The Federal Reserve recently announced a 25-basis-point rate cut, bringing the benchmark interest rate to 4.25-4.50%. Following the announcement on Dec. 18, all sectors of the crypto market, including utility tokens, entered a downtrend with tokens like Ripple and Shiba Inu recording significant price drops.
However, an AI utility token IntelMarkets, has defied the current market trend, topping gains with $4.9 million raised from its ongoing presale. In this article, we will explore the factors contributing to IntelMarkets’ impressive performance!
Ripple: XRP Price Drops Following Federal Rate Cut Announcement
The native cryptocurrency of Ripple Labs, XRP, also fell victim to the broad market downtrend witnessed on December 18. The price of XRP declined below $2.25 just hours after the announcement of the Federal rate cut, its market cap dropping over 5% as well.
This downturn happened just a day after XRP surpassed BNB and Solana to become the 4th largest crypto by market cap. Ripple’s surge to its current position was influenced by the launch of Ripple USD (RLUSD), which boosted its price and market cap.
Nevertheless, crypto whales saw the downtrend as an opportunity to purchase 30 million XRP tokens worth $78 million, sparking a recovery for XRP which is now trading at the $2.38 level. Analysts foresee Ripple back to its bullish trajectory by the weekend.
Shiba Inu Investors Sell SHIB Holdings, Sparks Selling Pressure
Memecoins suffered the most from the Fed Rate cut downturn. Shiba Inu experienced a significant price drop of over 15% while its trading volume dropped by 64%. This suggests that buyers are not defending the asset; instead, they are liquidating their SHIB holdings to mitigate further losses.
SHIB’s momentum and sentiment has remained negative since the announcement, while it seeks immediate support at $0.00002500. Experts speculate that a breakdown below this level could move SHIB closer to the 200 EMA’s resting level at $0.00002038.
Furthermore, experts have noted that Shiba Inu is not strong enough to make a recovery soon, unless there’s a significant decrease in selling pressure. Based on technical indicators, the Shiba Inu price is predicted to rise 2.69% from its current trading point to $0.00002485 before the new year.
IntelMarkets (INTL) Record Gains Amid The Market Downturn
While major utility tokens such XRP experience decline alongside Shiba Inu, IntelMarkets is gaining significant traction as the world’s first AI-powered smart trading platform. Powered by AI technology, IntelMarkets aims to provide fast, transparent transactions and seamless, risk-free trading for its users.
IntelMarkets helped investors escape the potential losses from the current market downturn, providing them with AI trading agents which offer real-time market analysis from over 10,000+ data points, to investors, helping them stay ahead of the market.
Amid the downturn, IntelMarkets’ investors made passive income from staking dividends, while enjoying holding perks such as reduced trading fees and high leverage options up to 1000x, while other investors mourned their losses.
The best part is the inter-stage returns over 30% they enjoyed as IntelMarkets transitioned to stage 8 of its presale, with INTL price increasing from $0.064 to $0.073. Market analysts have observed a migration of Shiba Inu investors and others to IntelMarkets, evidenced by its rapid presale growth, which has raised over $4.9 million.
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