The price of XRP has increased by 2% over the last day, reaching $0.536380 as the whole cryptocurrency market declines by 1%.
As interest grows in Ripple’s legal battle with the SEC, XRP has increased by 11% over the previous week and 15.5% over the past 30 days.
Analysts are widely speculating that the cryptocurrency may outperform Bitcoin (BTC) and other important cryptocurrencies this year, given that its price has already climbed by 57% since the start of the year.
This will depend on Ripple’s favourable ruling in the aforementioned case. Still, if it does, XRP will undoubtedly have one of the strongest rallies of any top-100 cryptocurrency in 2023.
As a well-known trader claims, XRP is about to outperform Bitcoin. Is it time to buy?
Unsurprisingly, the XRP chart shows a currency with a lot of strength and momentum at present, as the coin’s trading volume has reached $1.4 billion today (up from $600 million just yesterday).XRP’s relative strength index (purple), which dropped from 80 yesterday but is still over 50 today, shows that there is still demand for purchases.
Like rising over its 200-day average (blue), the altcoin’s 30-day moving average (yellow) likewise shows continued strength.
And as XRP’s support level (green) also shows that it is consolidating around ever-higher floors, the present rise could last for some time.
However, XRP has more than just the near future to look forward to, as Ripple anticipates the resolution of its SEC dispute in the coming several months.
Ripple CEO Brad Garlinghouse recently stated in an interview that he believes the issue may be resolved in a matter of weeks. This assertion explains why XRP has performed so well over the past few days and weeks.
The fact that Ripple has had some favourable developments helps explain XRP’s performance. For example, last week, papers were shared suggesting the SEC had obtained legal advice that XRP was not security before suing Ripple.
The regulator’s case is further weakened by this information, according to several analysts who argue that it had failed to support several crucial claims, such as the one that XRP buyers had a legitimate expectation of profit when they initially purchased the altcoin from Ripple.
Given these changes, some analysts now predict that XRP will rank among the top significant cryptocurrencies for the year in terms of performance.
One such expert, who goes by the Twitter handle “@CryptoKaleo,” has even predicted that XRP will outperform BTC, which has already been one of the critical coins with the highest annual growth rates.
All of this is very positive for XRP. If Ripple obtains a favourable summary judgement or settlement, there’s little question that the alternative currency may increase to $1 or higher in the weeks after the lawsuit.
After that, it might increase to $2 by the end of the year, positioning itself for much greater heights in 2024 and a bull market.
Another Altcoin with a High Potential
Despite the current optimism surrounding XRP, it’s far from likely that Ripple will prevail in its dispute with the SEC.
Due to this, some traders might opt to diversify their holdings and hedge their bets by investing in other high-potential cryptocurrencies.
This would also include tokens from pre-sales, some of which may be set for a significant rally once they list on exchanges.
In the case of Ecoterra’s recycle-to-earn platform built on Ethereum, the presale for its native ECOTERRA coin earned more than $4.6 million.
The Ecoterra platform will enable users to earn incentives for recycling household waste at participating recycling locations through ECOTERRA and NFTs once it launches later this year.
Ecoterra will also encourage users to exchange carbon credits as NFTs by incorporating a carbon offset market and rewarding users for submitting documentation of their use of renewable energy.
Growing numbers of investors have participated in Ecoterra’s presale, which is currently in its eighth stage and selling 1 ECOTERRA at $0.00925 due to these intriguing qualities.
In less than 23 days, this will increase to $0.01, allowing investors a brief window of opportunity to purchase ECOTERRA at the current price.
However, given how promising its platform proves, the altcoin may increase even further when it listings on exchanges in the coming weeks.