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The XRP price has dipped to $0.551065 this morning, representing a 1.5% loss in the past 24 hours as the market falls by a similar percentage.
Yet XRP has risen by 7% in the past seven days, with this week’s market-wide rally sending it comfortably above the $0.50 resistance level.
It’s also up by 14% in the past fortnight, with recent good news in the Ripple-SEC case also having a positive effect on its price.
And with its fundamentals remaining as strong as ever, its price is likely to witness more jumps in the next few weeks.
XRP Price Prediction as $1.4 Billion Volume Sends XRP Above $0.50 Resistance
XRP’s chart is interesting, insofar as its price has been moving within a narrow range and may therefore break out very soon.
It also looks like its 30-day moving average (yellow) is about to pass over its 200-day (blue), another sign of an incoming breakout.
At the same time, its relative strength index (purple) remains high, hovering around 65 after reaching 70 earlier this week.
That it hasn’t risen above 70 could mean that further gains are coming soon, even if it has dipped today.
And again, it has been rising and falling between $0.53 and $0.48 over the past couple of months, suggesting that it should stage a big rally soon.
Such a rally may come when the market receives more positive Bitcoin ETF news, although the SEC isn’t due to make a decision until January.
Regardless, the XRP price will jump if ETFs are approved, along with the rest of the market.
Now you truly believe that BlackRock doesn’t care about XRP? lol
BlackRock knows what is going on behind the scenes. #Bitcoin ETF and #XRP ETF on the way! 🚀📈 pic.twitter.com/q7EvkYq0Bi
— JackTheRippler ©️ (@RippleXrpie) October 19, 2023
Is a $1 XRP Possible in 2023?
As for XRP itself, it has moved into a strong position fundamentally in the past few weeks, enabling it to benefit more fully from any market-wide rally.
Most notably, the SEC effectively dropped its case against Ripple earlier this month, in that it withdrew from a planned trial against Ripple execs Chris Larsen and Brad Garlinghouse.
Okay, YES, this does make a full settlement much more likely as the only legal question left is how big a check Ripple writes to the SEC.
There, I said it. Are you happy now? 🙂
— Jeremy Hogan (@attorneyjeremy1) October 19, 2023
This potentially means that the regulator and Ripple will arrive at a full settlement soon enough, something which could boost the XRP price substantially.
However, certain commentators believe that it could take several more months for both sides to agree on a suitable penalty, with John Deaton predicting a final decision until next summer, at the earliest.
As I said on @CryptoLawUS TV yesterday with @attorneyjeremy1 and Thien-Vu, I do not believe there has been a single serious conversation regarding settlement between @Ripple @bgarlinghouse @chrislarsensf and the @SECGov.
The SEC is pissed and embarrassed and wants $770M worth… https://t.co/kcXvsrPgaa
— John E Deaton (@JohnEDeaton1) October 25, 2023
This uncertainty accounts for why XRP hasn’t risen as strongly as some may have expected.
However, XRP’s underlying, fundamental position remains strong, with Ripple continuing to expand its business in recent months.
As such, XRP is likely to reach $0.70 by the end of the year, with a full bull market potentially helping it up to $1 in 2024.
New High-Potential Altcoins
XRP may not see big gains for several months yet, so traders will have to look elsewhere for above-average returns in the meantime.
Fortunately, presale tokens have provided sizeable gains this year, even in bearish conditions, with the best of such tokens rising strongly when listing for the first time.
One of the likeliest tokens to do this next is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has already raised over $2.4 million in its presale.
Celebrating another achievement at #BitcoinMinetrix!
Surpassing the $2,400,000 mark! 🎉 pic.twitter.com/zDmc7wlKAs
— Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
What’s appealing about Bitcoin Minetrix is that its platform will offer users the ability to mine Bitcoin (BTC) by staking its native token, BTCMTX.
How this works is simple: users who stake BTCMTX receive tokenized mining credits in return, which they can then spend to access Bitcoin hashpower.
Using up hashpower enables users to mine actual BTC, while staking BTCMTX will also reward users with new BTCMTX in return.
This makes Bitcoin Minetrix a potentially highly lucrative platform, with BTCMTX having a max supply of four billion tokens.
Exploring all the options with #BitcoinMinetrix! ⚒️
A simple path to cloud mining:
✨ Easy of entry for beginners
💵 Cost-effective without hardware expenses
🌆 No worries about space, noise, or heat
🚀 Smooth upgrades#Bitcoin #CryptoMining pic.twitter.com/ZxRDAzqj6m— Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
The presale will be receiving 1.4 billion of this, with investors able to join the sale by visiting the official Bitcoin Minetrix website.
1 BTCMTX currently costs $0.01120, although this will rise with each successive stage of the sale, with the price ending at $0.01190.
Of course, the altcoin could rise much higher when it lists on trading platform, such are Bitcoin Minetrix’s exciting fundamentals.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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