XRP has bounced by 2% in the past 24 hours, with its price rising to $0.509501 as the wider crypto market records a similar gain in the same space of time.
This movement means that XRP is now up by 2.5% in the past fortnight and down by 4% in the last 30 days, altough the altcoin remains up by 50% since the beginning of the year.
It owes this increase to the largely positive ruling Ripple secured in its case against the SEC in July, and given that nothing fundamental has really changed since then, the market’s increasing positivity could see XRP rise further in the coming weeks.
Ripple Price Prediction as XRP Market Cap Grows 2%. Strong October Ahead?
It’s tempting to conclude that XRP is finally on the cusp of a breakout rally after weeks of overselling and underperformance.
The coin’s relative strength index (purple) has risen to 50 after struggling around 30 for much of August and September, in a sign that buyers have begun to take advantage of the coin being sold at a discount.
At the same time, XRP’s 30-day moving average (yellow) is at a position below its 200-day average (blue) that would suggest that the coin is ready to bounce back strongly.
Reinforcing this view is the fact that XRP’s support level (green) has risen in the past week or so, implying that it has already bottomed out and consolidated around a new floor, ready to begin mounting new rallies.
Having said that, the past 24 hours have revealed data which shows that whales are still sending XRP to exchanges, yet this could be taken to mean that they expect the price to rise in the near future and will sell only when it gains some more.
And to be fair, XRP – as well as the wider market – has been due a rally for more than several weeks now, with XRP for its part doing nothing to justify its being sold heavily.
Indeed, XRP is in as good a position now as it was in July, when Judge Analisa Torres ruled that the cryptocurrency is not, in and of itself, a security.
This resulted in major US-based exchanges relisting the token, while it also saw Ripple resume expanding its business with a number of new partnerships and trials (including a stablecoin trial in the Republic of Palau).
Because of this, XRP is set to resume rising even further once market sentiment becomes more decisively positive, with the token potentially on course to reach $0.60 in the next few weeks.
From there, it could easily return to $0.70 or higher by the final month of the year.
Other Promising Altcoins
As strong as XRP remains, its progress could be mostly gradual from here on out, meaning that anyone looking for quick market-beating gains may have to look elsewhere.
This could include diversifying into presale tokens, which can rally big once they raise enough money and list on exchanges for the first time.
One of the strongest presale coins in the market at the moment is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that will make Bitcoin mining more accessible to retail investors.
The platform launched the sale for its native BTCMTX token less than a week ago and has already raised in excess of $190,000 so far, a figure which indicates growing market confidence in the project.
Bitcoin Minetrix underlying concept is simple: it enables users to stake their Ethereum-based BTCMTX tokens so as to receive tokenized mining credits, which in turn can be used to access Bitcoin mining hashpower.
In turn, staking a sufficient quantity of BTCMTX will mean that holders will mine and earn actual BTC in return, something which will democratize access to Bitcoin mining for thousands.
This central idea has quickly made Bitcoin Minetrix one of the most interesting new projects in the cryptocurrency space, with the project set to launch its stake-to-mine platform by the end of the year.
Its BTCMTX token will have a maximum supply of 4 billion, with 1.4 billion being allocated to the presale, and with 15% being reserved for community rewards.
The existence of community rewards will help ensure that Bitcoin Minetrix will attract a healthy following of supporters and users, who will also be attracted by the ability to earn hard currency – i.e. Bitcoin – as a reward for participation.
New Buters can join the token’s presale by going to the official Bitcoin Minetrix website and connecting their wallets.
1 BTCMTX will cost $0.011 during the sale’s first stage, yet this will rise to $0.01190000 by the tenth and final phase, meaning that investors will have to act quickly if they want to buy the token at its lowest possible price.
Of course, BTCMTX could rise much higher than this final price by the time it lists on exchanges later in the year.
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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