Elon Musk is
fortunately conducting a rebranding of Twitter, fortunately for the exotic X
altcoin. It was trading at around $0.00002 on SushiSwap crypto exchange before July
23, when the rebranding was announced.
The Twitter
bird was set free, while the dark X letter is nesting on top of the popular
social media. Elon Musk’s ultimate goal is to transform it into a WeChat ecosystem,
where people could communicate, read news, make purchases, etc. Such an
ecosystem got to have its own digital currency, investors might think. So, why
not the X coin that Musk could integrate into its Super App.
This look
little realistic, but investors welcomed the idea on sluggish crypto market. X prices
rocketed by 4250% to the stratospheric $0.00087 per coin on July 24, and rolled
back later to $0.00024 waiting for Musk to comment on it. This news may never
reach his ears, though.
There is
little positive in the crypto market outside the X news. Bitcoin prices are sliding
by 2.5% to $29,000 per coin, altcoins are following the major cryptocurrency.
U.S. Securities
and Exchange Commission (SEC) is signaling appeal of the District Court Judge
Analisa Torres decision of Ripple (XRP) case. Crypto enthusiasts
were hoping that the SEC would take a pause to prepare an appeal. But, it seem
that SEC’s Chair Gary Gensler want to strike back as soon as possible. XPR has
lost 12% during the last six days, as its prices are trying to hold to $0.72-0.74
support level looking for a possible rebound to $0.82-0.91. If XRP prices fail
to hold above the support level they could drop further down to $0.62-0.64, and
this may not be its last stand.