XRP Price Rebounds Above $0.5 Ahead Ripple's Party In New York

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The drums are beating for Ripple’s planned “Proper Party” in New York while XRP price prepares for a much-awaited rally after stepping above the crucial pivotal level at $0.5. The cross-border money remittance token has struggled to sustain the uptrend due to the lack of volatility and reduced trading volumes.

However, a significant breakout is expected, with investors shifting their attention to XRP.

Meanwhile, a bullish wave surrounds the crypto market amid the news and discussions around exchange-traded funds (ETFs). THIS WEEK, the US Securities and Exchange Commission (SEC) has been in a rush to delay decisions on applications for spot Bitcoin ETFs and approve the first batch of ETFs based on Ethereum futures contracts.

Valkyrie, an investment management firm, received the green light to amend its existing Bitcoin futures ETF to add exposure to Ether futures. The product is expected to start trading on October 3.

VanEck is also preparing to launch an Ether futures ETF dubbed VanEcK Ethereum Strategy ETF (EFUT).

Top stories in the #Crypto Roundup today:

✅VanEck Prepares $ETH Futures ETF Launch
✅Coinbase to Offer Perpetual Futures Contracts on Non-US Exchange
✅Binance Loses EUR Support from Paysafe
✅Crypto Market Movers – $MKR, $LOOM, $KNC https://t.co/ZxdLzcjKPn

— CCData (@CCData_io) September 29, 2023

These developments have been crucial in reviving interest in crypto following extended market doldrums. XRP price is expected to steady its uptrend above $0.5 riding on this market-wide momentum but most importantly from Ripple’s big event in New York on Friday, September 29.

Will XRP Rally During Ripple’s Proper Party

The most anticipated Ripple event since the win against the Securities and Exchange Commission (SEC) in July will occur in New York on Friday. It has been an eventful week for Ripple, with the company’s CEO Brad Garlinghouse, speaking at the Messari panel.

Garlinghouse, known not to mince his words, said, “You have to stand up to a bully.” He was referring to his company’s fight with the SEC, resulting in a partial win.

"You have to stand up to a bully." ~@bgarlinghouse

Ripple's Brad Garlinghouse and Stuart Alderoty on standing up to and defeating Gary Gensler's SEC.#Mainnet2023 🌶️ pic.twitter.com/jEXuqTKo07

— Messari (@MessariCrypto) September 27, 2023

According to the judge, programmatic XRP sales on third-party platforms like exchanges are not securities. However, sales made directly to institutional clients constituted security tokens.

Garlinghouse said that Ripple’s win is for crypto and that the industry must stand together to fight bullying from regulators.

The XRP community is waiting with bated breath for the proper party, which, will allow Ripple to make key announcements aside from celebrating the win. Rumor has it that the company might announce its IPO plans, while others speculate a settlement with the SEC.

As for the XRP community, the event boils down to its impact on XRP price, which is believed to be significantly undervalued compared to its peers, Ethereum and Bitcoin.

Can XRP Price Climb To $1?

The bullish outlook in XRP strengthened the moment support at $0.5 was reclaimed. This also marked a significant step above the confluence resistance (now support) formed by the 50 Exponential Moving Average (EMA) (red) and the 100 EMA (blue).

xrp price hart — XRP/USD four-hour chart | Tradingview

Although odds seem to be favoring bulls now, they have an uphill task ahead, considering the immediate resistance posed by the 200 EMA (purple). Slightly above this key level is the symmetrical triangle’s upper resistance, which bulls must defeat to boost XRP to the next bottleneck at $0.54.

On the bright side, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) encouraged traders to buy XRP and investors to keep their positions open for potential gains.

The momentum indicator flashed a buy signal with the blue MACD line crossing above the red signal line. On the other hand, the RSI reveals that the uptrend is steady and likely to continue.

Traders should be on the lookout for a possible triangle breakout. A noticeable increase in trading volume would support price action above the upper trendline and the subsequent seller congestion at $0.52.

With such a breakout and the hype surrounding Ripple’s New York event, the chances of a big rally are significantly high. However, traders must be cautious because sellers would be ready to exploit XRP at key levels on the upside, including $0.54, $0.7, and $0.85 on the path to $1.

The Best XRP Alternative To Buy | Bitcoin Minetrix

As the XRP community waits for the announcements during Ripple’s celebratory party, investors may consider one of the leading crypto presales, Bitcoin Minetrix.

This innovative newcomer, Bitcoin Minetrix (BTCMTX), has raised over $200,000 via presale within the first week of its launch. It introduces a new Stake-to-Mine mechanism that provides an accessible path for crypto users to participate in mining Bitcoin (BTC).

Unlocking the world of $BTC with #BitcoinMinetrix! ⛏

Cloud mining offers a simple path to #Crypto:

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— Bitcoinminetrix (@bitcoinminetrix) September 27, 2023

Bitcoin Minetrix had an impressive debut, gaining early investors’ attention. This category of investors sees it as a potential disruptor in the BTC mining arena and the next cryptocurrency to explode.

The project aims to change the game by leveraging its Stake-to-Mine mechanism to make BTC cloud mining accessible to more people. This mechanism runs by having users stake the platform’s BTCMTX token in exchange for Bitcoin mining credits.

The stake-to-mine concept is an innovative idea 💡

Making #Bitcoin mining achievable for all #Crypto enthusiasts and here's why.

Users of #BitcoinMinetrix require nothing more than an Ethereum-compatible wallet, such as #MetaMask, making things incredibly straightforward. pic.twitter.com/XTNKtrJn9R

— Bitcoinminetrix (@bitcoinminetrix) September 29, 2023

The credits earned in this process can later be redeemed for either BTC mining time or a share of mining returns.

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