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XRP Price Prediction: Will It Consolidate On Its Gains?

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XRP Price Prediction: Will It Consolidate On Its Gains?
XRP Price Prediction: Will It Consolidate On Its Gains?

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XRP has recorded slight gains in the market today, reflecting the generally positive sentiment of most cryptocurrencies. Despite having a pending legal battle with the U.S. Security and Exchange Commission (SEC), this cryptocurrency still holds much potential for investors.

XRP uses a unique Federated Consensus Mechanism to validate transactions. Also, the XRP Ledger (XRPL) supports micropayments and decentralized finance while minimizing transaction costs.

Although the asset price is below $1, some investors and experts believe the token will rally soon and break above the $1 resistance in 2023. However, XRP’s chances will be influenced by the outcome of the SEC case.

Factors influencing XRP’s Price 

Several factors are influencing XRP’s price. These factors could be macroeconomic factors such as inflation and price volatility. Also, new trends and developmental milestones on the network could influence its price behavior.

Ripple Validates EVM Testnet 

RippleX announced that its EVM sidechain is now available on the Testnet. The sidechain is built on the XRP Ledger (XRPL) and is compatible with the Ethereum Virtual Machine (EVM). This sidechain will enable 1000 transactions per second on the Ledger.

The EVM sidechain operates on a Proof-of-Stake (PoS) consensus algorithm where coins serve to verify transactions. This sidechain will improve the Ripple network’s transactions and encourage user adoption. It has a low transaction confirmation time, with a block produced every five seconds.

The XRP Ledger supports this sidechain and is a public blockchain controlled by Ripple’s developer community that facilitates global transfers.

Almost 1 Billion XRP Tokens Moved As Brad Garlinghouse Talks SVB Exposure

With the recent banking crisis, some cryptocurrency projects and exchanges are in a survival battle due to exposure. However, XRP’s price recorded low volatility during this period as Bitcoin, and other altcoins rallied in the market.

XRP whales were active in the market, moving 916 million XRP tokens in several transactions. WhaleAlert reports that the single largest transaction was the transfer of 278 million XRP tokens worth approximately $100 million.

Also, whales moved XRP in bulk to crypto exchanges seeking to short the tokens. The most significant transfer for this purpose is the movement of 51 million XRP tokens worth $18.6 million. The XRP whale movements might be linked to the statement credited to Brad Garlinghouse, Ripple’s CEO.

According to Garlinghouse, XRP had some exposure to the collapsed Silicon Valley Bank since they were banking partners. However, he stated that no disruptions are expected to the network since they operate with multiple bank partners.

XRP Talks Up Crypto Solutions And Business Value

The Ripple Labs team recently shared their thoughts on crypto solutions and business value. According to the report, although crypto has gained popularity, most business owners do not understand how to benefit from its advantages.

Ripple Labs have launched a “Crypto Means Business” campaign to spread awareness of the benefits of crypto solutions. They believe that these solutions will serve finance professionals to power an efficient and transparent financial system.

Cryptocurrencies now offer users faster and more efficient transactions,  done privately and with minimum restrictions. Also, it eliminates exchange rate problems that often result in a loss of value for customers.

For instance, minting NFTs to represent carbon credits is one of the innovative ways financial institutions can benefit from blockchain technology. The XRP ledger is the first major blockchain to become carbon neutral and committed to providing better solutions in the future.

Ripple Confirms partnership With World-Class Partners

Brooks Entwistle, Ripple’s SVP, stated that RippleNet is live and operational in over 70 countries. He also stated that the company is discussing with over 20 Central Banks in different regions.

This information will be welcome news to investors since it translates to broader adoption and acceptance of the cryptocurrency. Ripple Labs is also involved in humanitarian and charitable projects like the $1 million XRP earthquake relief pledge. 

SEC Vs. XRP Update

Brad Garlinghouse, XRP’s CEO, believes that the SEC has declared war on crypto. He stated that SEC chairman Gary Gensler continues to pressure crypto firms to register when there is no infrastructure for trading a registered token. Also, he believes there is no clarity on the definition of a registered token.

He urged the regulatory body to build the proper framework and put in hard work with a clear set of guidelines. The XRP and SEC lawsuit will reach summary judgment in 2023, and the outcome will likely affect the XRP token’s future.

XRP Price Prediction 

XRP has recorded a steady price increase since trading at $0.3388 on January 1, 2023. It rose to $0.513954 by January 14 before declining again, trading at the $0.4 price level between January 20 and February 4 with slight fluctuations.

XRP Price Prediction: Will It Consolidate On Its Gains?

It returned to $0.3 on February 5, 2023, and has traded within that range since then. Its price action in the last week has been a sideways price trend around the $0.37 price level. 

XRP has dropped below its 50-day and 200-day Simple Moving Average (SMA) on the daily chart, a bearish sentiment for the coming weeks. It has remained in a sideways trend from February 24 to date.  The candle sticks for the past three days show limited trading volume as the bulls and bears battle for control.

The Relative Strength Index (RSI) is at 44.77, closer to the oversold region of 30. However, the indicator is moving in a sideways trend reflecting price neutrality and trader indecision.

XRP’s Moving Average Convergence/Divergence (MACD) has converged with its signal line and is moving sideways. The indicator is showing a negative value and is currently bearish.

Critical support levels are $0.3451, $0.3559, and $0.3649, and the resistance levels are $0.3847, $0.3955, and $0.4044. The bears at the $0.3847 resistance are determined to push the price down. However, XRP is still recording slight gains in its price. It will likely test the $0.38 price level in the coming days before it returns to $0.37.

XRP Alternatives

There are altcoin presales that can reward early investors in 2023. Here are our top recommendations.

Metropoly (METRO)

Metropoly is an initiative that utilizes blockchain technology for effective real estate investment solutions. Users access fractional real estate ownership, starting from a minimum price of $100. This value represents the lowest threshold for real estate investment worldwide.

Metropoly is hosting a $1 million Burj Khalifa giveaway where users can participate with just $100 worth of METRO tokens. The METRO tokens power the ecosystem; the ninth presale stage is ongoing. The presale has exceeded the $750k benchmark and is currently above $822k. 

Each METRO token is worth $0.0625, with a price increase slated for the next phase. The ninth phase will conclude on March 21, 2023, and the METRO token will launch on May 1, 2023.

Also, the platform supports several language options, including Dutch, Korean, Turkish, Russian, and Norwegian, in addition to English. These languages will afford more users from different regions a smooth experience.

Love Hate Inu (LHINU)

This meme token is diverse in its applications with a community-based platform. It is a vote-to-earn platform where users participate in polls to express their opinions and earn rewards. Blockchain technology ensures the voting and reward process is fair, transparent, and secure.

Also, the platform’s staking mechanism requires users interested in voting to stake their tokens for at least 30 days. Voting rewards are paid in LHINU tokens, used to create new memes. 90% of the 100 billion tokens (total supply) will be available to the public, and the other 10% for liquidity, exchange listings, and community rewards.

The presale has raised over $400k, with each token currently worth $0.000085. The first presale stage will conclude in the next two days, and the price will increase to $0.00009.

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