The XRP price has dropped by 2% in the past 24 hours, with its move to $0.613876 also representing a 6% drop in the past week.
Yet XRP remains up by 18.5% in the last 30 days and by 74% in the past year, with the market’s gradual recovery in 2023 – and positive outcomes in the Ripple-SEC case – helping to push the altcoin along.
The coin has also gained some extra publicity by association this week, after XRP supporters piggybacked on a widely viewed tweet from Elon Musk.
And with further market rallies likely as 2023 draws to a close, XRP could see further gains very soon.
XRP Price Prediction as Elon Musk’s SpaceX Tweet Stirs Excitement – Can XRP Reach $10?
Based on XRP’s technical indicators, it looks as though its early November rally has now died down, and that it may fall a little further before recovering again.
This is most evident in the coin’s RSI (purple), which has now flattened around 50, from where it could continue to sink before becoming oversold.
Source: TradingView
XRP’s 30-day moving average (yellow) also looks listless, in that it has stopped rising as strongly, suggesting that it might be about to come down again.
As for the altcoin’s 24-hour trading volume, it has risen slightly in the past week.
However, at only $1 billion, it’s still some way below the levels – at around $3 billion – it reached earlier in the month, when the market was performing more positively.
It’s also a negative that XRP’s support level (green) has fallen in recent days, unable to prevent drops to lower levels.
As such, cautious traders may be inclined to think that the coin is liable to drop closer to $0.60 before things pick up again.
25,500,000 #XRP (15,639,146 USD) transferred from unknown wallet to #Bitstamphttps://t.co/0WD6PVQ9Hw
— Whale Alert (@whale_alert) November 20, 2023
Still, the more general picture remains mostly positive for XRP, which gained some extra exposure this week, after Elon Musk posted a tweet about SpaceX.
In particular, a couple of prominent XRP-supporting accounts posted replies in response to this tweet, with their replies become more visible as a result of garnering multiple likes.
While this is minor news, it all helps to maintain a positive narrative around XRP, which has had a largely good 2023.
$XRP is about to reach orbit after takeoff!
— XRP whale (@realXRPwhale) November 18, 2023
Indeed, Ripple secured a strong outcome in its case with the SEC, while subsequent appeal rulings have also weighed heavily in the cryptocurrency firm’s favor.
For this reason, the XRP price is likely to continue rallying in the coming weeks, potentially hitting $0.80 by the end of the year.
New Altcoins With Strong Fundamentals
For traders wishing to diversify beyond established tokens such as XRP, there are various promising new alts in the market, including presale tokens that look set to have big listings.
This includes Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $1.2 million.
@ARKInvest persists in its push for a spot #BitcoinETF, filing another update for the #ARK 21Shares Bitcoin ETF with the #SEC.
The journey continues!
Do you think we’ll see a #Bitcoin #ETF approved in 2024?#BTCETF has also now raised over $1.2 Million! pic.twitter.com/jh06EPQiqU
— BTCETF_Token (@BTCETF_Token) November 20, 2023
The reason why Bitcoin ETF Token has raised so much so quickly is that it’s winning investors over with its deflationary tokenomics.
What’s novel about its tokenomics is that its supply is linked with Bitcoin and the progress of Bitcoin ETF applications.
It will have a max supply of 2.1 billion BTCETF, with 25% of this being burned in batches of 5% over time.
The token will burn its first 5% portion when the SEC approves a spot-based Bitcoin ETF for the first time.
And it will burn the last 5% when Bitcoin itself reaches $100,000, a price which may come sooner rather than later if the next halving event (due April 2024) has a big effect.
Such tokenomics are highly unique within the crypto ecosystem, with investors able to join the sale by visiting the official Bitcoin ETF Token website.
1 BTCETF token currently costs $0.0056, although this will rise to $0.0057 in just under three days.
And with BTCETF also open for staking, holders could find that the token ends up becoming highly profitable.
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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