XRP price beams with optimism mid-through this week’s trading. The cross-border money transfer token has sustained a bullish outlook following the most recent dip under $0.30. XRP must hold above its immediate support at $0.35 to affirm a bullish grip on the northbound trend.
Despite the optimistic outlook for XRP, trading volume is going down. CoinMarketCap shows a 17% drop to $780 million in 24 hours. Meanwhile, XRP is currently the sixth-largest crypto asset boasting $17 billion in market capitalization.
XRP Price Ready to Spike Again Bolstered by Garlinghouse’s Positive Sentiments
The CEO of Ripple, Brad Garlinghouse, reckons that he is “cautiously optimistic that 2023 is the year we will (finally) see a breakthrough,”, especially in the push for clear crypto regulations.
Garlinghouse says the 118th Congress has ten bipartisan and bicameral leaders, including Patrick McHenry, the Representative of North Carolina’s 10th District, Glenn “GT” Thompson, the Representative of Pennsylvania’s 15th Congressional District and Tom Emmer, the Congressman for Minnesota’s Sixth District among others.
According to the CEO, these leaders have publicly supported blockchain and recognized the need for clarity. The canvas is blank, yet past bills have touched on issues like stablecoins and CEXs.
Authorities are yet to come up with concrete definitions of what constitutes “a digital asset security.” Garlinghouse proposes a Securities Clarity Act and Clarity for Digital Tokens Act (safe harbors), among other bills.
“No bill is perfect and there likely never will be one that satisfies everyone. But perfect shouldn’t be the enemy of progress – these proposals provide more than a starting point for debate in this new Congress. The stakes couldn’t be higher,” Garlinghouse explained via a Twitter thread.
Countries like Singapore, Brazil and those under the European Union (EU) are likely to have crypto frameworks. Moreover, the United Kingdom (UK) is way ahead of the United States (US). In his opinion, the lack of coordinated global standards pushes businesses to countries with minimal restrictions, which sometimes culminates in catastrophic results like the recent collapse of FTX exchange.
Brad Garlinghouse’s outcry for regulatory clarity in the US comes as the world waits for a final court ruling on the case filed against Ripple by the Securities and Exchange Commission (SEC). Ripple and the SEC filed their final submissions toward the end of 2022, but the ruling is expected before the end of Q1 2023.
XRP Price Breakout Beckons
XRP price is close to breaking above a critical falling trend line (dotted). A daily close above this level would pave the way for gains to the 200-day Exponential Moving Average (EMA) (in purple) at $0.44 in confluence with the upper descending trend line. The Relative Strength Index (RSI) affirms that buyers have the upper hand as it rebounds from the midline toward the overbought area, above 70.00.
Whale and shark addresses who sold XRP before Christmas appear to be filling their bags again amid optimistic sentiments for 2023. On-chain data from Santiment shows addresses with 1M to 10M tokens now hold 7.2% of the network’s total supply. A similar recovery pattern is reflected in the investment tier with 10M to 100M tokens, which currently hold 7.3% of XRP’s total supply.
XRP price would keep gaining momentum to tag a medium-term resistance at $0.56 ahead of an ultimate recovery phase to $1. On the other hand, failure to break above the dotted trend line may force buyers to let go until XRP price retests support at $0.30 before backing it again for a substantial northbound move.
Altcoin to Consider in 2023
The market-wide rebound comes when investors consider which crypto assets to remove or add to their portfolios. Many are banking on relief rallies, but major events like the US CPI and the FOMC meeting later this month may decide which direction the market takes.
However, investors could consider altcoins with the potential to rally. These tokens, in their presales, are built on sound technologies to ensure value creation and immediate returns after listing on exchanges.
FightOut (FGHT)
FightOut is a new crypto project redefining the fitness lifestyle with Web3 solutions. It is a Move-to-Earn (M2E) app with a gym chain that gamifies the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within a dynamic community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. Since FightOut is coming to revolutionize the fitness economy with Web3 solutions, users can create accounts and mint their own digital NFT avatars to use in the metaverse.
Visit FightOut Now.
Dash 2 Trade (D2T)
Another promising crypto presale is Dash 2 Trade. This platform stands out from sites like Santiment and Glassnode for enabling the development and testing of trading strategies to help traders make informed decisions.
Dash 2 Trade is designed to take your crypto trading to the next level by incorporating social sentiments, technical indicators, a bespoke presale dashboard and alerts for exchange listings.
D2T is an ERC-20 token on the Ethereum network dedicated to powering the Dash 2 Trade ecosystem. Dash 2 Trade presale has raised $13 million and is in its final stage. D2T is selling for $0.0533 ahead of its first exchange listing on January 11.
Visit Dash 2 Trade Presale Now.
C+Charge (CCHG)
C+Charge is a crypto-powered electric vehicle (EV) charging and payment solution designed to democratize the carbon credit industry. It prides itself on being the first on or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits in CCHG while charging their vehicles. Charge station operators will also receive payment in CCHG, expanding the token’s utility.
C+Charge presale launched recently with $71k raised in the first stage. Investors can buy 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next round.
Visit C+Charge Now.
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