The XRP price has dropped by 0.5% in the past 24 hours, as the cryptocurrency market remains largely unchanged over the same timeframe. Its current price is $0.344898, representing a 12% fall in a week and a 5% decline in a month, following a difficult period for the entire market.
XRP’s latest movements follow remarks yesterday from Ripple CEO Brad Garlinghouse, who described as “ridiculous and frankly shameful” the fact that SEC Chairman Gary Gensler had met former FTX CEO Sam Bankman-Fried on multiple occasions prior to the exchange’s collapse in November. Garlinghouse’s comments highlight the perceived weaknesses of the SEC’s case against Ripple, which is due to end in the New Year, potentially kicking off a major XRP rally.
XRP Price Prediction After Ripple CEO Calls Out SEC Chair’s Meetings with Sam Bankman-Fried ‘Shameful’ – Where is XRP Headed?
Based solely on an inspection of XRP’s chart, the altcoin should be due a rebound anytime soon.
Its relative strength index (purple) has fallen close to 30 in the past few days, something which suggests that recent selloffs have neared their bottom. Similarly, its 30-day moving average (red) has recently dipped below its 200-day average (blue), and when it sinks a little further a recovery rally may be due.
These recent movements have occurred against a backdrop of the ongoing fallout from November’s spectacular FTX collapse, as well as of Ripple’s long-running case against the SEC. Brad Garlinghouse touched on both yesterday when he highlighted the apparent inconsistency of the securities regulator pursuing Ripple while doing nothing to protect investors from FTX, with which Chairman Gary Gensler apparently had a friendly relationship.
Of course, this tweet alone is going to have no direct effect on Ripple’s case with the SEC. Nonetheless, it perhaps serves as an important reminder that the SEC’s case is arguably a weak one, and that the regulator lacks the moral authority to prosecute it.
That Garlinghouse’s comments have little direct bearing on the case is reflected in XRP’s price, which hasn’t budged in response. Even so, events and developments over the past year or so have shown that Ripple has a good chance of securing a favorable outcome from its case, be it a settlement or summary judgment.
For example, November saw Ripple succeed in having 14 amicus briefs — including one from Coinbase — filed on its behalf to the presiding court, with each presenting testimony and evidence in its favor. By contrast, the SEC managed to submit only one.
It has also secured positive rulings in the past year, including the court upholding its right to present a fair notice defense. It also includes the court granting it access to important documents and emails related to a 2018 speech given by William Hinman, with these documents potentially including evidence related to whether the SEC may have previously regarded XRP as NOT a security.
Given such developments, Ripple has a fair chance of gaining a good result. If it does, XRP will rally accordingly, with its current all-time high of $3.40 (set back in 2018) remaining a reasonable longer term target, particularly if the cryptocurrency market becomes more bullish.
New Altcoins = Quicker Profits
Admittedly, it may take some time for XRP to enjoy a really substantial rally. As such, traders may prefer to look towards newer altcoins, particularly those that are holding their presales and that will list on exchanges in the coming months.
Such coins present good prospects for significant, market-beating returns. As an example, Tamadoge (TAMA) rose by as much as 1,800% after listing for the first time in October, while Lucky Block (LBLOCK) and Battle Infinity (IBAT) witnessed increases as high as 6,000% and 3000% (compared to their initial presale prices of $0.00015).
The three altcoins below are hoping to replicate something like the above performance, with each having the fundamentals that may allow them to do precisely that.
Based on Ethereum, FightOut (FGHT) is a move-to-earn app that combines real-life workouts with Web3 and the metaverse. Competing with earlier M2E platforms such as STEPN and Sweatcoin, it tracks and rewards a much wider variety of workouts, including boxing, weightlifting and yoga, while also offering a range of in-app and IRL courses.
Launched last week, its token sale has already raised over $2.2 million, with $1 currently buying you 60.06 FGHT tokens. It can be bought with either ETH or (ETH-based) USDT.
Dash 2 Trade (D2T)
Another Ethereum-based project, Dash 2 Trade is a trading intelligence platform that will provide real-time analytics and social trading data, which together will provide investors of all skill levels with all the tools they need to make more informed trading decisions.
The sale of its D2T token has raised over $10.3 million and is now in its final stage (and is due to end in 16 days). It has also announced listings on BitMart, Changelly Pro and LBANK Exchange for early 2023, with the first coming as soon as January 11.
C+Charge (CCHG) is a new peer-to-peer payment system for electric vehicle (EV) charging stations, having the aim of widening access to carbon credits. Running on Binance Chain, it launched the sale for its native CCHG token a few days ago, with CCHG set to be used within its network by EV owners to pay to charge their vehicles.
One of the interesting features of C+Charge is that it will also reward users with carbon credits for charging their EVs at its stations, with rewards provided in the form of the platform’s Goodness Native Token (GNT). It’s also worth pointing out that the platform has already signed a deal with Perfect Solutions Turkey, adding 20% of the EV chargers in Turkey to its network.