The XRP price has risen by 3.5% in the past 24 hours, with its climb to $0.463353 representing an 8% gain in the last seven days.
Its current price means it has dropped by 11% in a month but increased by 36% since the beginning of the year, with this appreciation coming as the market awaits the conclusion of Ripple’s case with the SEC.
It also comes just as Ripple CEO Brad Garlinghouse has suggested in an interview that cryptocurrency firms may leave the US, which in his view currently suffers from a “confusing” regulatory regime.
This may suggest that Ripple itself could be planning to leave America in the wake of its fight with the SEC, but with the cryptocurrency firm also acquiring custody provider Metaco this week, this doesn’t necessarily mean it’s expecting to lose.
XRP Price Prediction as Ripple CEO Says Crypto Firms May Leave US Amid Confusing Rules – Here’s the Latest
There’s no doubt that XRP is one of the strongest major cryptocurrencies in the market right now, with its indicators showing good momentum.
Its 30-day moving average (yellow) continues to climb pretty steeply above its 200-day average (blue), signaling strong buying pressure that could continue for several days, if not weeks.
Similarly, its relative strength index (purple) has remained consistently above 50 since the middle of the week, and is rising again now after a brief dip.
Perhaps the most encouraging sign is that XRP’s support level (green) has been consolidating around increasingly high levels over the past few days, suggesting that the altcoin’s gains aren’t going to be reversed anytime soon.
XRP’s strength this week is the product of a couple of factors, with the first being that Judge Analisa Torres — who presides over the Ripple-SEC case — denied the regulator’s motion to block access to important documents related to William Hinman’s 2018 ‘Ethereum-is-not-a-security’ speech.
This speech and the emails related to it have an important bearing on the XRP case, in that they may refer to how the SEC viewed the altcoin, and in that they may reinforce the argument that the regulator didn’t provide Ripple with fair notice.
This is the biggest reason for XRP’s recent joys, yet the altcoin also gained support from Ripple’s acquisition of Switzerland-based custody provider Metaco for $250 million.
Not only does this acquisition find the company planning an expansion into institutional custody services, but it also serves as an indicator that it’s planning for a future in which it will be free to operate as before, without restrictions.
In other words, the acquisition is a sign that Ripple is expecting to win its case with the SEC, or at least secure a favorable judgment.
That it will do so seems to be the general opinion of much of the cryptocurrency community, with lawyers noting that the SEC hasn’t done a very good job of proving the major plank of its case, which is that Ripple gave early buyers of XRP an expectation of profit.
As such, the next few weeks or months could really bring a positive outcome for Ripple, one which would result in XRP rallying massively.
From its current level of about $0.46 it could easily rise back up to $1 in the days or weeks following the case’s end, while a generally bullish market could help it increase to even higher levels, potentially troubling its current all-time high of $3.40.
Ecoterra Sells Out Another Presale Stage
While XRP will almost certainly rally considerably if Ripple does get a good result, there’s no guarantee of such a result, which means that investors may be advised to consider diversifying their portfolios.
One of the best ways of doing this is to include one or two presale tokens, which come with big potential upside, particularly in terms of listing on big exchanges and rallying as a result.
One of the most interesting of these on a fundamental level is ecoterra, a soon-to-be-launched recycle-to-earn platform that has raised over $4 million in its presale.
This sale is currently in its seventh stage, with 1 ECOTERRA costing $0.008500, a price that will rise to $0.009250 in the offering’s eighth stage.
Ecoterra has already blown away its soft cap target of $2 million in ECOTERRA , and is aiming to raise a maximum of $6.7 million, with the coin’s first exchange listings scheduled for the third quarter of this year.
Once launched, ecoterra’s platform will enable users to recycle various household recyclables at designated reverse vending machines, with users able to receive ECOTERRA in exchange for registering recycled objects via the official ecoterra app.
Ecoterra will also incentivize recycling enabling ECOTERRA to be used for staking, meaning that holders will be able to earn a passive yield from buying the token and/or recycling.
On top of this, the platform will also feature a marketplace for carbon credits, which can be purchased using ECOTERRA and exchanged for NFTs.
Taken together, such features promise to transform ecoterra into a thriving ecosystem, just as it promises to help us preserve our own ecosystem.