XRP Price Prediction: Is a Rally Imminent with Rumors of XRP ETF in April 2024?

XRP Surpasses $1.3 Billion in Overnight Trading Volume, Trading at $0.5692 at 0930 AM UTC on Ripple's Blockchain

XRP’s Price Prediction Will Whales Accumulate as $1 Billion Flows In?

By Tim Hakki | Last updated: February 20, 2024 06:38 EST | Estimated reading time: 6 min

XRP has posted a meaty $1.3 billion in overnight trading volume as it trades at $0.5692 by 09.30 AM UTC.

The native coin for Ripple’s blockchain has spent most of the year posting intraday trading volumes of under $1 billion. However, with a market capitalization of almost $31 billion, the sixth-largest cryptocurrency by market capitalization still needs to attract $17 billion in inflows to flip its nearest rival, Solana (SOL).

With a 7-day price appreciation of 7.1%, XRP is currently riding a broader market rally that has also added 3.5% to the price of Bitcoin, 8.8% to Ethereum, and 12% to Cardano. However, several leading projects are posting dips over the last week, including Solana (SOL), down 4.5%, and Avalanche, which fell 6.7%.

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Over the last three months, XRP has broadly been in decline, according to CoinGecko data, dropping as low as $0.50 in early February. Today’s rally is part of a broader recovery, but XRP has its work cut out for it if it wants to reclaim its three-month high of $0.67 posted in mid-early December.

A quick glance at the trading chart shows the uncertainty of XRP’s position. Its support level appears to be increasing since the month began, indicated by higher bottoms. A Relative Strength Index (RSI) of 58 also indicates healthy valuation and market activity.

However, recent tweets by whale tracker Whale Alert indicate that Ripple and another whale-sized holder may be getting ready to sell tens of millions of XRP, so short-term price prospects remain unclear.

XRP In The News

There are a couple of factors potentially driving XRP’s price, including anticipation surrounding the lawsuit it’s defending against by the SEC.

The SEC accused Ripple of selling XRP as an unregistered security. In July last year, Ripple scored a decisive victory when Judge Analisa Torres ruled that XRP “is not necessarily a security on its face” and programmatic sales of XRP to the public were not securities sales.

She did, however, state that approximately $728 million of institutional sales of XRP did qualify as securities offerings because those buyers were expecting to profit in a common enterprise.

The company has a deadline to meet today to provide the court with financial statements and “post-complaint contracts governing ‘institutional sales.’”

Last week, the company announced a deal to acquire the New York-based crypto platform Standard Custody and Trust Company, pending regulatory approval. This was a tactical move on the part of Ripple, which hopes to leverage the company’s limited-purpose trust charter and money transmitter licenses to enhance its regulatory compliance.

Hedge Against Uncertainty With Hard Working Altcoins

With Ripple’s fate being so uncertain right now, many altcoin fans are looking for alternatives to diversify their portfolios and hedge against potential regulatory headwinds. Bitcoin Minetrix (BTCMTX) is one such promising token; it has raised over $11.2 million so far.

BTCMTX taps Ethereum smart contracts to get investors yields by providing an easy entry into Bitcoin mining without the need for specialist mining rigs. Simply purchase and stake BTCMTX via the website.

The more BTCMTX investors lock up, the more cloud mining credits they’ll receive. These represent hash power. The greater the hash power, the more attempts Bitcoin cloud mining software can make to break the network’s cryptographic puzzles and validate blocks of transactions. This process is called mining and it is rewarded in Bitcoin.

The BTCMTX also generates yields in BTCMTX, further fueling the staking/mining cycle.

With miners’ rewards set to halve on April 19, investors may want to get in early.

Buy Bitcoin Minetrix Here

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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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🌟 Q&A: Your Burning Questions Answered 🌟

Q: Why does XRP need to attract $17 billion in inflows to surpass Solana (SOL)?

A: Market capitalization is a key metric for comparing cryptocurrencies. XRP currently holds the sixth position in terms of market capitalization, trailing behind Solana. To overtake Solana, XRP would need an influx of approximately $17 billion in investment, bringing its market cap above that of Solana. This would require significant buying pressure and market demand.

Q: What is the significance of the lawsuit against Ripple by the SEC?

A: The SEC’s lawsuit against Ripple accuses the company of selling XRP as an unregistered security. The outcome of this legal battle will have significant implications for Ripple and XRP. If the court rules in favor of Ripple, it could potentially boost investor confidence and positively impact XRP’s price. However, any negative ruling could have adverse effects on XRP’s market performance.

Q: How does BTCMTX offer an easy entry into Bitcoin mining?

A: BTCMTX utilizes Ethereum smart contracts to enable investors to participate in Bitcoin mining without the need for specialized mining rigs. By purchasing and staking BTCMTX tokens, investors can earn yields and gain exposure to the mining process. This allows individuals to participate in Bitcoin mining and potentially benefit from the associated rewards, even without extensive technical knowledge or expensive mining equipment.

Q: What is the significance of miners’ rewards halving on April 19?

A: Miners’ rewards halving is an event that occurs approximately every four years in Bitcoin’s network. This event reduces the block reward given to miners for successfully validating transactions and adding them to the blockchain. The halving is designed to control the inflation of Bitcoin and maintain scarcity. The reduction in mining rewards can impact the profitability of mining operations and potentially affect the overall supply and demand dynamics of Bitcoin.

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🚀 Future Outlook: Analysis, Strategies, and Investment Recommendations 🚀

The future of XRP remains uncertain, with key factors such as the SEC lawsuit and potential selling by large holders influencing short-term price prospects. Investors should closely monitor the developments in the regulatory landscape and evaluate the impact on XRP’s market performance.

As for alternative investment options, BTCMTX presents an intriguing opportunity to diversify portfolios and hedge against potential regulatory headwinds. The token’s unique approach utilizing Ethereum smart contracts to facilitate Bitcoin mining offers a compelling value proposition for investors seeking exposure to the cryptocurrency market.

Looking ahead, it’s essential to stay informed about market trends, regulatory updates, and technological advancements within the blockchain and cryptocurrency space. Maintaining a diversified portfolio and conducting thorough research before making investment decisions can help navigate the dynamic and rapidly evolving landscape.

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📚 Reference List:

1. Judge Analisa Torres ruling on XRP as a security
2. CoinGecko
3. Whale Alert tweet highlighting potential XRP sales
4. Ripple’s deal to acquire Standard Custody and Trust Company
5. Bitcoin Minetrix (BTCMTX) official website

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