The past few days have proven bearish for Ethereum (ETH) and XRP. With more uncertainties on the horizon, experts predict this might just be the starting phase of a significant bearish trend for both tokens.
On the other hand, VC Spectra (SPCT) continues to win the hearts of crypto enthusiasts with its impeccable presale performance.
Ethereum (ETH) begins bearish momentum
Ethereum (ETH) has been trading in red since the month began, dropping from $1,871.25 on July 31 to $1,822.06 on August 1, 2023. This 2.63% decline marked the beginning of Ethereum’s (ETH) bearish momentum in August. Ethereum (ETH), however, saw a price rally on August 2, 2023, raising its price to $1,872.62. However, this rally was short-lived, as Ethereum’s (ETH) price dropped that same day and fell to $1,832.91 at the time of writing.
Furthermore, Ethereum’s (ETH) trading volume is also showing a downtrend; it has declined from $7.94 billion on August 2 to $4.49 billion on August 4. This typically indicates a reduction in Ethereum’s (ETH) market activity, which suggests a bearish sentiment amongst investors.
The falling volume and price decline point to a bearish market phase for Ethereum (ETH), which could result in increased selling pressure. As a result, experts predict that Ethereum (ETH) could plummet to $1,786 before the week runs out. However, with the Ethereum blockchain’s upcoming Cancun-Deneb upgrade, Ethereum’s (ETH) network’s scalability and security are bound to improve. This might encourage more activity in Ethereum’s (ETH) ecosystem causing its price to increase earlier than expected.
XRP takes another slide on the downtrend
Over the last seven days, XRP has seen an 8% decline, from $0.71 on July 29, 2023, to $0.65 at the time of writing. This also represents a 1.5% drop in the last 24 hours. In the previous month, XRP hit a significant bullish trend, taking its price to $0.84 on July 14, 2023.
XRP’s price rally was due to its partial victory in its ongoing lawsuit with the SEC. The partial victory euphoria, however, appears to be fading as XRP struggles to gain traction amid endless legal complexities.
U.S. District Judge Jed Rakoff has dismissed the approach that led to XRP’s partial victory last month. Coupled with this, the SEC, undaunted by last month’s setback, is reportedly preparing to appeal the ruling. This has added to fueling uncertainties regarding XRP’s future.
Considering the current circumstances, XRP is bound to have another long downtrend, according to market analysts.
VC Spectra (SPCT) offers distinct investment opportunities
VC Spectra has emerged as a one-of-a-kind decentralized hedge fund, offering a distinct offering in the fintech and blockchain industries. VC Spectra is a decentralized hedge fund that provides an array of investments in the blockchain and technology industries. In addition to monthly dividends and buybacks, VC Spectra gives its investors exclusive access to fresh initial coin offerings (ICOs) during seed and private sales.
VC Spectra (SPCT) public presale is currently in Stage 2. Each SPCT token is currently worth $0.011. The token has been predicted to see a total price increase of 900% by the end of its presale, from its initial selling price of $0.008 to a price of $0.08 per token.
VC Spectra (SPCT) has made a 37.5% ROI from its initial offering price of $0.008 to its current price of $0.011. If you missed this, you still have a chance to benefit from the next one, as the price of VC Spectra will increase with each presale stage until it reaches $0.08. This will ensure investors a 627% ROI by the end of the presale!
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