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It’s been a dreadful week so far for XRP (XRP) holders, with the token’s price falling below $0.50 for the first time since mid-October.
XRP is now down 20% since the start of the year as investor sentiment turns overwhelmingly bearish.
Given XRP’s struggles, many altcoin investors are now turning to alternative tokens with clearer price prospects – and Bitcoin Minetrix (BTCMTX) has become a popular option in this regard.
XRP Price Plummets Amid Whale Selling Activity
On the daily chart, XRP is creating clear lower highs and lower lows, signalling a strong downtrend.
This downtrend has been in play since early December when XRP tapped the $0.70 level before retreating aggressively.
Adding to the downward momentum, XRP broke below the vital 200-day exponential moving average (EMA) earlier this month.
The 200-day EMA is often used as a proxy for a token’s long-term trend, so the fact that XRP is now trading below suggests a negative outlook for the foreseeable future.
XRP’s price action has even led to some eye-catching moves from crypto whales.
For example, on Tuesday, one prominent investor transferred 28.75 million XRP tokens from their wallet to the Bitstamp crypto exchange.
This transfer equated to approximately $14.5 million at the time.
The fact that such an enormous amount of XRP was sent to a prominent crypto exchange suggests an impending selloff.
Naturally, this has been viewed as a bearish signal by the retail investor community – intensifying XRP’s woes.
Ripple Chairman Hacked for $112m in XRP
Adding to XRP’s dismal price action is the news that Ripple Chairman Chris Larsen had several of his personal XRP accounts hacked this week.
According to Larsen, unauthorized access to a few of his accounts led to the theft of 213 million XRP, worth about $112.5 million at the time.
Though Ripple itself does not appear to have been impacted, this stands as one of the largest cryptocurrency hacks in the past 12 months.
The stolen XRP was laundered through several exchanges before being frozen, and law enforcement is now involved.
However, the incident has further deteriorated market confidence in XRP.
The token’s price dipped on the news of the hack, even though it had nothing to do with XRP’s fundamentals or technical situation.
Ultimately, the situation again demonstrates the power of narratives in the cryptocurrency space and highlights the vulnerability of digital assets to security breaches.
Bitcoin Minetrix Emerges as Viable XRP Alternative with New Stake-to-Mine Model
Given XRP’s challenging situation, many crypto investors are opting to steer clear and focus on under-the-radar coins with better price prospects.
One coin attracting attention in this regard is Bitcoin Minetrix (BTCMTX), which has raised over $10 million in its presale phase.
During the presale, interested investors can buy the native BTCMTX token at a discount relative to its eventual exchange listing price.
This setup has seen investors worldwide participating, with purchases accepted in ETH, USDT, or credit/debit cards.
Bitcoin Minetrix’s Telegram community has also grown exponentially as investors pile in to discuss the project’s future potential.
Many in the community believe Bitcoin Minetrix has enormous potential due to its “Stake-to-Mine” protocol.
Using this protocol, everyday crypto investors can mine Bitcoin without needing expensive computing hardware.
All that’s required is to stake BTCMTX tokens to obtain mining credits, which can then be burned for cloud mining power.
Simultaneously, BTCMTX holders will earn APYs of 66% by staking – creating two streams of potential income.
These features have led to Bitcoin Minetrix receiving colossal attention on social media, with high-profile names like Austin Hilton endorsing the project.
BTCMTX has even been ranked second on CoinSniper.net, a popular website for tracking new crypto projects, indicating significant investor interest.
With its innovative Stake-to-Mine protocol and impressive staking rewards, Bitcoin Minetrix looks positioned as an attractive alternative to XRP.
Those interested in the presale can buy BTCMTX tokens for $0.0132 during the current stage.