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, 2024The stablecoin TUSD was also discontinued as a margin asset. Binance didn’t explain why they removed these assets.When the world’s largest cryptocurrency exchange and trading venue removes support for a cryptocurrency as a margin asset, however, that’s a big blow to its utility.The XRP price was flat on the day, suggesting traders weren’t 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 are bearish. Here’s why some chart analysts think it might be time to sell XRP.
In recent weeks, the XRP price has been consolidating between the upper-$0.40s and $0.56 level.$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 show that bears control the market.Chart analysis suggests a retest of April lows around $0.4250 is likely, which would mean a short-term 15% drop for XRP.XRP has long been an underperformer compared to crypto assets with a better adoption outlook, such as Bitcoin (BTC) or Ethereum (ETH).XRP is only 74% up compared to its recent bear market lows and is 84% down compared to all-time highs (ATHs).In comparison, Ether is up 230% from its 2022 lows and is down only 40% from its 2021 ATHs.Bitcoin, meanwhile, is up nearly 300% from its 2021 lows and is only down 17% from this year’s ATHs.Even though XRP may be winning its lawsuit versus the SEC, it lacks a major adoption narrative.Bitcoin, Ether, and many other major cryptocurrencies have a much better outlook in this bull market.Instead of piling all of these funds into BTC, traders looking to add some upside risk may want to consider meme coins.Major meme coins like Dogecoin (DOGE) are a good bet for potential 5x gains.For meme coin investors looking for even higher upside potential, they will need to look for smaller, lesser-known meme coins.One new crypto that the team at Cryptonews is a big fan of is the fun new Sausage-dog-themed meme coin Wiener AI (WAI).
Wiener AI comes with a suite of AI trading capabilities and is currently available in presale.As the hype for the token’s launch rapidly builds, 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 pic.twitter.com/WCVGZRODer— WienerAI (@WienerDogAI) May 11, 2024Interested investors considering joining the “Sausage army,” Wiener AI’s community, need to move quickly. 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 earning a massive 538% APY, per the project’s official website.Thousands of people are bringing WIENER into their lives.Will you join them? pic.twitter.com/xmm2XFP3dQ— WienerAI (@WienerDogAI) May 12, 2024Wiener AI could potentially reach hundreds of millions or even billions of dollars.WAI presale investors could be set to lock in 10x or more gains.Visit Wiener AI Here
