The XRP price is largely unchanged today, with its current level of $0.378725 representing a very modest 0.4% rise in the past 24 hours. The altcoin is up by 14% in the past fortnight but remains down by 16% in the last 30 days, as the ongoing fallout from the FTX bankruptcy continues to weigh down prices.
XRP’s price is also being influenced by the ins and outs of Ripple’s long-running case with the SEC, with the coin falling a couple of weeks ago after LBRY lost a similar case. However, with Ripple succeeding in having 14 amicus briefs filed in its favor in the past week, its particular prospects continue to look positive.
As of writing, XRP’s 24-hour trading volume has reduced to $1 billion, having stood as high as $3.5 billion earlier in the month when the FTX crisis came to a boil. This indicates a decline in volatility, which can be both positive and negative, depending on your viewpoint and the current state of the market.
XRP’s price chart provides a mixed picture in terms of its indicators. Its relative strength index (purple) has recovered from under 30 earlier in the month to around 45 now, indicating a slight recovery in momentum and buying interest.
However, XRP’s 30-day moving average (red) continues to fall towards its 200-day (blue). A crossover could indicate further falls, particularly as trading volume — indicating investor interest — is also tailing off.
Making the situation worse is that the aftereffects of FTX’s collapse continue to make themselves felt. Most recently, Digital Currency Group revealed it owes $575 million to distressed cryptocurrency firm Genesis Trading, which it owns and which may reportedly file for bankruptcy in the coming days.
Such revelations highlight the possibility that additional blowouts and collapses may come in the near future, with the effect likely being further selloffs.
However, XRP itself has enjoyed some positive news over the past week. This includes Ripple successfully managing to have 14 amicus briefs filed on its behalf, in contrast to the SEC, which filed only one.
This increases Ripple’s chances for securing a favorable outcome to its case with the American securities regulator, which has dragged on for nearly two years now, but which entered its final phase when both parties filed motions for summary judgment in September.
Ripple has also enjoyed other positive developments in its case. In March, the presiding court upheld Ripple’s right to use a fair notice defense, meaning that it can present evidence purporting to show that the SEC did not sufficiently warn it that XRP could be deemed a security.
The same court also ruled in January that Ripple must gain access to documents and emails related to a speech given in 2018 by then-SEC Chairman William Hinman. It’s likely that such docs contain discussions of the SEC’s stance on XRP, something which could weigh heavily in Ripple’s favor.
As such, XRP remains in a promising place. While the market is still weathering a difficult period, XRP could rally heavily if Ripple succeeds in its case, with $3 or higher remaining a realistic longer-term goal for the altcoin.
In the meantime, traders and investors may prefer to consider coins that, in order to become profitable, don’t have to wait for the conclusion of a high-profile legal battle. And while profitable coins have been few and far between in 2022’s bear market, one exception to this has been presales and the new tokens emerging from such sales.
For instance, metaverse-based meme token Tamadoge (TAMA) posted very impressive gains after listing on OKX in October, rising as high as 1,800% at one point in relation to its presale price.
The three coins below also hope to replicate such above-average performance, with each of these currently holding their presale, and each also offering solid fundamentals.
Based on Ethereum, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, all of which can help them arrive at informed trading decisions.
Due to launch in the first quarter of 2023, the sale of its native D2T token has nearly raised $7 million.. It has also announced listings on BitMart and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
RobotEra (TARO) is a Sandbox-style Metaverse due to launch its alpha version in Q1 2023. Within its platform, gamers will be able to play as robots and participate in creating its virtual world, including NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon. IMPT (IMPT)
Also running on Ethereum, IMPT is a carbon-credit marketplace and retail platform that aims to reward consumers for shopping with eco-friendly merchants, rewarding such consumers with NFT-based carbon offsets. These offsets can then be traded or retired, whereby they will contribute to users’ IMPT.io scores, which tracks their impact on the Earth’s environment.
Since opening its sale in October, IMPT has raised just over $13.1 million, with 1 IMPT currently being sold $0.023.
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