A quick 3min read about today’s crypto news!
The XRP price has climbed by 5% in the past 24 hours, rising to $0.632301 on a day when the cryptocurrency market as a whole has made a similar gain.
Despite this rise, XRP is actually flat in a week and down by 3% in the last 30 days, with the coin’s trading volume having dropped by more than 10% in the past week.
This suggests a slight medium-term loss of interest in the altcoin, yet with the market potentially gearing up for a bull rally as 2023 ends and 2024 begins, XRP could easily surge again soon enough.
While XRP has risen today, its indicators suggest that it will need to recover some more before we can truly say it’s rallying again.
For instance, its RSI (purple) remains only just above 50, having recovered slightly in the past few days from earlier losses.
Likewise, XRP’s 30-day average (yellow) still looks fairly flat and quite fragile, such that it could easily begin descending towards the 200-day average (blue) in the next few days.
In other words, strong buying pressure still isn’t with XRP, which may see a few more wobbles over the next couple of weeks before it makes a concerted recovery.
Also posting in this direction is the coin’s trading volume, which from around $2 billion at the start of the week is now standing at $1.3 billion.
On top of this, transfers recorded in the past day or so have shown whales moving XRP to exchanges, likely in preparation to sell.
🚨 18,200,000 #XRP (11,305,562 USD) transferred from unknown wallet to #Bitsohttps://t.co/TRgDVOZJPU
— Whale Alert (@whale_alert) December 13, 2023
Based on such factors, it’s plausible to suggest that the XRP price may take some more damage before the end of the year.
This doesn’t change the fact, however, that analysts are expecting a fully fledged bull market from early next month, with most citing Bitcoin ETF approvals and the Federal Reserve’s increasingly dovish stance on interest rates.
As for XRP itself, its fundamentals remain solid, based as they are on Ripple’s increasingly secure legal and financial position.
The cryptocurrency company secured a number of positive legal rulings this year, with a full and final settlement with the SEC looking likely by the middle of 2024.
Once this happens, XRP is likely to rally big once again, possibly to the point where it could trouble its current ATH of $3.40.
Because XRP may take some time to stage a big rally, some traders may be inclined to look towards newer tokens, given that they can often outpace the market during their initial growth spurts.
One new token looking to do something similar in the next few weeks is Bitcoin ETF Token (BTCETF), a deflationary ERC-20 cryptocurrency that has raised almost $4 million in its increasingly popular presale.
#BitcoinETF enacts a 5% burn tax per transaction, leading to a gradual reduction in the #Token supply.
Intending to burn 25% of tokens upon reaching milestones.
This deflationary tactic aims to benefit holders and alleviate selling pressure. 🔄 pic.twitter.com/TJE8KNogd9
— BTCETF_Token (@BTCETF_Token) December 14, 2023
As a deflationary crypto, Bitcoin ETF Token will burn 25% of its max supply – of 2.1 billion BTCETF – over the course of its lifespan.
This will happen in a series of 5% instalments, with the coin burning a 5% block whenever Bitcoin ETFs or Bitcoin meet particular targets.
Such targets include a Bitcoin ETF reaching a trading volume of $100 million for the first time, as well as BTC reaching a price of $100,000 (which some analysts are predicting could happen next year).
Such a setup means that Bitcoin ETF Token will experience a big supply squeeze, potentially pushing up its price in parallel.
On top of this, holders will be able to stake the token for a passive income, making it highly profitable.
This helps to explain why its presale is doing so well, with investors able to join by going to the official Bitcoin ETF Token website.
At the moment, they can BTCETF at a price of $0.0068, with the sale in its final stage.
Of course, the token could easily eclipse such a price once it lists on exchanges in the New Year, such is the strength of its tokenomics.
Visit Bitcoin ETF Token Now
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.
A quick 3min read about today’s crypto news!
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