Source: Dall•E 3
The XRP price has remained steady in the past 24 hours, sticking to $0.620626 as the crypto market as a whole rises by 1.5% today.
XRP’s performance has disappointed in recent weeks, with the altcoin actually down by 1.5% in a week and by 4% in a fortnight.
This underperformance has enabled Solana to leapfrog XRP into fifth position in the top 100 cryptocurrencies by market cap, with SOL up by an impressive 17% in the last week alone.
However, it’s entirely possible that the market’s undervaluation of XRP will lead to a correspondingly large rally in the coming weeks, especially if 2024 brings a bull rally.
XRP Price Prediction: Can XRP Overtake Solana Again Before 2024?
As the chart below illustrates, XRP’s indicators continue to suggest that the cryptocurrency may continue to struggle for a little while yet before it mounts a sustained recovery.
For example, its relative strength index (purple) has dipped below 50 again today, suggesting that further falls are likelier than further rises at the moment.
Source: TradingView
Something similar could be said about XRP’s 30-day average (yellow), which after rising quite healthily in early November has been largely flat for the past few weeks.
Despite this negativity, XRP’s support level (green) has held up relatively well in the past couple of months, so even if the coin will find it difficult to rise in the near term, it probably won’t fall in any significant way.
Also, its 24-hour trading volume is also encouragingly high, at around $1.3 billion today, compared to just under $500 million at various points in previous months.
Yet it seems that whales have mostly been selling the token over the past few days, with Whale Alert recording three XRP transfers worth at least $10 million each to exchanges in the last 24 hours (here, here and here).
20,000,000 #XRP (12,294,187 USD) transferred from unknown wallet to #Bybithttps://t.co/0bPUAmf2xr
— Whale Alert (@whale_alert) December 22, 2023
Still, the general picture continues to look good for XRP, which should see a concerted recovery in the next few weeks, after the current blip.
In part, this will be because of a market-wide rally, with analysts and investors alike gearing up for the SEC’s acceptance of Bitcoin ETFs.
On top of this, Ripple is likely to have a good 2024, with the firm on course to reach a final and favorable settlement with the securities regulator at some point in the summer.
Together, such factors should lift the XRP price in the coming months, potentially towards $1 by the end of Q1 2024.
High-Potential Altcoin Set for Launch
Because XRP is still waiting for the complete resolution of the Ripple-SEC case, some traders may prefer to buy into other altcoins right now.
Fortunately, there’s currently a wide range of promising new coins that look set to rally big in early 2024, with several presale tokens building strong momentum as they prepare to list.
Probably one of the most promising of these Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised more than $5.7 million in its hugely successful presale.
Marking another major success for #BitcoinMinetrix!
Surpassing the $5,600,000 milestone! pic.twitter.com/NtuEkIuHA8
— Bitcoinminetrix (@bitcoinminetrix) December 21, 2023
Bitcoin Minetrix has already become a big hit among investors by virtue of the uniqueness of its platform, which will enable users to mine actual Bitcoin (BTC) simply by staking its native BTCMTX token.
Staking BTCMTX provides users with tokenized mining credits, which they can spend on mining, earning new BTC as a result.
Bitcoin Minetrix’s launch – set for Q1 2024 – comes at a very opportune moment, given that Bitcoin is close to its next halving.
This partly helps to explain its appeal, yet it also helps that users will be able to stake BTCMTX and earn themselves a passive income.
Explore the #BTCMTX #Telegram Channel, where over 6K members unite to:
Keep abreast of the latest mining advancements.
Join vibrant discussions with fellow enthusiasts.
Access exclusive insights and invaluable advice.
Join us at: https://t.co/jjqYaqOtyv pic.twitter.com/p8gEUTCjQA
— Bitcoinminetrix (@bitcoinminetrix) December 22, 2023
As such, Bitcoin Minetrix could end up becoming a very profitable platform, with new investors able to join its presale – before it ends – by going to the Bitcoin Minetrix official website.
Its user-friendly interface and strong fundamentals have easily made it one of the best presales of the year, and given its momentum, it could rally big once it lists on trading platforms in the next few weeks.
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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