XRP, the cryptocurrency that underpins Ripple’s global blockchain-based payments system, was last trading lower by just over 1% on Friday, having pulled back from weekly highs in the $0.3950 area to trade around the $0.3900 level. That still leaves the cryptocurrency higher by about 4.2% versus earlier weekly lows.
Recent US PPI data showed that, while the YoY rate of inflation declined further, the decline was not as large as expected, which has weighed on sentiment in cryptocurrency markets. As a result, XRP price predictions have not become more bullish.
XRP’s rally in the last few days from recent lows doesn’t signal a sudden resurgence in XRP risk appetite. The cryptocurrency has only been able to recover back to close to its 21 and 200-Day Moving Averages again and remains well within recent ranges. XRP has also failed to get back to the north of a key Fibonacci level that marks the 61.8% retracement back from September highs in the $0.56 area to June’s annual lows in the $0.28 area.
Price Prediction – Where Next For XRP?
In the last few weeks, XRP appears to have formed a descending triangle pattern, with support keeping a floor under the price action in the low $0.37s, while the upside has been squeezed by a downtrend that began on the 25th of November. Descending triangles tend to form ahead of a bearish breakout. The XRP bears will thus be biding their time and waiting patiently for XRP to break lower once again towards sub-$0.35 levels.
XRP appears to be at a crossroads. It looks to be around the middle of both short ($0.37-42) and longer-term ($0.31-55) ranges. The $0.42 area is a formidable area of resistance – it has consistently acted as both resistance and support since late July and is where the 100 and 50DMAs reside.
Conversely, if next week’s US CPI data surprises to the upside like today’s PPI data, and should the Fed be interpreted by the market as sounding hawkish, then macro headwinds are likely to result in XRP grinding lower. A steady crawl lower to $0.31 support, which is roughly where the post-FTX collapse lows are, could be on the cards.
XRP might well remain stuck within recent ranges until things become clearer as to how the Ripple vs US SEC case is going to shake out next year.
Crypto Influencers See Ripple Win vs SEC as Crucial for Industry
Crypto analyst and influencer Miles Deutscher announced to his more than 250,000 followers on Twitter on Friday that, while he is not a fan of XRP, he hopes that “for the sake of our industry” they win in their case against the SEC. “If they don’t, there will likely be massive ramifications,” he added, though not going into any more detail about what those ramifications might be.
“Anyone hoping they lose is against crypto,” he added. Analysts suspect that an SEC victory over Ripple would send a chill across crypto innovation in the US and, likely, globally.
The SEC has accused Ripple of selling unregistered securities (its XRP tokens) to investors. However, an SEC failure in the ongoing lawsuit, which could conclude as early as Q1 2023, would be a “massive trigger to the upside for the whole crypto market,” one Twitter user opined.
Other crypto analysts have expressed a similar sentiment to Deutscher. “You don’t have to be a fan of Ripple or $XRP, but you should be rooting for them to win their case against the SEC,” tweeted David Gokhshtein to his more than 700,000 followers. “It would bring clarity to the #crypto industry… (and) would also keep innovation in the US,” he added.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $9.18 million. The sale has now entered its fourth and final phase and sales are still going strong, with $400K coming in in the last 24 hours.
The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each, which observers are calling highly discounted.
Dash 2 Trade was recently listed as the third-best presale token of 2022 by CoinCodex.
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IMPT
Amid the growth in popularity in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider the IMPT token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprints and allows users to trade carbon credits on the blockchain.
IMPT tokens are currently in their second stage of the presale with IMPT having raised over $16.6 million. That amounts to $1 million in token sales in just the last 24 hours. Investors only have another two days to purchase tokens at the current discounted price of $0.023. IMPT token exchange listings begin in a few days.
IMPT was recently listed as the best presale token of 2022 by CoinCodex.
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Calvaria (RIA)
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.36 million, with a crypto whale scooping up $97.5K in one purchase on Thursday. The presale is in the final stage, with only 24% of tokens left.
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