The XRP (XRP) price continues to languish to the south of its 21DMA near $0.50, not helped by the news that Binance will discontinue support for the use of XRP as a margin asset for trading, with traders asking whether now might be the time to sell XRP.
Binance users will now no longer be able to use XRP in as margin in the Multi-Assets Mode.
Binance Futures will discontinue support for #XRP and TUSD as a margin asset in the Multi-Assets Mode. MAM lets you use your different stablecoins (namely USDT/USDC) together as margin for your trades. Curious.https://t.co/576ViYLhfK
— WrathofKahneman (@WKahneman) May 14, 2024
The stablecoin TUSD was also discontinued as a margin asset. Binance didn’t give any explanation as to why they removed these assets.
But when the world’s largest cryptocurrency exchange and trading venue removes support for a crypto as a margin asset, that’s a blow to its utility.
The XRP price was flat on the day, suggesting traders don’t seem overly concerned.
But Binance’s move could reinforce the cryptocurrency’s bearish trend that has been in play since March highs.
Near-term XRP price predictions remain bearish. Here’s why some chart analysts think it might be time to sell XRP.
XRP Price Prediction – Time to Sell XRP?
The XRP price has been consolidating between the upper-$0.40s and $0.56 level in recent weeks.
$0.56 is a key resistance zone, where support from March/early-April, the 50 and 100DMA and previously also the downtrend from the March highs all coincided.
XRP’s two failures to break above $0.56 in recent weeks is a sign bears remain in control of the market.
Chart analysis suggests a retest of April lows around $0.4250 is likely.
The XRP price has been in a downtrend since its March highs and could soon retest April lows. Source: TradingView
That could mean a short-term 15% drop for XRP. Investors would be forgiven for considering selling their holdings.
And now might be a good time to do so. XRP has long been an underperformer versus crypto assets with a better adoption outlook like Bitcoin (BTC) or Ethereum (ETH).
XRP is only 74% up versus its recent bear market lows, and remains 84% down versus all-time highs (ATHs).
Ether is up 230% versus its 2022 lows and is down only 40% versus 2021 ATHs.
Bitcoin, meanwhile, is up nearly 300% from its 2021 lows and is only down 17% from this year’s ATHs.
XRP may be winning its lawsuit versus the SEC, but it lacks a major adoption narrative.
Bitcoin, Ether, and many other major cryptocurrencies have a much better outlook this bull market. It may be time to sell XRP.
Instead of piling all of these funds into BTC, traders looking to add some upside risk should consider meme coins.
Major meme coins like Dogecoin (DOGE) are a good bet for potential 5x gains.
For meme coin investors looking for higher upside potential, they will need to look for smaller, lesser-known meme coins.
One new crypto that the team at Cryptonews are a big fan of is fun new Sausage-dog themed meme coin Wiener AI (WAI).
XRP Alternative to Consider – Wiener AI (WAI)
comes with a suite of exciting AI trading capabilities and is currently available in presale.
As hype rapidly builds for the token’s launch, the presale has already raked in over $1.8 million.
CONGRATS!
WEENIES ARE BEING STAKED AND STACKED AT RECORD SPEED!
Get yours here: https://t.co/k7IFimoTWr
— WienerAI (@WienerDogAI) May 11, 2024
Interested investors considering joining the “Sausage army”, Wiener AI’s community, need to move quickly.
That’s because the WAI price will rise when the presale reaches $2.15 million.
Currently priced at $0.000707, investors are buying WAI at a market cap of under $50 million.
20% of the supply has been allocated to staking rewards.
As a result, presale investors are currently earning a massive 538% APY, as per the project’s official website.
Thousands of people are bringing WIENER into their lives.
Will you join them?
— WienerAI (@WienerDogAI) May 12, 2024
Wiener AI has all the makings of a coin that could reach hundreds of millions or even billions of dollars.
WAI presale investors could be set to lock in 10x or more gains.
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