The has held steady today, with its current level of $0.490994 meaning that it’s unchanged in the past hour and past day.
And while XRP is down by 1.5% in a week and by 3.5% in a fortnight, it has actually risen by 3% from its seven-day low, while the altcoin remains up by 44% since the beginning of the year.
This year-to-date increase has happened largely as a result of the positive ruling Ripple secured in July in its case against the SEC, a ruling which the presiding judge upheld when she rejected the regulator’s application for an appeal earlier this month.
Such decisions put XRP in a great position to rally once the market becomes more bullish, and with yesterday’s premature rumors regarding a Bitcoin ETF approval also briefly benefitting the altcoin, such a rally may not be that far away.
XRP Price Prediction as $1 Billion Puts XRP in the Green – Time to Buy?
XRP’s chart and indicators may not be in a great position right now, yet the altcoin’s continued underperformance would nonetheless suggest that a recovery rally is due.
After a spike at the beginning of the month, the coin’s 30-day exponential moving average (yellow) has fallen some way below its 200-day average (blue) once again, implying that it has been oversold and may become increasingly attractive to buyers after a discount.
Likewise, the coin’s relative strength index (purple) struggled yesterday to reach 50, with its slight decline towards 40 today suggesting that it may have to lose a little more momentum before new buyers step in to buy it on the cheap.
One reassuring sign, however, is provided by XRP’s support level (green), which has resisted going below $0.48 in recent weeks and which means that the coin isn’t likely to fall much lower before recovering again.
Indeed, it seems that XRP is now primed for a spike, with yesterday’s false Bitcoin ETF news causing the coin to rise as high as $0.51 for a moment, with its trading volume surpassing $1.12 billion.
While this news was entirely unsubstantiated, it nonetheless shows that recent overselling has put XRP in a position where it could spike massively after the arrival of any seriously positive news.
And XRP is undoubtedly in a very strong position fundamentally, with Ripple’s case against the SEC continuing to progress well for the cryptocurrency firm, especially after Judge Analisa Torres struck down the SEC’s request for an interlocutory appeal.
This means that the case will now likely go to a full trial on the question of whether Ripple’s executives knowingly broke securities regulation, unless both parties agree on a settlement before then.
Either way, Ripple is now in a much better position to continue expanding its business, something which can only benefit XRP in the longer term.
For this reason, XRP can be expected to return to $0.60 soon enough, before next year sees it return to $1.
Altcoin Alternatives
For traders who want to diversify beyond major cryptos, there are a number of very promising new altcoins in the market right now, with several holding presales that could end with them rallying big.
Possibly the likeliest candidate to enjoy strong exchange listings is , a tokenized cloud mining platform that has raised more than $1.6 million since beginning its sale a few weeks ago.
Such a figure suggests that investors have been swayed by Bitcoin Minetrix’s business model and architecture, which will enable users to mine Bitcoin (BTC) simply by staking the platform’s native BTCMTX token.
By staking BTCMTX, users will receive tokenized mining credits in return, which they can then spend to purchase Bitcoin hashpower from associated miners.
In other words, they can use BTCMTX to pay miners to mine on their behalf, with holders who stake enough BTCMTX in line to receive freshly minted BTC as compensation.
This framework promises to widen access to Bitcoin mining, which accounts for why Bitcoin Minetrix has become so popular so quickly.
And not only does BTCMTX provide access to BTC mining, but it can also be used for staking, earning holders a passive income in the process.
The coin will have a max supply of four billion, with 1.4 billion being made available to the presale, which can be joined via a visit to the .
1 BTCMTX currently costs $0.01110, although this will rise to $0.01190 by the sale’s tenth and final stage, and may rise even higher once the token lists on exchanges.