark ruling, many Tier-1 crypto exchanges, such as Coinbase and Gemini, relisted the token on their platform.
However, experts now believe that the chance of a formal appeal by the SEC is exceptionally high.
In a court filing in the ongoing case against Terraform Labs, SEC lawyers stated that Judge Torres’ ruling was wrong and that the SEC will likely file for a review.
As SEC chairman Gary Gensler pointed out, the top financial watchdog also scored a partial win when Judge Torres ruled that Ripple's institutional sale of XRP tokens violated the Securities Act.
XRP proponents remain bullish on the token, with pro-XRP lawyer John E Deaton confident that Torres’ decision will not be overruled.
Crypto Analysts Weigh In on XRP’s Next Move
Given the volatility around XRP’s market position, analysts and market commentators have been having their say on where the token’s price could go next.
Popular Twitter analyst DefendDark is confident that XRP will hold on to the support at $0.71 and stated he thinks it could later breach the $1 mark.
Leading YouTuber, Blockchain Backer, also released a video breakdown of $XRP’s recent price movements, speculating that the token could head to the $0.98 region in its next upwards leg.
Moreover, some XRP backers are even lobbying Elon Musk to support XRP.
Now that Musk has rebranded Twitter to “X,” supporters are asking him to integrate XRP into its architecture.
Although there’s no solid movement on this front, such an integration would likely boost the token significantly – potentially helping it push toward the $1 mark.
With so much volatility and uncertainty it’s no surprise that some crypto-hungry investors are on the hunt for the next altcoin that could explode.
Which Penny Cryptocurrencies Look Poised for Growth?
With the crypto market bearish and $XRP’s price remaining volatile, investors are turning to the penny crypto space in search of sizable gains.
Three new penny cryptocurrencies gaining exceptional momentum in recent weeks are BTC20, Wall Street Memes, and yPredict – all of which have raised millions of dollars in their respective presales.
New PoS Token BTC20 Aims to Replicate Bitcoin’s Success as Presale Hits $3.8M
First up is BTC20 ($BTC20) – a brand-new ERC-20 token that aims to pay homage to Bitcoin’s legacy.
The token is priced at just $1, representing a time in April 2011 when Bitcoin traded at the same price.
BTC20 offers a similar tokenomics setup to BTC, as it will also have a capped 21 million token supply – with 6.05 million of these tokens available in the ongoing presale.
The remaining 14.95 million tokens will be locked in a staking contract, enabling $BTC20 holders to earn passive income through the innovative stake-to-earn mechanism.
Moreover, since it’s an ERC-20 token, $BTC20 uses a Proof-of-Stake (PoS) consensus mechanism and is, therefore, a greener alternative to BTC, thanks to its reduced energy requirements.
Investors looking to acquire this “new Bitcoin” can swap ETH, BNB, or USDT tokens in exchange for it during the presale – although with over half of the presale allocation already snapped up, the window to do so may be closing fast.
Visit BTC20 Presale
Hottest Meme Coin Wall Street Memes Hits $18M Mark in Presale – Is This The Next Pepe Coin?
While new meme coins enter the market every day, few have been able to generate the same level of momentum as Wall Street Memes ($WSM).
$WSM has already raised $18.2 million in its ongoing presale, showcasing the incredible level of early investor demand.
The token’s performance is not surprising, considering the strength of its online community.
Born out of the historic GameStop short-squeeze, the Wall Street Memes community has become a hub for trading-related discussions and now boasts over 1.1 million members.
The group farms over 40 million impressions on social media monthly – and even tech billionaire Elon Musk has interacted with the Wall Street Memes Twitter account.
The team behind Wall Street Memes also has strong expertise in the Web3 space, given that their popular Wall St Bulls NFT collection sold out in just 32 minutes back in 2021.
With 50% of the token supply up for grabs in the presale and another 30% set aside for community rewards, investors have an enticing opportunity to get in early and acquire $WSM tokens for just $0.0325.
Visit Wall Street Memes Presale
New AI-Powered yPredict Token Creates Frenzy, Token Raises $3.1M in Presale
The demand for AI-based crypto projects is rising, with the yPredict ($YPRED) platform emerging as an exciting contender in the space.
This all-in-one ecosystem offers predictive trading and a wide range of powerful products to help its users gain a competitive edge in the market.
Investors have quickly recognized its potential, as the $YPRED token has already hit the $3.1 million milestone in the ongoing presale.
All $YPRED holders will have lifetime access to the Market Predictions platform, which consists of accurate price predictions for thousands of crypto assets and securities.
According to yPredict’s whitepaper, traders can also use sentiment analysis, transaction data analysis, and cutting-edge pattern recognition algorithms to make informed market decisions.
Traders can even subscribe to highly accurate predictive models from AI/ML experts through the yPredict Marketplace platform.
$YPRED holders are eligible for exciting discounts on various yPredict services and a whopping 45% quarterly staking reward.
Investors can purchase $YPRED through the ongoing presale using a bank card or by swapping ETH, USDT, or MATIC tokens.
However, with the presale in its penultimate stage, investors only have a short time to take advantage of the discounted $YPRED price of $0.1.
John Ravenporton is a writer for many popular online publications. John is now our chief editor at DailyTechFeed. John specializes in Crypto, Software, Computer and Tech related articles.