Source: Bing Image Creator
The XRP price has dipped by 1% in the past 24 hours, dropping to $0.603258 as the wider crypto market suffers a 0.5% fall today.
XRP has now declined by 2% in a week and by 6% in a fortnight, yet the altcoin remains up by 4% in the last 30 days and by 77% since the start of the year.
And with its trading volume still close to the $1 billion mark, it’s attracting enough interest to manage further gains in the not-too distant future.
XRP Price Prediction as $1 Billion Trading Volume Comes In – Can XRP Reach $1 This Week?
XRP’s chart gives the impression that the coin may have to fall a little bit more before it will return to growth.
In particular its relative strength index (purple) is now falling below 50, suggesting that a descent to lower levels may be in order before recovery.
Source: TradingView
Likewise, XRP’s 30-day moving average (yellow) has now almost completely flattened out, meaning that it may fall towards (or below) the 200-day average (blue) before we see further rallies.
On the other hand, XRP’s support level (green) remains higher than where it was in mid-October, something which suggests that any incoming falls will be fairly minor.
Yet falls may come soon enough, given that the latest transfer data suggests whales are currently looking to sell XRP.
18,500,000 #XRP (11,211,064 USD) transferred from unknown wallet to #Bitsohttps://t.co/Sqz0kWuccD
— Whale Alert (@whale_alert) November 29, 2023
As such, we may indeed see the XRP price drop momentarily below $0.60 before things improve.
But improve they almost certainly should, given the overall medium-term trajectory of the market, with the expectation of Bitcoin ETF approvals likely to continue buoying prices in the coming weeks.
More importantly, the bull case for XRP itself remains strong, with the coin benefitting from various legal victories for Ripple this year.
Firstly, Ripple secured a largely positive ruling in its case with the SEC, with the presiding judge deciding that sales of XRP on exchanges did not break securities laws.
Secondly, subsequent hearings have reinforced this decision, while a recent decision in the 2nd Circuit appeals court suggested that Ripple isn’t likely to face a hefty fine.
For this reason, it will likely return to vigorous growth in 2024, with the XRP price following.
The latter could reach $1 in the first few months of the New Year.
Diversification With New High-Potential Altcoins
Given that XRP may have to wait for market-wide rallies before it can gain significantly, some traders may look to newer tokens which have the potential to post above-average returns in shorter timespans.
A prime candidate for doing this is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised over $4.5 million in its ongoing presale.
Once integrated into an #Ethereum smart contract, the $BTCMTX #Token opens the path to access #Bitcoin cloud mining.
Excited participants can effortlessly purchase and employ #BTCMTX tokens to acquire cloud mining credits, exchanging them for hashing power. pic.twitter.com/nAYywbb82K
— Bitcoinminetrix (@bitcoinminetrix) November 29, 2023
As a stake-to-mine platform, Bitcoin Minetrix enables users to stake its native token BTCMTX in order to earn mining credits.
In turn, users can spend these credits to purchase hashing power on the Bitcoin blockchain, thereby earning themselves a share of newly mined BTC.
This framework promises to democratize access to Bitcoin mining, while the use of staking also means that participants will earn a passive income.
@HIVEDigitalTech expands its global mining footprint with a new data center in Sweden, committed to green energy practices and boosting #Bitcoin production. #BitcoinMinetrix has also reached another phenomenal milestone, raising over $4,400,000! pic.twitter.com/IcCDlQn7kw
— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023
And given that Bitcoin Minetrix will have an accessible and user-friendly interface, it’s likely to attract many retail investors who have long wanted to get involved in mining.That
That this is the case is evinced by the presale’s increasingly large raise, with new buyers able to join by going to the Bitcoin Minetrix official website.
1 BTCMTX is currently selling at $0.0119, yet this could rise much higher once the token lists on trading platforms.
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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