XRP Price Prediction as Market Bounce Sends XRP Up 8% – Is a New Bull Rally Starting?
The XRP price has jumped to $0.513014 today, marking a 1% rise in the past 24 hours and an 8% gain in the past week.
XRP has benefitted from a market-wide bounce that has helped it compensate for losses since the end of August, with the altcoin remaining down by 1.5% in the last 30 days.
But with XRP remaining up by 50% since the beginning of the year, and with the coin’s fundamentals remaning strong, it could continue its gains over the coming days.
XRP Price Prediction as Market Bounce Sends XRP Up 8% – Is a New Bull Rally Starting?
Based on a review of its technicals, it really does like as though XRP is ready to begin a new rally, with indicators becoming more positive following a period of overselling.
XRP’s relative strength index (purple) has climbed to 50 after weeks near 30, while its 30-day moving average (yellow) looks like it could rise above its 200-day average (blue) very soon.
Together, these two indicators suggest a positive turnaround, with more buying momentum helping to push XRP upwards and begin a new, more bullish phase.
Also suggesting such a scenario is the coin’s support level (green), which is now rising healthily and suggesting that its price could end up testing the current resistance level (red) very soon.
That said, data suggests that we may still have to wait a little while longer for a full-blown rally, with whale data indicating that some larger investors may still be preparing to offload XRP.
Either way, there’s no fundamental reason why XRP has begun rallying today, over than the fact that the market has been overly subdued for a few weeks now and was due a positive correction.
In fact, XRP has even had some bad news this week, with the New York Department of Financial Services removing the altcoin from its greenlist, meaning that exchanges registered with the department cannot provide XRP-related trading services to NY residents.
Yet this news doesn’t seem to have hurt XRP too much, and it’s hard to say just how important the NY market is to the altcoin.
It also needs to be said that XRP’s overall fundamental picture remains strong, with the coin still basking in the glow of Ripple’s mid-July victory in its case with the SEC.
This resulted in XRP being relisted by the vast majority of US-based exchanges, and it has also resulted in Ripple expanding its business more proactively in recent months.
As such, XRP can be expected to recover further in the coming weeks and months, with the altcoin potentially on course to reach $0.60 by October.
High-Potential Presale Tokens
XRP may be something of a slow burner, however, with shorter term traders probably better off looking to other, newer altcoins if they want to beat the market in less time.
If so, they may be advised to consider presale tokens, with the biggest of these set up nicely to rally big once their sales end and they list.
The best example of this still remains Wall Street Memes (WSM), an ERC-20 meme token that has raised over $25 million in a few months.
Having emerged out of the notorious meme stocks movement, Wall Street Memes already has the massive benefit of having a sizeable community around it, with its followers evidently responsible for helping it become one of the biggest presales of the year.
Because its Twitter profile boasts more than 274,000 followers, WSM has been able to quickly attract a critical mass of holders and investors, who in turn help the coin to attract additional holder and investors.
This will stand the meme token in good stead for the future, with the size of its community providing it with more longevity and staying power than most new meme coins to have emerged this year.
With a total supply of 2 billion WSM, 50% of the coin’s supply has been allocated to its presale, with another 30% going to community rewards, something which will help motivate further community involvement.
However, interested investors will need to act quickly if they want to buy WSM at a discount, since its presale will end in just over five days.
They can do this by visting the official Wall Street Memes website and connecting their software wallets, with 1 WSM selling at $0.0337.
Of course, it’s unlikely that WSM will still be selling at this price once it lists on exchanges in the next week or so, with the coin likely to rise much higher.
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.
