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Silicon Valley Bank’s recent failure has had a lasting impact on the traditional financial sector. However, the crypto market has pushed through the setbacks, bolstering the case for investing in cryptocurrency.
With top digital assets like Bitcoin (BTC) and Ethereum (ETH) leading the charge, investors are looking to these digital assets as a haven.
The surge is not happening in isolation, as other altcoins like XRP have defied the odds and are moving bullish.
Could inventors take advantage of the crypto market’s resilience and buy the Ripple asset in hopes of long-term profits?
XRP Keeps Bullish Momentum
At press time, the XRP coin is trading at $0.43 after a price surge of 2.12% in the last 24 hours. The digital asset has maintained its bullish streak for a while, with uptrends of 19.6% in the last week and 12.5% in the last 30 days.
The Ripple asset’s price gain has done relatively well for its technicals. The asset’s current price is dominant over the 50-day simple moving average (SMA) indicator value of $0.38 for the short term.
For the long term, it trades slightly below its 200-day SMA of $0.46. If the crypto asset maintains its upward trend, it will likely catch up soon.
According to the technical graph, XRP oscillated at the 38.2% Fibonacci retracement level of $0.37 for a while before pushing toward the 61.8% Fibonacci retracement level of $0.43.
The crypto asset broke through the resistance towards the 78.6% Fibonacci retracement level of $0.48 but dropped along the way. It has now found support at the 61.8% Fibonacci retracement level, where it continues to oscillate.
However, a continuous bullish streak and a market rally could see the asset push through toward new price heights.
XRP’s positive moving average convergence divergence (MACD) shows that the asset is in a buy position. However, its relative strength index (RSI) value of 60.32 shows the digital asset is in the underbought region, making this a potentially lucrative time to purchase XRP.
XRP’s technical performance has been positive, and steady momentum in the broader crypto market could see the asset break through these indicators and surge to a new price level.
XRP Token Rises on Hopeful Developments in the Ripple v. SEC Case
The XRP token’s price increased by more than 20% in the past day after it was revealed that its issuer, Ripple, was in a strong position to prevail in a significant legal dispute with the U.S. Securities and Exchange Commission (SEC).
The SEC sued Ripple in 2020, alleging the corporation issued unregistered securities.
Ripple’s defendants filed a new document earlier this week in support of their fair notice position. The filing cited SEC objection decisions in the Voyager Digital Holdings bankruptcy case.
Ripple (finally) filed the Voyage bankruptcy Judge's decision.
The Judge uses abnormally strong language, stating that the U.S. regulators themselves cannot even agree on what criteria to use in deciding whether crypto is a security (Fair Notice).
…
We are getting close… https://t.co/zvLQ5zEWUV pic.twitter.com/0nCSMVuG0C
— Jeremy Hogan (@attorneyjeremy1) March 20, 2023
It stated that, in dismissing the SEC’s objections, Judge Michael Wiles of the U.S Bankruptcy Court for the Southern District of New York approved many of the debates provided by the Ripple defendants.
Consider These Altcoins for Potential Gain
So far, investors are still interested in XRP and its potential to surge even higher in the future. However, it is important to note that several new coins deliver gains for investors even before launch.
Because these assets are still in the presale stage, investors can take advantage of the opportunity to be early adopters.
The C+Charge native token, $CCHG, is one such suggested altcoin.
The eco-friendly startup, C+Charge, believes electric vehicles are the most environmentally responsible form of transportation. With blockchain technology, C+Charge is building a strong peer-to-peer electric vehicle (EV) payment system.
🎉Great news for all #crypto and #Web3 enthusiasts:
Users of @telegram now can transfer $USDT to one another through their chats by the wallet bot🔥
Let's join the mass crypto adoption by purchasing $CCHG today⬇️https://t.co/ixe18bPYpg#ReFi #Blockchain
— C+Charge (@C_Charge_Token) March 23, 2023
The project intends to make the transition to EVs simple and rewarding.
At the time of writing, one CCHG token is selling for $0.02. The green initiative has raised more than $3.28 million in its ongoing presale program.
The Fight Out native token, FGHT, is another valuable altcoin with potential.
Fight Out brings a unique perspective to the metaverse by blending its play-to-earn platform with train-to-earn mechanics.
The platform will allow users to compete and earn rewards using a digital NFT avatar that reflects their real-life efforts.
🚨 Less than 1 hour left until the $FGHT increase! 🚨
This is your last chance to grab $FGHT at a discounted price. Don't regret not taking action!
Join the presale NOW! ⬇️
👉 https://t.co/9pikKGRRHL#Presale #Web3 #Blockchain pic.twitter.com/eGhsCgRQzv— Fight Out (@FightOut_) March 24, 2023
At the time of writing, 1 FGHT is priced at $0.03. Fight Out has reached an incredible milestone in its presale, raising over $5.81 million so far.
The presale will end on March 31, and the token will be listed on centralized exchanges on April 5.
Related News
- Biggest Crypto Gainers Today, March 22 – XRP, ADA, LHINU, FGHT, CCHG, METRO, TARO
- Ripple Price Prediction for Today, March 21: XRP/USD Could Settle Above $0.40 Level
- XRP Price Prediction: Ripple Defies Broader Crypto Market Slump to Maintain Rally
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