XRP Price Prediction as Two-Week High Nears $0.53: Are Bulls Gearing Up for a Run?
XRP (XRP), the cryptocurrency that powers the XRP Ledger first launched by US fintech company Ripple back in 2011, has been pumping this week in tandem with a Bitcoin-led broader rise in the crypto market.
XRP was last trading at its highest level in over two months just above $0.57, up close to 5% on Tuesday as optimism rises that spot Bitcoin ETF applications in the US are about to be approved by the US Securities and Exchange Commission (SEC).
BlackRock’s iShares spot Bitcoin ETF appeared on the US Depository Trust & Clearing Corp.’s website late on Monday, a sign that BlackRock is continuing to prepare for the ETF’s launch, a sign the asset management giant is confident its application will soon be approved.
XRP’s gains on the week are now close to 10%.
Whilst XRP’s rally lags that of Bitcoin’s (BTC was last up over 14% on the week), the cryptocurrency’s rally is technically significant.
XRP has this week been able to break to the north of all of its major moving averages, including its 200DMA just under $0.53 and 100DMA at $0.565.
While the cryptocurrency remains about 40% lower versus its July highs in the $0.90s, XRP price predictions remain bullish.
Price Prediction – Where Next for XRP (XRP)?
Not only is XRP benefitting from momentum in the broader market as Bitcoin surges higher, but XRP is also set to continue benefiting from tailwinds relating to Ripple’s lawsuit with the SEC.
The SEC accused Ripple of selling XRP as an unregistered security back in 2020.
But the agency has suffered a series of important legal setbacks in 2023.
The judge presiding over the case ruled that Ripple’s sales weren’t necessarily securities sales back in July (hence the spike in XRP to yearly highs near $1.0) and has since refused to grant the SEC an appeal.
Meanwhile, just last week the SEC decided to drop charges it had levied against two important Ripple executives who it had previously accused of “aiding and abetting” the sale of unregistered securities (i.e. XRP).
Clearly, momentum is on the side of Ripple and this is good for the XRP outlook.
That’s because if it is legally recognized that XRP isn’t a security in the US, crypto firms that want to offer services relating to XRP (such as exchanges that want to sell it) and Ripple themselves will face a much more favorable regulatory environment in the US.
That should mean more demand for XRP from US retail and institutional investors, and it should bode well for Ripple’s global payments business which utilizes the XRP Ledger.
If XRP can break convincingly to the north of the March highs just under $0.59, this should open the door to a pump back to the yearly highs in the $0.90s.
That could mean easy near-term gains of as much as 65% for XRP.
Crypto Alternatives to Consider
Things are looking good for XRP (XRP).
But for those looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
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.