The XRP price has dipped by 0.5% in the past 24 hours, after traders took profits following an early-morning rally.
At $0.692656, XRP is still up by 12% in the past week and by 39% in the last 30 days, with the altcoin having risen by an impressive 100% since the beginning of the year.
And with the wider market rallying and XRP’s trading volume high at $1.7 billion, the cryptocurrency could easily make further gains in the coming days and weeks.
XRP Price Prediction as $1.7 Billion Flows into XRP – Are Investors Bullish?
XRP’s chart remains very strong, with its indicators all firing bullish signals.
Its relative strength index (purple) is creeping up towards 80 again, indicating strong buying pressure.
Source: TradingView
Even more bullishly, XRP’s 30-day moving average (yellow) continues to rise steadily above its 200-day average (blue), while its actual price is moving swiftly beyond both.
Again, this signals growing momentum, and while XRP is nearing overbought territory, traders had oversold it for so long that it can stand to rise more or less continuously for a while.
Its volume suggests rising demand for the token, having risen from just under $300 million at its lowest point in October to just over $1.7 billion today.
21,000,000 #XRP (14,601,114 USD) transferred from #Upbit to unknown wallethttps://t.co/SMA56tUdCg
— Whale Alert (@whale_alert) November 9, 2023
And it seems that most whales are currently stocking up on the token right now, believing that the market has begun entry into a bullish phase and that XRP will rise with it.
There are various reasons for the increase in bullish sentiment, yet the most important is the expectation that the SEC is very close to approving Bitcoin ETFs.
For instance, researchers at analytical firm Cantor Fitzgerald recently said they’re increasingly confident the regulator will approve such ETFs soon.
Such sentiment has fed into the market, and XRP’s fundamentals mean that it’s positioned nicely to benefit.
It has strengthened this year, with Ripple scoring a number of important victories against the SEC, with the most recent involving the 2nd Circuit appeals court telling the regulator that it can’t ask for a big penalty from Ripple unless it proves real harm to investors.
As such, many commentators believe the Ripple-SEC case is now effectively over, with XRP set to rally as a result.
The token could reach $0.80 in the next few weeks, before closing the year at $1.
Diversification With Promising New Altcoins
XRP isn’t the only bullish token in the market right now, with a number of new alts also looking very promising.
Such alts include a number of presale coins, which may potentially see big rallies once they list on exchanges.
One of these is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised over $3.7 million in roughly a month.
Highlighting the distinctions between #BitcoinMinetrix and Standard Cloud Mining.
1⃣By leveraging ERC-20 #Tokens, transactions become obsolete.
2⃣Miners control capacity via staked points.
3⃣On #Ethereum, intelligent contracts streamline security and decentralised staking. pic.twitter.com/Wvcxz8Xqgd
— Bitcoinminetrix (@bitcoinminetrix) November 9, 2023
Bitcoin Minetrix is a stake-to-mine platform that will enable its users to Bitcoin (BTC) by staking the platform’s native token, BTCMTX.
Such staking provides users with tokenized mining credits, which in turn they can use to pay for cloud-based mining.
As such, staking with Bitcoin Minetrix can earn users both new BTCMTX and freshly mined BTC, something which is likely to help democratize Bitcoin mining.
As a token, BTCMTX will have a max supply of four billion, with new buyers able to join its presale via the official Bitcoin Minetrix website.
#BitcoinMinetrix Stage 6 is ending in 3 days! pic.twitter.com/Xz3prQ5XTo
— Bitcoinminetrix (@bitcoinminetrix) November 9, 2023
1 BTCMTX currently costs $0.01150, although this will rise to $0.01160 in three days.
The sale will end with BTCMTX at $0.01190, although Bitcoin Minetrix’s strong fundamentals could mean that it rises much higher once it lists on exchanges.
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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