By XRP Price Prediction as XRP Eyes Fresh Rise from $0.600 Support – A New Rally Ahead?
Last updated: December 23, 2023 23:45 EST
. 3 min read
The XRP price has dipped by 0.5% in the past 24 hours, with the coin slipping to $0.620612 after the cryptocurrency market suffered some heavy losses yesterday.
XRP is now up by 1% in the past week and by 3% in the past fortnight, yet it remains down by 7% in the last 30 days, after a spike over the weekend transformed into a sell-off yesterday.
Nonetheless, the altcoin has actually risen by 64% in the last 12 months, a clear sign of its rejuvenation this year in the wake of Ripple scoring significant victories in its case with the SEC.
And with the wider market set to enjoy a bull rally from early 2024 onwards, XRP could easily rise beyond the $0.60 support level soon enough.
XRP Price Prediction as XRP Eyes Fresh Rise from $0.600 Support – A New Rally Ahead?
XRP’s chart shows that the token is in a position where it’s more or less equally possible for it to go one of two ways.
For instance, its relative strength index (purple) is just below 50, and while it stopped falling further in the past few hours, it’s currently not strong enough for anyone to confidently conclude that a recovery is incoming in the next few days.
XRP’s 30-day average (yellow) is also showing signs of fatigue, in that its curve has flattened out, implying that it may be about to begin a descent towards its 200-day average (blue).
This would imply that the altcoin is at the start of bearish phase, although its support level (green) has so far done a good job of preventing any decisive falls below $0.60 in the past few weeks.
🚨 26,400,000 #XRP (16,180,905 USD) transferred from unknown wallet to #Bitstamphttps://t.co/WCtYutksqb
— Whale Alert (@whale_alert) December 11, 2023
But for now at least, transfer data suggests that at least some whales have been preparing to offload some XRP and take some profits, so this week may not be particularly great for the coin.
In the longer term, things look for very good for the XRP price.
On the one hand, the market is expecting a bull rally to begin early next year, potentially triggered by the SEC approving Bitcoin ETFs in January.
On the other hand, XRP is in a strong position fundamentally, with Ripple’s legal status likely assured after a series of encouraging rulings in its case with the SEC.
As such, the cryptocurrency firm will be able to expand its business more proactively in the coming months and years, boosting the XRP price.
It could reach $1 by the end of January, before testing its current ATH ($3.40) in the latter months of 2024.
New Altcoins Gather Momentum With Big Presales
XRP may be one of the biggest altcoins in the market, yet it certainly isn’t the only alt showing the potential for substantial gains in the coming weeks and months.
Indeed, there are a variety of new and interesting tokens in the market right now, with some of these holding their presales, which are helping them to gain momentum before they list on exchanges.
One of the clearest examples of this is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $3.6 million in its ongoing sale.
El Salvador’s #Bitcoin bonds gain regulatory approval for an early 2024 issuance on Bitfinex Securities, a regulated division of @bitfinex.
President Nayib Bukele confirms Q1 2024 issuance. 💸
What impact do you foresee these #Bitcoin-backed bonds having on El Salvador’s $BTC… pic.twitter.com/zj7Yc2f7yg
— BTCETF_Token (@BTCETF_Token) December 12, 2023
The reason why investors have taken so strongly to BTCETF is that the token comes with highly deflationary tokenomics, with the coin set to burn 25% of its max supply in time.
It will burn 5% batches of its supply whenever Bitcoin ETFs or Bitcoin itself reaches pre-determined milestones, with the first set to happen when an SEC-approved spot-based Bitcoin ETF reaches a $100 million trading volume.
On top of this, holders will also be able to stake the token, something which will not only provide them with a passive income, but will take even more BTCETF out of circulation.
As such, BTCETF will end up a very supply-constrained token, which in theory should result in a rising price over time.
Recap of #BitcoinETF Milestones! 📊
1️⃣ $100M Trading Vol: 5% burn & 5% ➡️ 4% tax 🔄
2️⃣ First ETF Approval: 5% burn & 4% ➡️ 3% tax 🔄
3️⃣ ETF Launch Date: 5% burn & 3% ➡️ 2% tax 🔄
4️⃣ ETF Assets $1B: 5% burn & 2% ➡️ 1% tax 🔄
5️⃣ $100K BTC Price: 5% burn & 1% ➡️ 0% tax 🔄 pic.twitter.com/HcWwWzghDH
— BTCETF_Token (@BTCETF_Token) December 12, 2023
Buyers can participate in its presale by going to the official Bitcoin ETF Token website, where 1 BTCETF costs $0.0066.
However, the coin’s deflationary tokenomics should mean that this price rises much higher once it lists.
Visit Bitcoin ETF Token Now
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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