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The XRP price is up almost 3% to exchange hands for $0.6892 as of 12:42 a.m. It comes after a climb of around 23% in seven days, steered by increased buying pressure and a 41% increase in 24-hour trading volume.
After the court upheld Ripple’s victory over the United States Securities and Exchange Commission (SEC), investor confidence and appetite has increased for XRP.
One trader says, “Ripple is obedient to regularity. I personally plan to make a full profit by returning the spot I picked up this year to the double top 0.9 level. From there, the market is expected to develop in a medium-term range, so I would like to wait for a stalemate or a sharp decline just before the surge. I will continue to aim for the 0.1 level for physical repurchases.”
#XRP
久々に盛り上がってますね🥳リップルは規則性に従順なので
個人的には今年拾った現物はダブルトップ0.9台までの戻しで全利確の予定。
そこからは中期的なレンジ相場展開が予想されるので、煮詰まり〜暴騰直前の急落を待ちたいですね
現物の買い戻しは相変わらず0.1台狙い😂— 隣のマンゴ (@smokosshed) November 7, 2023
Besides the broader market rally with Bitcoin leading cryptocurrencies north, the victory over the SEC continues to provide tailwinds for Ripple price. It made XRP the token with the most regulatory clarity.
Meanwhile, it is imperative to acknowledge that with the ongoing pump, the Ripple price is very likely approaching the Ripple vs. SEC ruling highs.
XRP price Extends Gains As The Odds For Ripple Winning Through $20 Million Settlement With SEC Increase
Another possible driver for Ripple price, more pronounced, is the optimism for the XRP community to win its longstanding settlement with the SEC. Specifically, there are expectations that Ripple will settle its lawsuit with the US financial regulator at $20 million or less.
This comes after the SEC sought a $770 million settlement from the cross-border payment settlement firm. Ripple lawyer, John E. Deaton, has indicated his views concerning this:
The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are 💯 wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ
— John E Deaton (@JohnEDeaton1) November 4, 2023
XRP Price Outlook As Ripple Price Approaches Levels Last Tested During the Victory
Even after a 23% surge in seven days, the upside potential for Ripple price continues to abound. The technical indicators inspire optimism, with the Relative Strength Index (RSI) showing momentum is still rising although XRP is overbought. For as long as this momentum indicator remains northbound, the odds will continue to favor the bulls.
At the same time, the Awesome Oscillator (AO) is in the positive territory, flashing green to show the bulls are heading the market. In the same light, the Moving Average Convergence Divergence (MACD) indicator is also in the positive territory. This is a very good sign, bolstered by the fact that it is moving above the signal line (orange band) and the fact that its histogram bars are also green-soaked. This tips the odds further in favour of the upside.
Increased buying pressure above current levels, therefore, could see Ripple price stretch further towards the supply zone. This order block, associated with aggressive selling as the bears populate this in their numbers, extends from $0.7381 to $0.7951. For a confirmed uptrend, however, the market value of the payments token must record a three-day candlestick close above the mean threshold of $0.7675.
A break and close above the supply zone would mean it has failed to hold as a resistance block and flipped to a bullish breaker. The conversion would set the tone for an extended move, with Ripple price likely to shatter past the $0.8000 and $0.9000 psychological levels before testing the $0.9376 resistance level. Such a move would constitute a 35% climb above current levels.
In a highly bullish case, Ripple price could extend a neck higher to tag the range high at $1.0167, levels last tested in December 2021.
Converse Case
However, if the supply zone holds forte as a resistance barrier, Ripple price could face a rejection, sending it back below the $0.6242 support, or lower, for it to test the $0.5705 level. Further south, the remittance token could fall back into the grasp of the consolidation phase between $0.4735 and $0.5392.
A fall into the aforementioned phase, whose upper boundary coincides with the 50-day Exponential Moving Average (EMA) at $05408, would invalidate the bullish thesis. The next logical target in such a case would be the $0.4454, 35% below current levels.
Promising Alternative To Ripple
Meanwhile, BTCMTX is enticing investors, offering a unique chance to become a Bitcoin (BTC) holder. It offers an easy entry into the cloud mining industry, while reducing barriers that range from scams and swindles to costs, space, noise, and hardware.
Introducing #BitcoinMinetrix, the revolutionary cloud mining solution empowering individuals to engage in #Decentralised $BTC mining with ease. 💠
With the elimination of third-party cloud mining risks, users enjoy total control over their mining activities.#BitcoinMining pic.twitter.com/BV7BE7AfKs
— Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
Experts say BTCMTX could record 10X growth potential upon launch. Investors looking to buy BTCMTX can do so using Ethereum, Binance Coin, or Tether (USDT) stablecoin. This is easier than the case for the traditional ways that require complex agreements.
Observing the degree of Ease for #BitcoinMinetrix compared to Conventional Cloud Mining:#BTCMTX: Purchase with $ETH, $BNB, $USDT, or card. 💳
Conventional Cloud Mining: Complex agreements. 📝#CryptoMining #BTCMining pic.twitter.com/c2M7LBy9vQ
— Bitcoinminetrix (@bitcoinminetrix) November 6, 2023
The project is in the fifth stage of the presale, with each BTCMTX token selling for as little as $0.0114. So far, presale collections have reached $3.583 million, with a target objective of $3.904 million.
Notably, this stage is due to end shortly, meaning now is the time to buy BTCMTX at current rates. Join the community of enlightened traders who are rushing to the Bitcoin Minetrix website to buy this stake-to-mine crypto while it is still in the presale stage.
Visit Bitcoin Minetrix here to buy BTCMTX in the presale.
Also Read:
- Top 3 Crypto Presales Experts’ Tips for November’s High Profit Potential – Meme Kombat, TG.Casino, and Bitcoin Minetrix
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- New Stake-to-Mine Crypto Presale With Potential For High Returns
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