By CryptoNews - 4 months ago - Reading Time: 4 minutes
XRP Price Prediction as $1.2 Billion Trading Volume Floods In – Bull Market Starting?
The XRP price has risen by 3% in the past 24 hours, moving to $0.639999 on a day when increasing bullishness has pushed the entire crypto market by 4%.
XRP has now gained by 6% in a week and by 4% in the last 30 days, with the altcoin – the fifth-biggest token in the market (by cap) – also having risen by 88% since the beginning of the year.
It’s possible that today’s market-wide jump is the start of an end-of-year rally, with the Bitcoin ETF approvals and likely rate cuts potentially bringing a full-on bull market market next year.
If so, XRP is likely to benefit massively, helped along by Ripple’s recent victories against the SEC and the company’s renewed growth.
XRP Price Prediction as $1.2 Billion Trading Volume Floods In – Bull Market Starting?
Perhaps unsurprisingly, XRP’s indicators are beginning to show a renewed upwards tendency, pointing to further gains.
Its RSI (purple) has now steepened its ascent and looks set to retake 60, with its current trajectory suggesting that the coin will post additional gains on its way to 70 or higher.
Source: TradingViewAnd while XRP’s 30-day average (yellow) had flattened out a little over the past week, it now looks like it will resume rising even higher above the 200-day average, again signalling likely gains.
Other bullish signs include the fact that XRP’s support level (green) continues to rise steadily, while the altcoin’s 24-hour trading volume has now risen beyond $1.3 billion.
This is up massively from levels witnessed in September and early October, but still actually some way below the $3 billion+ levels recorded at the beginning of November.
In other words, XRP’s current rally may be only just beginning, with plenty more room for intensification.
Yet the coin may dip a little in the next day or so on the way to medium-term gains, since some whales seem to be preparing to sell.
24,200,000 #XRP (14,918,529 USD) transferred from unknown wallet to #Bitstamphttps://t.co/06n7BBbJSD
— Whale Alert (@whale_alert) December 3, 2023
Regardless, the overall picture for both XRP and the wider market remains very positive, with many analysts expecting a bull market in 2024.
Such a bull market will follow from the SEC potentially approving Bitcoin ETFs, while the Federal Reserve could add fuel to the fire by cutting rates.
As for XRP, it has enjoyed seeing Ripple secure a series of very positive rulings in its long-running case with the SEC, with some legal experts predicting a settlement and complete end to the case by the summer.
Alderoty is highlighting this case because they are in the "damages" phase.
And this case is saying that XRP holders must have LOST money on XRP in order for Ripple to be liable.
And if you bought XRP for under its current price, you haven't been damaged – by Ripple, at least. https://t.co/VRR2IIcMDu pic.twitter.com/tMGd1e0hVe
— Jeremy Hogan (@attorneyjeremy1) November 3, 2023
Taken together, such factors all point to a rising XRP price, which could reach $1 in the first few weeks of 2024.
New High-Potential Altcoins
But XRP isn’t the only altcoin likely to rally hard in the next few weeks, with a number of newer alts also moving into positions where big returns look increasingly likely.
This is especially the case with several promising presale tokens, which have been generating considerable momentum and interest during their respective sales.
A strong example of such a coin is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $2.4 million in its increasingly successful sale.
#Bitcoin soared to $41,448, boosted by #ETF hopes and a $70 million liquidation from short traders.
With #SEC meetings boosting optimism, $BTC now ranks among the top 10 global assets by market cap, trailing just behind #Meta.
Which #Altcoin gains caught your eye the most… pic.twitter.com/Iz8bpAI1vQ
— BTCETF_Token (@BTCETF_Token) December 4, 2023
As its name suggests, Bitcoin ETF Token has linked its tokenomics to the progress of Bitcoin ETFs, with the altcoin set to burn 25% of its max supply over time.
It will burn its supply in 5% instalments, each of which will be based around milestones reached by either Bitcoin itself or Bitcoin ETFs.
For instance, it will hold its first 5% burn when a Bitcoin ETF reaches a volume of $100 million, while it will execute its final burn when the BTC price equals $100,000.
This deflationary setup is also paired with staking, meaning that holders can earn a passive income while sitting on substantial price gains.
Mapping out the #BitcoinETF journey
The path of the $BTCETF #Token aligns with significant #Bitcoin occurrences.
With each milestone achieved in the #Bitcoin #ETF realm, #BTCETF tokens are burned, while staking rewards experience an uptick. pic.twitter.com/WlWUbz1Xj0
— BTCETF_Token (@BTCETF_Token) December 4, 2023
Interested investors can join the sale by going to the official Bitcoin ETF Token website, where they can buy BTCETF at a price of $0.0062 per token.
But given that Bitcoin ETF Token is set to become very deflationary very quickly, this price could rise much higher in the not-too distant future.
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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Original source: CryptoNews