By CryptoNews - 5 months ago - Reading Time: 4 minutes
XRP Price Prediction as Key Resistance Appears at $0.70 – Is a Bullish Breakout Possible?
Source: Dall•E 3The XRP price has risen by 3% in the past 24 hours, reaching $0.612927 as the cryptocurrency market recovers by 2% today.
This jump follows a couple of difficult days for the market, which responded negatively to the news that Binance had settled charges with the US Department of Justice for $4.3 billion.
Reflecting this negativity, XRP remains down by 4.5% in a week and by 12% in the past fortnight.
Yet with the altcoin also up by 11% in a month and by 61% in a year, it has enough medium- and long-term momentum to rally again in the coming weeks.
XRP Price Prediction as Key Resistance Appears at $0.70 – Is a Bullish Breakout Possible?
XRP’s indicators remain consistent with either incoming gains or losses, although today’s bounce raises hopes that it will recover quickly from this week’s troubles.
Its RSI (purple) has returned to 50, and while it currently seems pretty flat, it looks to have stabilized ahead of what may be incoming rallies.
Source: TradingViewAs for XRP’s 30-day average (yellow), it continues to climb very gradually further above its 200-day (blue), providing ongoing signals that the altcoin remains in a growth phase.
Much the same thing goes for XRP’s support level (green), which did fall earlier in the week to the $0.58 level, but which also seems resistant against any falls lower than this.
As such, it’s likely that XRP will continue recovering as we enter the weekend, with its volume remaining above $1 billion.
The question remains, however, as to whether it can mount a concerted rally beyond key resistance levels at $0.65 and $0.70.
If it can surpass such prices, we could end up seeing a strong end-of-year rally from the token.
This will all depend on the market’s overall sentiment, with the mood generally remaining buoyant in recent weeks, despite Binance’s recent settlement.
Indeed, investors increasingly expect the SEC to approve spot-based Bitcoin ETFs for the first time in the next few weeks, something which will lift XRP along with the wider market.
More broadly, XRP’s fundamental position remains very strong, with Ripple securing a number of positive rulings in its case with the securities regulator.
Final briefs in April means a Final Judgment in July.
But more importantly, look at the case heading – the only Defendant is Ripple.
The defense has whittled the case down to only 20% of what it used to be. How much of it will be left in July??
That's why you hire TOP lawyers. https://t.co/non1M0muII
— Jeremy Hogan (@attorneyjeremy1) November 14, 2023
For this reason, the XRP price is likely to hit $0.80 by the final weeks of the year.
Other Altcoins With Strong Fundamentals and High Potential
Traders looking to diversify beyond major tokens such as XRP may be advised to check out some of the promising new alts that have emerged in recent weeks.
Some of these altcoins are currently holding their presales, with big sales often translating into big exchange listings.
And a prime candidate for a successful listing period is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $1.4 million in its ongoing sales.
Grayscale's updated #BitcoinETF filing streamlines details, emphasizing a cash shift pending sponsor approval—an important step toward the #SEC approval.
Progress is in the making!#BTCETF has also reached another great milestone, surpassing $1.4 Million! pic.twitter.com/BaUec2FQGQ
— BTCETF_Token (@BTCETF_Token) November 23, 2023
As its name suggests, Bitcoin ETF Token has linked its tokenomics with the fate of Bitcoin ETFs and with Bitcoin itself.
What this means is that the token will burn 25% of its overall supply over time, with 5% portions being burned whenever Bitcoin reaches a certain milestone.
For example, it will burn the first 5% when the SEC approves a Bitcoin ETF for the first time, while the final 5% will come when BTC reaches a price of $100,000.
It will also impose a transaction tax, further reducing its circulating supply and, in theory, boosting its demand and price over time.
This aggressively deflationary setup helps to explain why its presale has already done so well, despite being open for only a couple of weeks.
New investors can join it by going the official Bitcoin ETF Token website, where 1 BTCETF token costs $0.0056.
This price will rise to $0.0057 in a couple of days, while its listing towards the New Year will likely see it rally big.
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