The XRP price has risen by 1.5% in the past 24 hours, climbing to $0.5227 on a day when the cryptocurrency market as whole enjoys a 3% lift.
XRP has now risen by 3.5% in a week, yet the major altcoin actually remains down by 7% in the last 30 days, an underperformance relative to its peers.
Yet with the coin still up by 30% in a year, and with the prospect of a final conclusion to the Ripple-SEC case this year, the XRP price could recover strongly in the coming months.
XRP Price Prediction as Technical Indicators Signal Bullish Turn – Surge Imminent?
XRP’s indicators are finally pointing to some renewed momentum after weeks of decline, with the coin’s relative strength index (purple) close to touching 50 today.
Given that it had stood at 30 as recently as the end of January, this recovery is encouraging, in that it points to incoming gains.
Source: TradingView
Similarly, XRP’s 30-day average (yellow) looks to have bottom in relation to its 200-day average (blue), which the coin’s current price looks like it will soon climb over both averages.
In other words, XRP could be entering an expansionary period, with the coin’s discounted price proving highly tempting to traders.
Its trading volume supports this view, in that it has risen from $500 million at the start of the week to more than $800 million today.
However, one negative is that larger traders still seem to be sending XRP to exchanges at the moment, suggesting that they’re preparing to sell.
27,950,000 #XRP (14,453,307 USD) transferred from unknown wallet to #Bitstamphttps://t.co/KEZf4rWSHS
— Whale Alert (@whale_alert) February 8, 2024
What this could mean is that, after a brief rally, XRP will correct again soon after, with traders satisfying themselves with short-term profits.
But in the longer term, XRP remains in a fundamentally sound position.
It’s likely to see a boost towards the summer, which is potentially when the SEC and Ripple will reach a final settlement in their long-running case.
Such a settlement may involve a relatively steep financial penalty for Ripple (i.e. disgorgement of any profits), but the company will be able to continue running – and growing – again as normal afterwards.
RUMORS: Possibility of a $10 million settlement with the SEC this year. #XRP pic.twitter.com/Hkzl5rqHKs
— JackTheRippler © (@RippleXrpie) February 8, 2024
Combined with a potential bull market (brought on in part by the next Bitcoin halving), this should result in the XRP price rising strongly in the latter half of the year.
It could even reach $1 by the summer, before closing 2024 near to $2 or $3, depending on the market’s mood.
Smaller Cap Alts for Bigger Rallies
XRP’s slowness in generating any kind of substantial rally may be frustrating for some traders, with many arguably better off investigating newer, smaller cap alts.
Such alts can be promising, with the best among them often rallying big when they list on exchanges for the first time.
One example likely to do this is Sponge (SPONGE), an ERC-20 cryptocurrency that has just launched the second version of its token, SPONGE V2, which is currently on Uniswap.
Running on Polygon, SPONGE V2 replaces the first version of Sponge, which originally listed – and surged – in April 2023.
One of the main reasons for launching SPONGE V2 is that the token’s new version features an improved staking model, which comes with a variable yield that can rise significantly depending on the number of stakers and how much they’ve staked.
You haven’t seen anything yet! #SPONGEV2 coming in hot #MemeCoin #BullMarket #Binance #Coinbase #Crypto #100x #Alts pic.twitter.com/db32pVByQ8
— $SPONGE (@spongeoneth) February 7, 2024
Another key feature of SPONGE V2 is that it will be the native token for a soon-to-be-released P2E racing game set in the Sponge universe.
Players will compete to rank the highest on a worldwide leaderboard, with the best among receiving higher rewards in SPONGE.
Yet even though the game hasn’t launched, investors can already get their hands on Sponge V2 by visiting the official Sponge website.
Source: DEXTools/TradingView
They can also trade the token on Uniswap, where the token is up by more than 70% since listing on Monday.
Given this performance, SPONGE V2 is likely to list soon on other trading platforms, including centralized exchanges, where it could rally big.
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