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XRP price is bullish over the weekend alongside its peers like Bitcoin (BTC) and Ethereum (ETH). The international money remittance token is up 3.3% in 24 hours to exchange hands at $0.39 at the time of writing. Investors are beaming with hope for a longer northbound breakout that may soon close the gap to $1.
XRP Price Ignites A 26% Rally To $0.46
XRP price holds significantly above a double-bottom pattern with a 26% breakout target of $0.26. A double-bottom is a reversal formation that allows traders to go long on an asset. It appears after an extended downtrend, printing two valleys or ‘bottoms.’
Notice how the second valley stopped shy of the first bottom’s level, hinting at easing selling pressure ahead of a significant reversal. XRP price went ahead to break the neckline resistance, which opened the door to a sharp move to the upside.
Traders anticipate XRP price to rise 26% to $0.46, a distance equal to the height of the double bottom formation extrapolated above the breakout point. XRP is reaching out for highs above $0.40, with the 200-day Exponential Moving Average (EMA) (in purple) providing immediate support.
Apart from the bullish outlook from the double bottom pattern, the Moving Average Convergence Divergence (MACD) indicator dons a buy signal. If the MACD holds above the mean line, maintaining a northbound move, bulls will tighten their grip on XRP while expanding their gaze to $0.46 and $1, respectively.
Assessing The Long-Term Bullish Outlook In XRP Price
XRP price maintains the bullish picture on the daily time frame chart after breaking out of a falling trend channel. Moreover, overcoming resistance at the 50-day EMA (in red) at $0.3689 and the 100-day EMA (in blue) at $0.3847 set up the cross-border money transfer token for a major breakout to the upside.
XRP price can retrace from $0.39 and test support at the channel, where it would collect more liquidity from sidelined buyers who may still wish to join the uptrend before stretching the leg to the 200-day EMA (in purple) at $0.4211.
Based on positive insight from the MACD, the uptrend will not stop at $0.4211 because XRP price has the potential to complete the double-bottom target at $0.46. The next breakout from here would target $0.55 as bulls close in on $1.
Ripple v. SEC Case in The Homestretch
XRP investors are building momentum ahead of the final rule for the over two-year lawsuit against Ripple by the Securities and Exchange Commission (SEC). All parties have made their final submissions, and the matter is now in the court’s hands.
Most crypto experts believe Ripple has a higher probability of winning the case based on a series of small winnings it bagged as the case progressed. According to John Deaton, a crypto lawyer, the lawsuit may end in a settlement following the judge’s final ruling.
The crypto community appeared unsettled by the prediction that a settlement may not occur before the final ruling, although it is still likely. A settlement could occur after which would eliminate any potential jury trial and also eliminate any potential appeal,” Deaton said.
A date for the final ruling has yet to be set despite James Filan, Ripple’s defense lawyer, foreseeing settling before Q1 2023 lapses. Currently, the SEC and XRP are engaged in a skirmish of sealing documents. The regulator filed a motion supporting sealing documents deemed confidential, which does not sit well with Ripple.
Altcoins To Consider For 2023
As investors deliberate which assets to include in their portfolios in 2023, they may consider new altcoins in their presales. These tokens have been carefully selected and could rally after they list on exchanges for the first time.
Meta Masters Guild (MEMAG)
The team behind this ambitious play-to-earn (P2E) is banking on a simple yet critical approach to curve its way into the fast-growing crypto sector. Meta Masters Guild wants to offer blockchain-based games for free, unlike existing platforms like Axie Infinity, The Sandbox and Decentraland, which require users to invest money in expensive NFTs before getting started.
Despite offering the games at no cost, Meta Masters Guild will allow players to earn rewards for their time in the games.
Players in the Meta Masters Guild’s world will earn via a currency dubbed Gems, spent in various ways. For instance, a player can swap Gems to MEMAG tokens to stake for more rewards. The Gems can also buy in-game NFTs or cash out by swapping to other cryptos like ETH.
🚨 Join the $MEMAG presale! 🚨
🤯 Get your hands on some valuable tokens by visiting https://t.co/HzrnZe7NYC
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— Meta Masters Guild (@MEMAGgames) January 14, 2023
Investors can buy MEMAG in an ongoing presale that has already raised $166k, selling one token for 0.007 USDT.
FightOut (FGHT)
With the fitness industry transitioning from traditional platforms to decentralized ones, it can be difficult for investors to determine which projects have the most potential. However, FightOut stands out from the rest.
This cutting-edge Move-to-Earn (M2E) project aims to make healthy, active lifestyles available to all, regardless of their objectives, capabilities, or financial situation. The team at FightOut holds the belief that fitness should be a rewarding experience and not a costly one.
To achieve this, FightOut is developing a gamified fitness app and gym chain that will allow users to earn the FGHT token by completing workouts and challenges. This ecosystem will also track users’ progress and provide personalized training plans, eliminating the need for expensive personal trainers.
The FightOut presale is currently in progress and has generated $2.91 million by selling 1 FGHT for 1 USDT. Investors can take advantage of a 50% bonus when buying FGHT, but this offer is only valid until the presale reaches the $5 million mark.
Related Articles:
Meta Masters Guild – Play and Earn Crypto
- Innovative P2E NFT Games Library Launching in 2023
- Free to Play – No Barrier to Entry
- Putting the Fun Back Into Blockchain Games
- Rewards, Staking, In-Game NFTs
- Real-World Community of Gamers & Traders
- Round One of Token Sale Live Now – memag.io
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Source: https://insidebitcoins.com/news/xrp-price-climbs-12-in-a-week-as-get-ready-for-another-26-move-time-to-buy