XRP Price Prediction: XRP still Struggles Despite an Increase in Network Activities

Ripple Labs, XRP, has been experiencing high fluctuations for some time. Despite an increase in its transactions and network activities, XRP’s price remained stagnant. Now there’re lots of speculations about the future of the coin.

The ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) regarding XRP’s classification as a security also stagnated XRP. 

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.

Ripple (XRP) Price Action In 2023

XRP started the year at $0.33 on January 1, 2023, according to the data source. The price increased by 21.21% ($0.40) on January 21, 2023, but dropped to $0.39 by the end of the month.

Throughout February, the price fluctuated between $0.38 and $0.40, with occasional highs of $0.41 and lows of $0.370. 

In March, the coin’s volatility persisted, but it surged to $0.54 by the end of the month. In April, XRP continued to trade in a narrow range of $0.50 to $0.53, with a slight drop to $0.46. 

As of May 5, 2023, XRP’s value decreased by -0.02%, with a slightly bearish sentiment in the market. The coin is down by 2.19% within the last 24 hours. 

The 24-hour trading volume is up by 15.98%, while the market cap currently stands at $22 billion, down by 2.19%.

XRP Price Prediction With Technical Indicators

The XRP/USDT chart above shows that XRP trades above the 200-Day Simple Moving Average (SMA) but below the 50-Day SMA.

XRP above the 200-Day SMA indicates that XRP is in an uptrend over the long term, while below the 50-day indicates a downtrend in the short-term. This could be due to negative sentiment, volatility, or news events.

However, if the price of XRP stays above the 200-Day while trading below the 50-Day, it could indicate that the short decline may be temporary.

The Relative Strength Index (RSI) shows a reading of 34.23 on the XRP chart. This indicates that the coin is nearing a bottom (oversold) and could potentially increase if the buyers increase the momentum.

Lastly, the Moving Average Convergence Divergence (MACD) indicates a bearish trend as the MACD line is below the signal line. In addition, the histogram being below zero also confirms the bearish momentum and suggests a further decline.

XRp Support And Resistance Levels

XRP has tried severally to break through the resistance level at $0.5563 but failed due to the pressure from the bears. Currently, the bears are pushing XRP toward the support around the $0.3481 mark. This indicates a potential bearish breakout if the bears build strong momentum.

A break above the $0.5563 resistance level could indicate a short-term bullish trend, and traders may seek short positions. Conversely, if XRP breaks below the primary support level of $01705, it could indicate a long-term bearish trend.

The $0.5563 and $0.3481 levels are the key significant, as they present potential trading opportunities for investors and traders.

Factors Affecting XRP’s Price

Below are some factors affecting the price of XRP

Wide Adoption Of XRP: The adoption of XRP by different companies can significantly affect its demand and price in the crypto market. Suppose 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. Either positive or Negative developments within the cryptocurrency space can drive the price of an asset. 

Notable Trends In XRP’s Ecosystem

A famous file-sharing platform, Limewire, is considering integrating XRP as a means of payment for the ongoing presale of its token (LMWR). 

The development comes after the platform integrated Cardano (ADA) as a payment method. 

Notably, LimeWire announced publicly via their Twitter handle on May 6, calling the Ripple community to show their massive support. Limewire promises that if their Tweet exceeds 300 retweets, XRP will be integrated as one of the payment methods.

XRP Alternatives

Despite the high uncertainties present in the market, investors can look into these potential projects for high ROI.

Launchpad (LPX)

Launchpad is a Web3 platform built on the Ethereum blockchain to assist traders in making decisions. The platform is a link for Web2 and Web3 technology, enhancing smooth and fast transactions. It also gives users real-time market insights from experienced crypto traders and analysts.

Additionally, users have full control of their crypto assets, which means the platform operates on a decentralized mechanism. Users will have access to a Play-to-Earn model for gaming, a Web3 Wallet, and fractional assets. 

Through partnerships, Launchpad will offer valuable assets in fractions as user rewards. The project, which is now in the ICO presale stage, provides an alluring investment opportunity with tokens offered at a reasonable cost. Higher token purchases by investors could result in large gains when they launch the token.

Launchpad presale is currently on stage 1 and is sold at $0.0375/token. The estimated exchange listing price is $0.07; users can purchase the token with  ETH, USDT, or BNB.

Ecoterra

Ecoterra is a blockchain-based platform created to help individuals and companies fight climate change. The project aims to promote active recycling by highlighting its importance through green educational initiatives.

For instance, the Ecoterra app’s Recycle2Earn program gives users ECOTERRA tokens for recycling. These tokens may appreciate and may be staked to obtain passive dividends from Ecoterra’s revenue streams.

This platform will not only help to increase the recycling rate but will also provide unique opportunities for the community. Ecoterra helps mitigate climate change’s effect by tracking emissions and carbon credits through its carbon offset marketplace.

The process of earning is easy and transparent; you just have to scan, recycle and earn free tokens. This is done through a Reverse Vending Machine (RVM) in small or large stores.

To earn Ectoerra, scan your product’s barcode, look for stores with an RVM, and recycle your items. After the receipt from RVM, you’ll be given a certain amount of the token. You can stake, sell, hold, or donate this token given to you to environmental causes.

The token’s presale is ongoing, priced at $0.00775/token, and the estimated listing amount is $0.01. You can buy this token with either ETH or USDT.

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 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.