Recent price gains despite broader losses
While the broader cryptocurrency market has seen losses, Ripple’s XRP coin continues to make gains. XRP’s price has maintained an uptrend, staying above $0.630 in the past 24 hours despite the crypto market cap dropping 2.6% to $1.71 trillion.
Ripple’s live price is currently $0.62546, representing a 1% increase and maintaining $1.5 billion in 24-hour trading volume. These gains come despite a recent decline in Bitcoin and Ethereum.
Analyst anticipates further XRP rallies
Cryptocurrency market analyst JD predicts that XRP could experience further upside in the near future.
JD points to XRP’s 600x price increase back in 2017 as a bullish signal for a similar rally now. JD believes the recent 20% gains since October could lead to an 8 to 10x increase.
Fundamentals bolster XRP appeal
Legal victories and Ripple’s tenth-place market cap ranking among cryptocurrencies continue to boost XRP’s appeal to investors. Ripple’s recent registration as a Virtual Asset Service Provider in Ireland also points to increasing legitimacy.
Optimistic price forecasts abound
Optimistic price forecasts, such as the JWK Show’s potential $352 valuation for XRP by 2023, may positively impact market sentiment. Technical indicators show a bullish trend with RSI at 63 and trading above the 50-day EMA of $0.6251.
New crypto presale gains traction
Bitcoin Minetrix (BTCMTX), a stake-to-mine platform, has reportedly raised over $6.45 million in an ongoing presale anticipated to end soon ahead of its launch early next year. BTCMTX tokens are currently priced at $0.0125, with an impending price increase. Meanwhile, Tether has frozen 41 wallets linked to an OFAC sanctions list as a precaution.
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