The XRP price has risen by 1% in the past 24 hours, reaching $0.546 again as the crypto market enjoys a 2% gain today.
XRP is now down by close to 1% in a week but boasts a 6.5% rise in a fortnight and an 8% increase in the last 30 days.
Its increase today comes as its 24-hour trading volume climbs to $1.3 billion, which is basically double where it was at the start of the week.
This signals a growth in momentum and buying pressure that may continue into the weekend, pushing XRP closer towards $1.
XRP Price Prediction as $1.3 Billion Comes In – $10 XRP Possible in 2024?
Today sees XRP’s indicators in an intermediate position, with the coin equally capable of further rises or falls.
Its relative strength index (purple), for example, had dropped close to 50 in recent days, down from 60 at the start of the week.
This suggests a loss of momentum, as does the flattening of its 30-day average (yellow), which recently looked like it might be able to overtake its 200-day average (blue).
Source: TradingView
However, both indicators have struggled in recent days, with XRP being part of a small market-wide dip at the start of this week.
XRP’s trading volume has also more or less doubled over the past few days, although some of this likely relates to selling by whales (see below).
27,300,000 #XRP (14,790,189 USD) transferred from unknown wallet to #Bitstamphttps://t.co/RzFhlUHxIu
— Whale Alert (@whale_alert) February 21, 2024
And even though XRP does continue to seesaw a little at the moment, it may become more decisively bullish in the coming months.
On the one hand, the market is likely to become more bullish as the year progresses, helped by the upcoming Bitcoin halving, which will happen in April.
On the other hand, XRP has underperformed in recent months because the long-running Ripple-SEC case hasn’t reached a final conclusion.
Such a conclusion is likely to arrive at some point in the summer, when the parties involved reach a full settlement.
This settlement may be fairly large, given that the SEC won a recent discovery motion, yet it’s unlikely to be debilitating for Ripple.
More importantly, it will allow the firm to continue pursuing and expanding its business as before, which in turn will boost the XRP price.
It could reach $1 by the summer, before climbing higher as 2024 draws to a close.
Diversification into High-Potential Small-Cap Alts
XRP’s will probably need some more time before it rallies substantially, which means that traders may opt to investigate smaller cap alts.
Chosen wisely, such alts can record above-average gains as they list on new exchanges and gain new converts.
One coin likely to do this is Smog (SMOG), a Solana- and Ethereum-based meme token that recently listed on DEX aggregators such as Jupiter and Birdeye.
Impressively, it has gained by more than 3,000% since opening for trading, with the chart below highlighting how it has consolidated its early gains.
Source: Birdeye/TradingView
There are a variety of explanations as to why SMOG has done so well and then held onto its value, with the main one being that it has a novel airdrop system.
It will hold a series of airdrops over the next few months, with each of these rewarding participants in proportion to how many SMOG tokens they hold.
Such a system will incentivize long-term holding, which in turn should create demand for SMOG and boost its price.
One other bullish feature is that Smog, in keeping with its fantasy-inspired theme, is running an expansing list of ‘quests’, which reward users for performing certain tasks.
Such tasks revolve around doing things to grow Smog’s community, which in turn will boost its price in the long run.
Join the #SMOG community on #Zealy and increase your points for the $SMOG #Airdrop.
Complete quests for extra points!
Stay tuned for upcoming announcements. https://t.co/3EQxvQwsw3#CryptoCommunity #Altcoins #Memecoins #Binance #Crypto
— SMOG (@SMOGToken) February 21, 2024
An early indication of just how large Smog could grow is given by the fact that its X account now has over 27,000 followers.
Investors can buy the token now by going to the official Smog website or by trading it on Jupiter or Birdeye.
It’s likely to continue rising as more listings arrive, potentially making it one of the more successful new meme coins of 2024.
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