The XRP price has dipped by 1.5% in the past 24 hours, although the altcoin has regained 1% in the past hour, as it looks to recover from the market impact of the recent fake XRP trust filing.
At $0.638708, XRP has also fallen by 8% in the past week, a loss which reduces its gains in the past month to 29%.
Yet despite the negative effects of the fake filing, XRP retains its medium- and long-term momentum, having gained by 87% since the start of the year.
And with the wider market likely to enjoy an end-of-year rally, XRP is more likely to rise again than crash soon.
XRP Price Prediction as Delaware refers Fake BlackRock XRP Trust Filing to Department of Justice – Will XRP Crash Soon?
XRP has suffered a slight loss of momentum in the past few days (like much of the market), yet its overall trajectory still looks promising.
Its relative strength index (purple) is rising towards 60 again, after dipping earlier in the week.
This suggests that buying pressure is returning to the token, which is also seeing its 30-day average (yellow) rising higher above its 200-day (blue), providing another sign that its rally is still ongoing.
It’s also very promising that XRP’s support level (green) remains substantially elevated compared to where it was in the middle of October, indicating that the coin isn’t likely to fall very far before rising again.
Another positive sign is that the coin’s 24-hour trading volume is close to $2 billion, suggesting that traders remain interested in buying it at a relative discount.
And now may be a good time to buy it, with the furore surrounding the fake BlackRock XRP Trust filing serving to depress its price over the past few days.
LATEST ON FAKE XRP ETF FILING: “Our only comment is that this matter has been referred to the Delaware Department of Justice,” the spokesperson (for Delaware Dept of State) said. Damn. Someone out there is crapping their pants as we speak.. https://t.co/Xea226Q1vT
— Eric Balchunas (@EricBalchunas) November 14, 2023
The latest on this filing is that Delaware has referred the fraudulent filing to its Department of Justice, making it a criminal matter.
That the state is potentially taking legal action could have negative blowback effects on XRP, even if it seems likely that the individual(s) who filed the fake trust have nothing to do with Ripple.
Still, such effects may be short-lived, with the market’s overall mood remaining positive, and with Ripple in a strong position fundamentally.
The XRP price could therefore reach $0.80 in the next few weeks, before ending the year close to $1.
Other Altcoins With Strong Fundamentals
Despite its dip in the past day, XRP remains one of the strongest major tokens in the market, even if it may have to wait for the complete resolution of Ripple’s case with the SEC (due to conclude finally in summer 2024) for a really big rally.
In the meantime, many traders may opt to look towards newer tokens, which can often outpace the wider market as they experience their initial growth spurts.
One token that may have a big opening on exchanges is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised close to $4 million in its presale.
— Bitcoinminetrix (@bitcoinminetrix) November 14, 2023
As a stake-to-mine platform, Bitcoin Minetrix enables users to stake its native BTCMTX token in order to receive tokenized mining credits.
Users can then spend these credits to purchase hashpower on the Bitcoin blockchain, meaning that miners will mine on their behalf.
Doing this enough earns users newly mined BTC, while staking BTCMTX will also earn them more of the latter.
This means that investors could stand to make substantial profits from Bitcoin Minetrix, particularly if it enjoys strong adoption and the price of BTCMTX rallies.
Investors can buy some of the coin early at the official Bitcoin Minetrix website, where 1 BTCMTX currently costs $0.0116.
This price is set to end the presale at $0.01190, although the early success of the presale would suggest that it may rise much higher once the token lists.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.