Optimism (OP) is once again entering troubled waters as an attempt at consolidation above the 20DMA seems destined to fail, leading some disillusioned holders questioning whether Optimism Token is going to zero.
The precarious price drop comes following a strong month of recovery for Optimism, which seemed to be building strong footing above the ascendant 20DMA as OP mounted a +43.25% push across July.
OP Price Analysis: Is Optimism Token Going to Zero?
Following the loss of support from the 20DMA, Optimism is ranging low in the trading channel at a current price of $1.51 (a 24-hour change of -1.11%).
OP has so far bled-out almost -6% since losing the support from the 20DMA on August 9, with the moving average now forming a capstone of resistance that demarks a clear level to watch at $1.60.
Lower support levels remain limited here as price seems to determined to push lower, the previous two times OP has lost 20DMA support price action push down to test support from the lower trendline – suggesting downside could dominate OP’s near future.
However, OP’s indicators provide some reasons for optimism, with the RSI (45.53) cooled-off significantly since dropping below the 20DMA suggesting consolidation could build the footing to push up again.
Yet, this is contrasted by the MACD at -0.027, which suggests a return to the lower trendline isn’t off the cards.
With price in a precarious position, Optimism’s risk: reward ratio is dominated by the capstone of resistance form the 20DMA which limits upside potential in the short-time frame to $1.60 (+5.9%).
On the other hand, with Optimism facing a return to the lower trendline downside risk is high with a visit to $1.20 to be anticipated (-20.58%).
This leaves OP with a pitiful risk: reward ratio of 0.29, a terrible entry dominated by downside risk, but while Optimism is struggling another crypto project is captivating markets with an alluring promise of staking for XRP.
XRP20 Launches +192% APY Staking; Presale Surges to +$3.45m
XRP20, a ground-breaking Ethereum-compliant ERC20 token, is capturing the crypto world’s attention with its philosophy and tokenomics inspired by Ripple (XRP) but innovatively tailored for the retail markets.
With an impressive surge of over $3.45m raised, it’s time to dive into the unique features of XRP20.
XRP20 is not just another ‘2.0 version’ trend, it’s an avant-garde project that offers new utility in the XRP space, including staking designed to reward token holders generously.
It’s also garnering interest in the wider crypto community due to its promise of passive income from staking and capital appreciation potential that could rival the original XRP.
Indeed, the original XRP has long been limited by the lack of a lucrative staking mechanism that rewards long-term holders for their commitment and dedication to the project.
This is where things change with XRP20 – as from today (August 14) XRP20 is now live offering holders the chance to double their stacks and grow their portfolios.
With the staking APY reportedly standing at a jaw-dropping +192% – staking has never been better, and holders are flocking in with more than 10% of initial supply already staked.
XRP20 Takes Post-Ripple Community By Storm: Why Is XRP20 Presale Trending?
Price Comparison and Potential Gains: XRP20’s current price is $0.000092, 30 times less than XRP’s all-time low, with XRP’s historical price increase of 137,000%, XRP20 could offer astronomical gains of up to 6,629x if it climbs to match the current XRP price.
Strong Case in a Shifting Legal Landscape: XRP’s partial victory over the US Securities and Exchange Commission and predictions of a possible price fall for XRP further underscore the appeal of XRP20.
Deflationary and Decentralized: Unlike XRP, XRP20 introduces a 0.1% burn mechanism on transactions and a plan to remove 10% of the total token supply over time. This scarcity model adds to XRP20’s allure.
XRP20 and the XRP Army: While XRP20 is not affiliated with Ripple Labs or XRP, it’s aimed at the massive and loyal XRP Army and those looking for fresh opportunities in crypto. Its decentralized nature and the benefits of the Ethereum blockchain set it apart from Ripple’s centralized control, and with the addition of staking the case is clear.
Trending Higher Than XRP: Search term ‘XRP20’ is trending on Google, even outperforming ‘XRP’ in the finance category in the United States and leveling with XRP in South Korea.
Join the XRP20 presale and partake in what could be a gigantic price uplift, with more than $1.79m already raised and a hard cap of $3.68m, the presale is likely to accelerate further.
To buy XRP20, head to XRP20, connect your wallet, and complete your purchase with Ethereum or USDT.
Stay connected on Twitter and Telegram for the latest updates.
Buy XRP20 Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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