XRP20 is a crypto memecoin created on the Ethereum blockchain as an ERC-20 token. The token has gained traction in recent times. But that begs the big question: Is it worth investing in XRP20?
This article will explore what you need to know about XRP 20, including its staking requirements.
What is XRP 20?
According to its official white paper, XRP20 was created to allow investors to explore the prospects of cryptocurrencies. XRP20 claims to be a more community-oriented version of the popular XRP token, allowing newcomers to get in early on the asset.
However, XRP 20 brands itself as more than just an imitator of its predecessor. The project has its unique features, focusing on ease of use, seamless onboarding, and enhanced security.
The crypto project announced its token listing on the decentralized exchange (DEX) Uniswap on Tuesday, August 22nd, via its official X (Twitter) page. The team also conducted a presale phase to allow early investors to buy $XRP20 tokens for just $0.000092. The presale was 30 times cheaper than $ XRP’s all-time low, with investors having the chance to buy XRP 20 using ETH, BNB, or USDT.
The presale reserved 40% (40 billion tokens) of the total supply for early supporters. Another 40% (40 billion tokens) were dedicated to the project’s staking pool. Following the presale, XRP20’s team planned to conduct pre-launch marketing and awareness.
One of XRP20’s primary offerings is staking, which is a way of earning rewards for holding specific cryptocurrencies, which the original XRP project has never offered. The Annual Percentage Yield (APY) has attracted a lot of investors, with the XRP20 Telegram channel seeing impressive early growth.
Additionally, XRP20 offers a buy-and-burn mechanism that sends 0.1% of every buy-and-sell amount to a burn address. The project allocated 10% of the total supply for burning. This feature is designed to automatically reduce the token supply with each transaction, thereby increasing scarcity. The project set aside 10% (10 billion tokens) for the first DEX liquidity pool to ensure the smooth trading of XRP20 tokens.
Subsequently, XRP20’s team will start post-launch community staking to further reward and engage the project’s community.
The XRP20 project raised $1.93 million out of its hard cap of $3.68 million. With a total supply of 100 billion tokens, $ XRP20’s distribution is said to be carefully crafted to foster longevity and reward participation.
Who is Behind XRP20?
Although bearing a similar name, XRP20 is not affiliated with $XRP or the Ripple Labs. The token is 100% community-owned, and 10% of the total supply is locked in for liquidity. This locked liquidity makes it unlikely that investors will suffer a rug pull or other difficulty.
Unlike with XRP, there are no tokens reserved for founders and team members. This status is the reason why XRP20 claims to be a totally level playing field for all.
The original XRP mainly served legacy financial institutions and has always lacked utility for retail investors. However, XRP 20 changes the narrative by introducing on-chain staking. The XRP 20 team argues that staking utility is crucial since it allows anyone to earn passive income by locking their tokens.
Should I Invest in XRP20 or not?
XRP20 has emerged as a prominent force to be reckoned with in the cryptocurrency market. Its initial value grew as a result of its distinctive charm and the potential for lucrative returns. However, seeing as there is no official connection between XRP20 and Ripple Labs, anyone who invests does so at their own risk. It is also essential to stay informed about market trends and regulatory developments.
Frequently Asked Questions
Will XRP20 recover?
Although its launch caught the interest of many crypto investors, XRP20 appears to be one of those memecoins that have little or no fundamentals. The token fell below $0.00009 after trading volumes crashed over the last 12 hours. Despite multiple attempts, it appears that buyers will not be able to propel the XRP20 price above $0.00010, seeing that its support is around $0.000080.
The Relative strength index (RSI) of XRP20 is around 40.0 at the time of writing, indicating that the number of sellers is higher than the number of buyers.
The market sentiment surrounding the XRP20 coin has gone down. The social media buzz that would have helped the token’s publicity is also low, having fallen by 70% in the last 24 hours.
While some holders are optimistic about a turnaround, seeing as the technical indicators are showing an extremely bearish sign. Also worth noting is that the social media buzz around the token is quite low to sustain more participation. Hence, it appears unlikely that XRP20 will make a substantial recovery.
Where Can I Stake XRP20?
Those who bought the tokens during the sold-out presale could claim them through the project’s official website. Since staking was announced on August 14th, the staking pool now has over 20.3 billion XRP in it. This figure is slightly more than half of the 40 billion sold during the presale.
Where Can I Trade XRP20?
You can trade XRP20 on decentralized exchanges, with Uniswap V2 being the most popular. The most active trading pair XRP20/WETH, has a trading volume in the range of hundreds of thousands of dollars.
To trade, create a crypto wallet like MetaMask or Trust Wallet. Next, acquire either ETH or USDT from a crypto exchange, which you can use to buy XRP20. Connect your wallet to the XRP20 platform’s presale page, choose the amount you’d like to trade for XRP20, and authorize the transaction.
Overall, apart from staking as its main focus, the XRP 20 team has not mentioned any other real-world use of the token. Market indicators are showing a bearish sign. Without additional information, it will be different to say if it is a good investment. Therefore, investors must apply caution as memecoins are known to be extremely volatile.
