XRP and Bitcoin Minetrix have captured the eyes of strategic investors and analysts alike this month. An analysis of the growing traffic to the projects hints that a bull run is on the horizon, likely to explode before New Year’s.
What you'll learn 👉
XRP Shows Signs of an Upsurge
XRP is one of the best-performing cryptocurrencies of 2023 in the high-cap category.
The token has managed to make a 54.28% climb in a year, despite the short-term setbacks. The long-hauled conflict with SEC continued to pull down XRP’s price action in the initial stages. But the recent developments have been in favor of the price.
Could the optimism around the legal victory, combined with the growing engagement in the broader market, lead to an XRP rally?
XRP on-chain data suggests so.
Source: TradingView
The coin is on the path to a 20% climb in the coming weeks, drawing from a classic bullish continuation setup. A bull flag pattern usually emerges when the price consolidates inside a parallel channel after a robust upsurge.
Once the price crosses the upper trend line with adequate volumes, it resolves and jumps to a level comparable to the hike that preceded. Interestingly, XRP has been trading above its upper trend line. Although the trading volumes are weak now, it could change in the coming days.
How High Can XRP Go Before the Year End?
The next course for XRP depends upon how fast traders act. If their lack of conviction in the token’s price action grows stronger, the coin will have to pay a price. It will lose its upper trend line, treading on the hopes of a strong bull run by the year-end.
At the time of this writing, XRP is trading for $0.6139. If the coin fails to retain the attention of investors, it is likely to slip down to $0.59 soon.
But according to analysts, despite the occasional pullbacks, XRP has the potential to make its way to $0.75 next month. Aided by strong trading volumes and social sentiments, the coin will be able to justify a 20% jump.
In the event XRP plunges below $0.55 this week, the journey toward $0.75 will be longer.
XRP On-Chain Data Looks Promising
One of the key factors that substantiate the upcoming XRP bull run is the on-chain data around the accumulation of the coin.
As XRP continued to correct its price over the last few months, whales have been accumulating the token.
To put it in numbers, whales have secured $6.82 million worth of XRP tokens in a week.
Since whales often buy tokens at their lows backed by strategic investment decisions, XRP is likely on its way toward a price surge in December.
Stepping into 2024, the developments in the Ripple-SEC conflict will continue to be a strong bullish catalyst in the price action of XRP. According to crypto attorney John Deaton, any settlement below $20 million will be a 99.99% win for Ripple.
“The people who’ve argued that the SEC got a 50-50 victory in the Ripple case are wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less, it’s a 99.9% legal victory,” he noted in a tweet earlier this month.
The growing adoption of the Ripple ecosystem is another factor that will nurture the price action of XRP.
Investors are also Accumulating Bitcoin Minetrix
Bitcoin Minetrix ($BTCMTX) is another cryptocurrency that has caught the eye this month. The growing FOMO around the project has led to a rapid surge in traffic to the ongoing presale of $BTCMTX tokens.
As a new Bitcoin-based cryptocurrency, $BTCMTX allows users to earn bitcoin mining rewards without going through all the hassles traditionally attached to it. The project simplifies cloud mining Bitcoin unlike anything seen before using a ‘stake-to-mine-to-earn’ dashboard.
As the term implies, users just need to stake their $BTCMTX tokens to earn mining rewards from the platform.
The project’s long-term goal is to remove the barrier to Bitcoin mining and move the industry toward mass adoption.
The unique value propositions of the project have won the confidence of analysts.
Jacob Bury forecasts a conservative 10X or 1000% price action for $BTCMTX on its release after the presale. Joe Parys Crypto thinks that $BTCMTX has “Big potential”. Wildly optimistic price predictions are also emerging. For example, No Bs Crypto speculates a 100x price prediction for the token.
It is too early to say whether $BTCMTX can explode 100X. But the token’s high market relevance in the cloud mining arena makes it one of the most promising cryptocurrencies to buy now.
Traditional cloud mining requires users to invest in expensive hardware, technical expertise and recurring electricity costs. To get started on Bitcoin Minetrix, however, requires just an Ethereum-compatible wallet.
The presale is about to cross the $4.5M milestone.
The tokenomics of the project is also designed to be a catalyst for price action through staking. The presale is divided into multiple stages with a gradual price increase, promoting early investments.
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