The XRP price has risen by 2% in the past 24 hours, hitting $0.5669 on a day when the wider cryptocurrency market has gained by 5%.
Despite this rise, XRP remains down by 11% in the past week and by 13% in the last 30 days, although the altcoin has gained by 61% in the past year.
And with reports suggesting that firms may begin submitting applications for XRP-based exchange-traded funds (ETF), the coin could see substantial gains in the next few months, particularly when the Ripple-SEC reaches its full and final conclusion.
XRP Price Prediction as Rumors Emerge of XRP ETF in April 2024 – Rally Imminent?
XRP has been suffering for several weeks now, putting it in a position where it should really correct upwards.
Its relative strength index (purple) had fallen to nearly 30 earlier in the week, a sign of overselling.
Source: TradingView
It has now risen back above 40, although its progress beyond this level seems uncertain, so it’s hard to say whether XRP can continue today’s rise.
Likewise, the coin’s 30-day average (yellow) continues to slide down towards its 200-day (blue), and it’s likely that it will fall below the longer term average, forming a ‘death cross’ that could spell additional losses.
One of the few positives is that XRP’s trading volume remains relatively high, at just over $1.5 billion, a sign that interest in the coin remains strong.
25,800,000 #XRP (14,911,705 USD) transferred from unknown wallet to #Bitstamphttps://t.co/yCfXamMwfz
— Whale Alert (@whale_alert) January 8, 2024
Yet for now, most whales seem to want to sell XRP more than buy it, so it could fall for a little while yet.
This could change, however, if the SEC approves one or more Bitcoin ETFs, with the deadline for several applications coming as soon as tomorrow (January 10).
As such, the market could receive a massive boost very soon, pushing up pretty much every major token, including XRP.
Yet XRP could also benefit more than others from ETF approvals, since reports have suggested that various funds will be applying to launch XRP-based ETFs come April.
April is significant because observers generally expect that Ripple and SEC will arrive at a full settlement around this time, freeing up Ripple to expand its business more proactively.
This will include conducting its own IPO, something which will boost the company and, by extension, the XRP price.
Indeed, assuming ETF approvals and a favorable settlement, XRP could easily return to $1 in the next few months, before ending year at around $3.
Newer Altcoins for Faster Gains
The only issue with XRP is that, because the market is still waiting on a final settlement between Ripple and the SEC, it may not do as much as other coins in the shorter term.
Fortunately, there are numerous exciting newer coins emerging right now, including a select few presales tokens that have been gathering plenty of momentum in recent weeks.
None more so than Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised more than $7.8 million in its wildly popular token offering.
#BitcoinMinetrix reaches another noteworthy milestone!
Surpassing $7,800,000. pic.twitter.com/61vRZDus2v
— Bitcoinminetrix (@bitcoinminetrix) January 8, 2024
The reason why Bitcoin Minetrix’s presale has proven so popular is that the project promises to do something few other platforms are offering right now, which is to make Bitcoin mining much more accessible.
Due to launch in the next few weeks, it will do this by enabling users to mine BTC simply by staking the platform’s native token, BTCMTX.
By staking BTCMTX, users will receive tokenized mining credits in return, which they can then spend to purchase Bitcoin hashing power.
In addition, staking will also earn them a steady income in the form of BTCMTX, meaning that Bitcoin Minetrix could prove highly profitable, especially if it experience prices rises.
While its presale is due to end soon, investors can still participate by visiting the official Bitcoin Minetrix website.
#BitcoinMinetrix reveals new $BTC mining chances!
Cloud mining is ideal for #Crypto beginners!
Easy initiation.
Cost-efficient without hardware.
No worries about space, noise, or heat.
Easy upgrades. pic.twitter.com/zxw3OJI5sj
— Bitcoinminetrix (@bitcoinminetrix) January 9, 2024
They can buy BTCMTX at a price of $0.0127 per token, with the coin having a max supply of 4 billion.
This price is due to rise again in just under two days, while its listing on exchanges in the next few weeks could see it surge, judging by the presale’s popularity.
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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