XRP has been the talk of the crypto market over the past month, primarily due to Ripple Labs’ legal victory in the long-running battle against the SEC.
However, after an initial surge, the XRP price has settled, disappointing investors who had hoped for a longer uptrend.
While many still believe XRP has the potential to return to the $1 level, there are other emerging altcoins that investors are opting to keep a close eye on.
In this article, we introduce three high-risk coinsmight be chosen by many investors to add to their watchlists for the latter half of 2023.
XRP bulls left frustrated as $1 dream put on pause
The wait for XRP to hit $1 goes on, with the token’s value falling significantly from its peak on July 13.
This peak, brought about by Ripple's legal win over the SEC, was short-lived – disappointing XRP bulls who had hoped any legal victory would catalyze a sustained uptrend.
Since XRP's surge in mid-July, the price has pulled back by around 29% and has even broken below the 20-day Exponential Moving Average (EMA) on the Daily time frame.
This price action indicates that the short-term sentiment has flipped negative – with XRP now looking likely to tap the 50-day EMA in the coming days.
If the 50-day EMA fails to hold, there's scope for XRP to fall to the $0.56 region, previously used as resistance on June 13.
With momentum now clearly bearish, the likelihood of XRP hitting the $1 level in the near term is low.
Contributing to the bearishness are the recent rumblings of an SEC appeal, which has put a hold on a price reversal.
All of these factors combine to paint a picture of uncertainty regarding XRP’s future – which is why many traders are opting to wait on the sidelines or look for alternative high-risk coins to add to their portfolios.
Could new token XRP20 be a high-risk alternative to XRP?
First on the list of alternative altcoins to consider as XRP struggles is XRP20 (XRP20) – a newly-launched token that aims to reignite enthusiasm around the original XRP by offering improved accessibility and a novel staking protocol.
Calling itself "the second coming of XRP," XRP20 is an ERC-20 token with no direct connection to XRP yet leverages the latter's brand power to attract interest from retail investors.
The developers understand that many retail investors missed the chance to buy XRP at low prices during its early days, which is why the XRP20 presale price is 30 times cheaper than XRP’s all-time low.
According to XRP20’s whitepaper, the total token supply will be capped at 100 billion, with 40% of these set aside for presale buyers.
A further 40% will be dedicated to community staking rewards, allowing holders to earn rewards, a feature that was lacking in the original XRP.
Additionally, XRP20 introduces a deflationary token-burning mechanism, reducing the supply over time and helping promote price appreciation.
Looking ahead, the development team’s roadmap lays out plans for significant exchange listings, awareness campaigns, and a substantial token burn at launch.
With its solid tokenomics and a rapidly-growing community, XRP20 presents a high-risk opportunity for investors seeking exposure to a second version of XRP, this time at an exceptionally low price.
Wall Street Memes has the potential to be the next big meme coin after raising over $20 million
Wall Street Memes (WSM) is a new meme coin aiming to capitalize on the anti-establishment sentiment that fueled the meme stock movement back in 2021.
Drawing inspiration from the WallStreetBets subreddit that fuelled the GameStop short squeeze, WSM aims to tokenize a huge crypto-focused following, allowing holders to benefit from the community’s growth.
Featuring humorous branding, Wall Street Memes plans to partner with well-known influencers to drive engagement and obtain Tier-1 CEX listings.
The project is off to a strong start, with its presale raising over $20.4 million so far.
This early success has also been fueled by high-profile interactions, such as when Elon Musk engaged with Wall Street Memes’ content on Twitter back in April.
Additionally, several prominent crypto influencers have taken note of Wall Street Memes’ early success.
Combining these elements creates an interesting picture of Wall Street Memes' future, positioning it as a high-risk altcoin that investors may wish to watch in the coming weeks.
New presale token Shibie Coin is another high-risk altcoin to consider
Lastly, Shibie Coin (SHIBIE) is a new presale token launched this week yet has already garnered significant attention from meme coin investors.
Billing itself as the "Bombshell Bitch of the Crypto World," SHIBIE combines the branding of Shiba Inu (SHIB) with the attitude of Barbie to create a unique and provocative aesthetic.
According to Shibie Coin’s whitepaper, the token supply will be capped at 10 billion SHIBIE, with 6 billion of the total reserved for presale investors.
During the presale, SHIBIE tokens are available for the price of $0.000167 – a price point that has already generated interest on social media.
Alongside the presale allocation, 20% of the total supply will be used for DEX liquidity, while another 10% will be earmarked to obtain CEX listings.
Shibie Coin's team even intends to use 5% of the supply to fund aggressive marketing campaigns designed to spread awareness of the coin and attract speculative interest.
Although SHIBIE currently lacks utility, the token’s meme-based value proposition and engaging branding attempt to translate internet culture into real-world returns – an approach that worked seamlessly with Pepe (PEPE).
Only time will tell whether Shibie Coin can manage this feat, but for now, the token stands out in the presale space as a high-risk prospect for low-cap crypto investors.