XRP Is So Close To Resolution, But Why Wait? Ecoterra Is Pumping Right Now

Ripple Lab’s native cryptocurrency, XRP, has witnessed high fluctuations. The price of XRP has remained stagnant despite increased transactions and network activities. This stagnation has led to many speculations about the coin’s future.

The ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) regarding XRP’s classification as a security is among the key factor contributing to XRP’s slow price movement.

The uncertainty surrounding the outcome of this case has left many investors hesitant to invest in XRP, which has led to a lack of demand and, consequently, a lack of price movement.

XRP’s Rollercoaster Ride in 2023: Price Soars to $0.54 in March, but Faces Recent Dip to $0.47

According to data from CoinMarketCap, XRP began the year at $0.33 on January 1, 2023. On January 21, 2023, the price rose by 21.21% ($0.40) but later fell to $0.39 by the end of the month.

Throughout February, the price of XRP varied between $0.38 and $0.40, occasionally reaching highs of $0.41 and lows of $0.370. In March, the coin’s price remained volatile but managed to climb to $0.54 by the end of the month. 

In April, XRP traded within a narrow range of $0.50 to $0.53, experiencing a slight decline to $0.46. As of May 5, 2023, XRP’s value decreased by -0.02%, trading at $0.46, indicating a slightly bearish sentiment in the market.

The coin maintained this price level till the end of the month, when it experienced a notable increase above the $5 price mark. The beginning of June showed bullish sentiment as the asset was trading above the $5 price mark, indicating bullish momentum.

However, the asset dropped on June 15 to a significant level of $0.481, representing a decrease of 90.40%. The dump persisted as the asset dropped to a low of $0.464 on June 29, indicating a bearish sentiment.

Currently, XRP is trading at $0.47, accompanied by a 24-hour trading volume of over $600 million, down by 4.08%. Notably, the asset’s 7-day and 30-day data exhibit a bearish trend with a notable decrease of 3.77% and 5.07%, respectively.

According to CoinMarketCap data, the total supply of assets circulating in the market and the general public hands is over 50% of the total supply.

XRP Technical Review Using Chart Patterns and Indicators

Bullish Flag Signals Potential Uptrend

According to the chart above, XRP is currently oscillating between the bullish flag chart pattern since May 30.

Traders often interpret this pattern as a potential continuation of the previous upward movement, indicating a bullish sentiment in the market.

The price chart has been consistently following strong trendline support throughout this year. This indicates that the price has consistently found support at the trendline, suggesting a bullish trend. 

Traders may interpret this as a positive sign, potentially indicating further upward movement.

Technical Indicators Analysis

According to the chart above, the asset is trading above the Lower Band of the Bollinger Bands indicator, suggesting that the price is currently at a relatively low level compared to its recent volatility. 

Traders may interpret this as a potential buying opportunity, and it could suggest that the asset is oversold and may experience a price bounce or reversal.

Meanwhile, the asset has formed two strong bullish (GREEN) candles above the lower band of the Bollinger Bands indicator. This setup further validates the potential trend reversal, presenting traders with buy opportunities to leverage.

The Relative Strength Index (RSI) of XRP is at 46.43, suggesting a neutral market pressure. This indicates that buying and selling activities are balanced.

However, a potential bullish sentiment may be suggested when the Relative Strength Index (RSI) exceeds this region. Traders and investors should not rely solely on technical indicators for making investment decisions.

Experts Share Insight on XRP Price in the Short and Long-Term

Cryptocurrency prices often move along a cycle of highs and lows, forming predictable chart patterns used by seasoned experts to forecast possible future moves. 

Let’s see what the experts say about Ripple native token ($XRP) Prices in the coming months and years.

According to CoinCodex’s short-term XRP Coin price prediction, the XRP price has the potential to increase by 0.70%, reaching a high of $0.492689 by July 55, 2023. 

CoinCodex also compared XRP Coin against leading technological innovations and trends.

It concluded that XRP Coin’s price could grow significantly and hit the price mark of $0.622707 by the end of 2024, following the internet growth pattern.

Furthermore, Coincodex’s long-term XRP price prediction suggests that XRP Coin could reach $0.803915 and $1.037854 by 2025 and 2026 if it follows the internet’s growth pattern.

In addition, the price forecast shows that XRP might potentially hit the price level of $ 9.05 by 2026 if it follows Facebook’s growth pattern.

According to Changelly, XRP will record a minimum price of $0.589941, an average of $0.609939, and a maximum of $0.669933 by the end of 2023.

