Recent market movements spotlight XRP as it registers a 2% increase over the past 24 hours, bringing the total rise to 2.5% within the last two weeks. Despite the rollercoaster ride in the last month during which it slumped by 4%, XRP still maintains a commendable 50% increase from the onset of the year.
Analysts note the upward trajectory follows the positive ruling Ripple secured against the SEC in July. Ripple’s court victory might have induced an atmosphere of optimism which, as dynamics continue without any radical changes, might foster a continued gain for XRP in the future.
Looking at the TradingView analysis, a stronger force seems to be gathering for the coin as its relative strength index continues its ascent, currently levelling at the 50 mark, a promising rise from its struggle around the 30 threshold during the course of August and September.
Furthermore, XRP’s 30-day moving average stays below its 200-day equivalent, hinting at a potential strong bounce back. The steady incline of XRP’s support level in the previous week suggests a consolidation around a new floor and readiness for new climbs.
However, whale activities sensed in the last 24 hours could signify that they await further price growth before they decide to sell. Furthermore, the current position of XRP mirrors that of July’s when Judge Analisa Torres ruled that XRP, the token, cannot be categorized as a security, sparking major US-based exchanges to relist the token and Ripple to resume business expansion.
Despite all these, investors might need to diversify their portfolio if their intent is a swift gain that beats the market, hence the introduction of promising pre-sale tokens. One such token is Bitcoin Minetrix’s (BTCMTX), a tokenized cloud mining platform. This platform facilitates users’ access to Bitcoin mining hash by staking their Ethereum-based BTCMTX tokens.
Aside from the impressively fast fundraising pace, the project is drawing in the market’s attention because it plans to launch its stake-to-mine platform before the end of this year. The token’s appeal for potential holders is the advantage of mining and earning actual BTC, thereby democratizing Bitcoin mining.
The roadmap for BTCMTX sees its price increasing incrementally, starting at $0.011 during the initial sale stage, culminating at $0.01190000 in the tenth and final phase. This indicates that decisive actions from investors are crucial to secure the token at its lowest price.
In the realm of crypto investing, due diligence is essential. As informative as this article can be, it does not replace individual investment advice, given the high-risk nature of the crypto class.
Source: Cryptonews
