The XRP price has recovered by 2% in the past 24 hours, rising to $0.624010 as the altcoin tries to recover from a 7% drop in a week.
Despite correcting downwards over the past fortnight, XRP remains up by 20% in the last 30 days and by an impressive 83% since the beginning of the year.
And given that the coin’s recent losses were more to do with profit-taking than anything else, it’s likely to rebound again soon enough, especially if the market enters and end-of-year rally.
XRP Price Prediction as Value Drops 7.5% in 7 Days – What’s Behind This Sharp Decline?
XRP’s chart finds itself in a mixed, ambiguous position, with its indicators having cooled off over the past few days.
Its RSI (purple) is now hanging just above 50, a level which represents a slight rise since the weekend but is also just as consistent with incoming falls.
Source: TradingView
And while XRP’s 30-day average (yellow) remains substantially higher than its 200-day (blue), its recent ascent has flattened out, and again this could signal imminent losses.
One other noticeable change is that XRP’s support level (green) has lowered over the past week or so, after its price repeatedly fell through earlier floors.
It will therefore be instructive to see whether it can avoid a fall below the $0.610 level in the near future.
Such a fall may not happen, yet it still seems as though whales are likelier to sell XRP than accumulate it right now.
25,000,000 #XRP (15,559,207 USD) transferred from unknown wallet to #Bitstamphttps://t.co/p1AVFc9llR
— Whale Alert (@whale_alert) November 19, 2023
Still, the bigger picture remains very positive for XRP, partly because of the overall state of the market, and partly because of Ripple’s recent joys.
The market has responded positively to recent developments surrounding the possibility of Bitcoin ETF approvals, and if such approvals do happen in the next few weeks XRP will surge along with the market.
On top of this, Ripple has welcomed several positive rulings in its case with the SEC, including a judgment from the 2nd Circuit appeals court to the effect that the SEC can’t demand a big settlement penalty from the cryptocurrency company unless it proves financial harm to investors.
As such, XRP is likely to continue rising in the next few weeks, potentially hitting $0.80 by the end of the year.
New Altcoins Bring High Potential for Rallies
XRP may continue to look very solid, yet its progress may also continue to be fairly gradual, as well as dependent on the strength of the overall market.
As such, traders looking for quicker gains may prefer to investigate newer alts, including presale tokens that could rally once they list on exchanges.
One of the hottest such coins right now is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised more than $1.1 million in a couple of weeks.
Bitcoin’s resilience shines through as it eyes the $50,000 mark, despite the SEC’s #ETF delay.
Analysts remain optimistic, projecting a potential rally in December.
What are your thoughts on the trajectory of #Bitcoin?#BitcoinETF has also now raised over $1 Million! pic.twitter.com/Gv3347ttHH
— BTCETF_Token (@BTCETF_Token) November 18, 2023
This figures reveals some strong market enthusiasm for Bitcoin ETF Token, which will link the tokenomics of its coin to major events related to Bitcoin and Bitcoin ETFs.
Bitcoin ETF Token will have a max supply of 2.1 billion BTCETF, with the coin planning to burn 25% of this supply over time.
In particular, it will burn a 5% portion whenever Bitcoin reaches certain milestones, with the first being the SEC accepting a spot BTC-based ETF.
By burning a quarter of its supply over time, BTCETF will end up being a highly deflationary token.
This helps account for why its presale is already doing so well, with new investors able to join by going to the official Bitcoin ETF Token website.
1 BTCETF token currently costs $0.0056, although this will rise with the next stage of the sale, while the end of the offering could see the altcoin rally big 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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