The XRP price has sunk by 9% in the past 24 hours, falling below the all-important $0.60 support level after a bad day for the cryptocurrency market yesterday.
At $0.576124, the altcoin has lost 10% in a week and 6% in the last 30 days, although it does remain up by 64% in the past year.
And given how much the market has undervalued XRP since Ripple effectively won its case against the SEC last summer, it’s arguable that the coin has the potential to recover and rally strongly if 2024 brings a bull market.
XRP Price Prediction as XRP Drops Below $0.60 Support – Time to Buy the Dip?
XRP’s chart doesn’t look particularly great at the moment, with its relative strength index (purple) falling below 40 after several weeks of languishing around the 50 level.
This would indicate that the altcoin has really struggled to gain any kind of concerted momentum in the past couple of months, and that it may even sink even further before returning to growth.
Source: TradingView
Indeed, its 30-day average (yellow) has begun slipping towards its 200-day average (blue), a sign that the coin is losing momentum and that more losses may be forthcoming.
XRP’s drop below $0.60 is another worry indicator that it could fall further in the near term, with the loss of this support potentially causing more holders to exit their positions.
On the other hand, more positive traders may argue that yesterday’s dip has made XRP more attractive to newcomers, and that the coin could bounce quickly from its losses.
There’s currently no real sign of this, yet if the SEC does end up approving several Bitcoin ETFs – as many continue to believe – then the market as a whole will rally strongly, with XRP joining for the ride.
And while XRP has underperformed noticeably in recent weeks, it may be that the market is waiting for the Ripple-SEC to reach its full and final conclusion.
Okay, YES, this does make a full settlement much more likely as the only legal question left is how big a check Ripple writes to the SEC.
There, I said it. Are you happy now?
— Jeremy Hogan (@attorneyjeremy1) October 19, 2023
This isn’t likely to happen until the summer, when the two parties are likely to arrive at a settlement that will finally draw a line under the long-running legal saga.
And once this happens, Ripple will be in a much better position to grow, with the company potentially able to announce its long-awaited IPO.
In such a context, the XRP price will rally considerably, potentially returning to $1, if not higher.
New Bitcoin Platform Hits $7.2 Million
For those too impatient to wait for XRP to get its act together, there are a wide variety of exciting new tokens in the market, with several presale coins looking like they could rally big upon listing.
The prime example of this is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised in excess of $7.4 million in its token offering.
The #BitcoinMinetrix Solution
Presenting a reliable cloud mining platform for everyday #Crypto users that aims to fix the problem of high hardware costs and deceptive scams that have deterred people from $BTC mining.
This decentralized method safeguards users’ interests. pic.twitter.com/GDFmveEvGQ
— Bitcoinminetrix (@bitcoinminetrix) January 4, 2024
Given that 2024 is a Bitcoin halving year, interest in mining has understandably increased, and such interest has fed into Bitcoin Minetrix and its sale.
In particular, Bitcoin Minetrix’s innovative platform lets users mine Bitcoin (BTC) simply by staking its native token, BTCMTX.
Doing this provides users with tokenized mining credits, which they can redeem for Bitcoin hashing power.
By purchasing enough Bitcoin hashing power, users will ultimately receive mined BTC in return for their efforts.
On top of this, staking BTCMXT will earn users a steady passive income, which in combination with mined BTC and any price appreciation could make Bitcoin Minetrix very profitable.
Happy New Year, #BTCMTX Communtity!
Surpassing $7,200,000 is a stellar way to start 2024.
Here’s to an incredible year ahead!#HappyNewYear #CryptoMilestone pic.twitter.com/IGO0Jv70AA
— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024
It also helps that Bitcoin Minetrix really simplifies the whole process of Bitcoin mining, with its simple cloud-based mining network easy to use and access.
Taken together, such features help explain why the platform’s presale has done so well, with newcomers able to join by visiting the official Bitcoin Minetrix website.
They can buy BTCMTX at a price of $0.0126 per token, although once Bitcoin Minetrix launches and its token lists, this price is likely to rise much higher.
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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