Ripple Retests Historic Support, Could Rally Above $3 As Lunex Network Eyes Price To $0.5
The price of Ripple (XRP) dipped to the $2.0 range as the crypto market plunged in a surprise flash crash. Nevertheless, it is not something to be worried about; the altcoin only retested the 2021 high, in turn preparing the coin for an explosive rally above $3 in a few days ahead.
However, investors are watching Lunex Network (LNEX), one of the fastest-growing new DeFi projects as it prepares for a bullish continuation of XRP. Following its 217% price pump and massive funding rate, analysts believe it could reach highs of $0.5 before the end of this bull cycle.
Ripple (XRP) Retests Historic Support, Prepares for Rally Above $3
After consecutive weeks of continuous rallies and significant gains, the crypto market has witnessed a flash crash. CoinMarketCap's data shows that Ripple ($XRP) plunged to a weekly low of $2.05 from a high of $2.8.
While XRP has bounced off this support level, some investors have raised concerns over the recent price drop, and several analysts have said that the Ripple coin merely retested a historic support. According to the Charting Guy, Ripple (XRP) only retested the 2021 high in the latest dip.
He further explained that the Ripple token still has the exact same structure as it did during its explosive rally in 2017. According to his analysis, the bull market for XRP, one of the top crypto coins, is still "on track perfectly."
CryptoKnight890 shared a Ripple price chart that affirms the position of the Charting Guy. According to CryptoKnight890, the altcoin price could pump as high as $3.5168, representing an increase of more than 60% from the current price range of XRP.
Saeed Zaman, popularly known as TraderSZ on Twitter, has confirmed this stance as well. However, he sets his Ripple (XRP) price target a bit lower for this bull run. In his opinion, the XRP bull run could cap off at around $3.3308, which is just short of XRP's ATH.
LNEX To Reach $0.5 As Lunex Network Revolutionizes DeFi Through Cross-Chain Technology
Lunex Network (LNEX) is an exciting new DeFi protocol uniquely designed to support trading and staking on multiple chains. Lunex Network supports over 40 blockchains where users can trade over 50,000 cryptocurrencies at low transaction fees and with high speed.
Also focusing on privacy, Lunex Network eliminates the KYC verification process and adopts self-custodial wallets - something that most exchanges lack. This is probably one of the most anonymous trading platforms that provides full control of assets to the traders.
Lunex Network also stands with its integration of the most modern technology in Web 3. The DeFi project performs all transactions with the help of smart contracts. The contracts that encrypt every trade and keep them on Ethereum’s blockchain.
There's more to Lunex Network, as it boasts one of the most exciting passive generation programs. The Annual Percentage Yield the Lunex Network provides for staking the $LNEX token is as high as 18%, which makes Lunex one of the best DeFi projects for generating passive income.
Lunex Network has launched its cryptocurrency ICO and has since attracted the attention it deserves. It has collected over $5.3million in funding. The $LNEX token has increased by more than 283%. But it is still quite affordable with a current price of $0.0046 per coin, given the $0.50 price target that market analysts consider possible in this bull market.
In Conclusion
The recent dip doesn't invalidate the bull market, but like in Ripple's (XRP) case, it sets it up for major gains in the coming weeks. While XRP could pump as high as $3.5 in this bull market, the title of the best crypto investment could be given to Lunex Network as LNEX looks to record meteoric gains.