They predicted 2025 to have a minimum price of $1.20, an average price of $1.23, and a maximum price of $1.46.

2027 market prices were predicted to have a minimum of $2.46, an average of $2.55, and a maximum of $2.95.

According to Changelly’s XRP price prediction, the asset can potentially hit the $11 milestone by 2031.

According to a Rippe coin (XRP) price prediction by CoinPedia, the projected prices for the cryptocurrency are as follows:

2023: The minimum price for XRP is expected to be around $0.585, while the maximum price is projected to reach $0.1.104 by the end of the year.

2025: The minimum and maximum prices for XRP in 2025 are forecasted to be approximately $1.571 and $3.022.

2027: By 2027, the projected minimum and maximum prices for XRP will be $2.167 and $3.701.

2028: Looking ahead to 2028, CoinPedia suggests that the minimum and maximum prices for XRP could potentially reach $4.017 and $5.683.

It is crucial to emphasize that these projections are based on speculation and should not be regarded as financial advice, considering the volatile nature of cryptocurrency markets and the presence of multiple factors that can influence prices.

Factors Affecting XRP’s Price

Below are some factors affecting the price of XRP

Regulatory Hurdles

The lawsuit filed by SEC against Ripple since on DEC 2020 has had a significant impact on both the resources of the company and the price of its native asset XRP. 

The legal uncertainty surrounding the asset and its classification as security has led to market concerns and regulatory scrutiny. As a result, many exchanges delisted or suspended XRP trading, causing a decline in liquidity and investor confidence. 

The ongoing legal battle has created volatility, leading to price fluctuations, as investors weigh the potential outcome and its implications on XRP’s prospects.

Wide Adoption Of XRP

The adoption of XRP by different companies can significantly affect its demand and price in the crypto market. If more institution decides to use XRP for international trade. Its demand will increase and will push the price up. 

However, if XRP fails to gain traction in the market or is overtaken by a rival, its price may fall.

Investors Sentiment

The general mood and attitude of investors and traders toward XRP can affect the price of XRP significantly. 

The price of an asset can be driven by either Positive development or Negative developments within the cryptocurrency space. 

Recent Development in the Ecosystem

XRP Secured A Spot in Hong Kong’s Virtual Asset Index

Hong Kong Consortium (HKVAC) said in a recent announcement that it has successfully launched its most anticipated virtual asset index.

The primary objective of the index is to monitor the performance of significant digital currencies and offer local investors a comprehensive market overview. 

Shiba Inu (SHIB), XRP, and Cardano (ADA) were among the 30 cryptocurrencies identified by market observers in the index. To ensure impartial representation, the index excludes Bitcoin (BTC), Ethereum (ETH), and stablecoins.

Prominent cryptocurrency journalist Colin Wu provided insight into the support received by HKVAC, highlighting that influential individual like Hong Kong legislator Johnny Ng and prominent industry players such as Huobi and KuCoin back the institution. 

However, it should be noted that the index is independent of government involvement and lacks official regulatory recognition.

Ecoterra

Ecoterra is a blockchain-powered platform designed to assist individuals and businesses in combating climate change. 

The primary goal of this project is to raise awareness about the significance of active recycling through various green educational initiatives. 

An example of this is the Recycle2Earn program within the Ecoterra app, which rewards users with ECOTERRA tokens for recycling. These tokens have the potential to increase in value and can be staked to generate passive dividends from Ecoterra’s revenue sources.

This platform aims to boost recycling rates and presents unique opportunities for the community. Ecoterra addresses the impact of climate change by monitoring emissions and carbon credits via its carbon offset marketplace. 

The process of earning is straightforward and transparent: scan, recycle, and receive free tokens. This is facilitated through Reverse Vending Machines (RVMs) available in both small and large stores. 

By scanning the product’s barcode, recycling it at an RVM, and obtaining a receipt, users will receive a specific token amount. These tokens can be staked, sold, held, or donated to environmental causes.

These tokens are currently being offered for purchase during the presale period, which began on March 29, 2023, and will in 12 days. 

$ECOTERRA has raised over $5 million in its presale event and is nearing its target of $6.7 million. The current value of each token is $0.01, and the presale is currently at stage 9, which is the last stage. 

Follow the process below to participate

Open your crypto wallet (Trust Wallet), click on the DApps, and enter Ecoterra’s official site. Click on connect wallet, then select a payment method.

Validate the transaction and click on the “reverse” icon to switch to the USDT value. Once the presale is over, return to the site and click on “Claim tokens,” Your tokens will be delivered to you.

You can buy this token with either ETH or USDT.