XRP Price Prediction as XRP Reaches $0.60: Is the $1 Mark Within Reach?
Publikováno: 2.11.2023
The XRP price has gained by 2% in the past 24 hours, rising above $0.60 on a day when the market as a whole has climbed by 1%. At $0.614565, XRP is now up by 10% in a week and by 27% in the past fortnight, with Ripple’s successes in its case with the SEC […]
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The XRP price has gained by 2% in the past 24 hours, rising above $0.60 on a day when the market as a whole has climbed by 1%.
At $0.614565, XRP is now up by 10% in a week and by 27% in the past fortnight, with Ripple’s successes in its case with the SEC this year helping it to gain by 80% since January.
Its gains today have followed the Federal Reserve keeping interest rates on hold, while it has also benefitted from the growing expectation that the SEC will approve several Bitcoin ETFs.
As such, XRP may hit $0.80 or higher by the end of the year, with 2024 potentially bringing even higher levels.
XRP Price Prediction as XRP Reaches $0.60: Is the $1 Mark Within Reach?
XRP’s indicators are now in a prime position, with the coin more or less in full breakout mode.
Most notably, its 30-day average (yellow) has just climbed over its 200-day average (blue), forming a ‘golden cross’ that often signals a break towards a new, permanently higher level.
It’s a similar story with XRP’s RSI (purple), which rose beyond 70 a few days ago and is now nearing 80.
However, this potentially indicates that, as well as enjoying some strong buying pressure, XRP’s currently rally may be close to peaking.
Traders should therefore be careful, and may want to wait for XRP to dip a little before entering its market.
But in the medium- and long-term, now is a good time to enter the market, which could be preparing for big end-of-year bull rally.
In fact, some analysts have said that the next Bitcoin bull market has already begun, something which portends a wider crypto bull market, if correct.
It’s also worth pointing out that the market (including XRP) has benefited from the Federal Reserve keeping its rates on hold, providing a sign that it may have ended this year’s bearish course of rate hikes.
BREAKING: U.S. FEDERAL RESERVE LEAVES RATES UNCHANGED AS EXPECTED
— XRP whale (@realXRPwhale) November 1, 2023
More generally, recent Ripple news has also strengthened the bull case for XRP, with the cryptocurrency firm last month celebrating the fact that the SEC had effectively dropped a planned trial against two of its executives.
Some legal commentators have suggested that this increases the chances of a settlement between the two parties, although such a settlement may not come until next summer.
Regardless, such developments put XRP in a great position to rise substantially in the next few months, with the coin potentially on course to pass $1 in the early months of 2024.
Other High-Potential Alts
Because XRP may be close to peaking, some traders may prefer to diversify into other altcoins, with a number of presale tokens looking like they could rally big once they list on exchanges.
Perhaps the prime example of this is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has already raised over $3.1 million in its presale.
Exciting Announcement
#BitcoinMinetrix has raised over $3,000,000! pic.twitter.com/Hs2063y9tJ
— Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
Such a figure is highly impressive, given that Bitcoin Minetrix’s presale has been running for only a month.
It stands as strong vote of confidence in the platform, which when launched will enable users to mine Bitcoin (BTC) by staking its native token, BTCMTX.
By staking BTCMTX, users receive tokenized mining credits in return, which can they can then use to pay for miners to mine on their behalf.
And if they stake enough BTCMTX and use enough mining credits, they will receive freshly minted BTC in return.
Stakers will also receive newly issued BTCMTX as well, meaning that the altcoin could be triply profitable, offering price rises, staking returns and mining returns.
Interested new investors can join its presale by going to the official Bitcoin Minetrix website, where 1 BTCMTX costs $0.01140.
This will rise to $0.01190 by the tenth and final stage of the sale, which has been allocated 1.4 million BTCMTX, out of a max supply of four billion.
Bitcoin Minetrix is due to launch its platform in the next couple of months, at which point BTCMTX will list on exchanges, where it could make early investors a big profit.
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.
The post XRP Price Prediction as XRP Reaches $0.60: Is the $1 Mark Within Reach? appeared first on Cryptonews.