The Ripple price has surged by 8% this week, leading to speculation about its potential to reach $1.
The recent legal victory against the SEC has contributed to the token’s positive performance.
XRP is not a security.
This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.
— Ripple (@Ripple) July 13, 2023
Ripple Price Climbs By 8% in Weekly Charts
Over the past week, the Ripple price has risen by 8%, reaching $0.77 from its previous value of $0.72.
At 2:30pm UTC, Ripple’s market cap experienced a minor 0.19% increase, reaching $40.8 billion, while its trading volume declined by 27% to $1.6 billion.
The recent legal victory against the SEC has contributed to the coin’s market value.
Following the news of the judgment, XRP surged by 101%, but then corrected by 40% the next day, settling into a sideways trading zone with prices ranging between $0.7 and $0.85.
Why is Ripple Price Rising?
Ripple’s recent legal victory against the SEC has generated positive sentiments in the crypto market, leading to increased interest in XRP on CoinMarketCap.
The token has made a comeback on major exchanges like Coinbase after its delisting during the SEC case, contributing to an 8% increase in value over the past week.
However, this surge might not be sustainable, as the price chart indicates a slight decline, suggesting a lukewarm response from investors.
Additionally, there have been few bullish updates on Twitter to support its current growth. Ripple is actively seeking to strengthen its ecosystem by hiring a new team, as mentioned in their recent tweets.
Ready to make a splash in your career this summer? 🌊
— Ripple (@Ripple) July 21, 2023
Ripple Price Prediction – Can it Reach $1?
In 2021, Ripple last traded above $1 during the end of the bull cycle.
Throughout 2022, it hovered around the $0.5 range, but it has recently surpassed the $0.7 threshold.
Based on the Fibonacci Retracement Chart, Ripple has found support at $0.95 (0.382 fibs) and is now testing $1.
The RSI stands at 68, approaching the overbought zone, indicating strong community support.
Additionally, the MACD histogram is above zero, reflecting positive sentiment.
These factors suggest a potential move towards $1 in the near future, but the extent of the momentum’s sustainability will determine its success.
Ripple Alternative – BTC20
Ripple’s recent rise spells good news for the entire crypto space as SEC stepping back from declaring XRP a security asset for retail investors has long-term consequences. But the current rise may not hold for long. The market for an asset generally becomes bullish when there is positive news about it, but the impact of that news subsides rapidly.
In light of this, crypto presales like BTC20 are better investments.
Inspired by Bitcoin’s tokenomics, BTC20 bills itself as an Ethereum-based Bitcoin with a stake to earn mechanics.
With 21 million tokens in total, BTC20 has offered 6.05 million of the total supply in a presale. With each token valued at $1, much like Bitcoin was in 2011, BTC20 hopes to retread Bitcoin’s steps and generate the same level of interest – and gains – in the crypto market.
To accomplish this, BTC20 has locked 14.95 million tokens that remain inside a liquidity contract. These would be released to those who stake as APY rewards, similar to Bitcoin’s mining rewards. The project plans to release all the tokens over the next 120 years. The scarcity it thus presents can bolster BTC20’s value when in the future. Many experts tip it to be the next 10x potential Bitcoin alternative.
BTC20 has raised close to $1 million already. With the hard cap set at 6.05 million across two presale stages, interested parties considering becoming early movers can go to btc20.com to participate.
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