XRP price eyes $1.31 target, analysts are long Ripple despite bearish events
- XRP price held steady above key support at $0.50 despite a bearish turn of events where the altcoin was dropped off NYDFS greenlist.
- Ripple’s XRP token security status is likely at risk as SEC works on its interlocutory appeal to overturn Judge Torres' ruling.
- XRP price needs to sustain above the August low to climb to its $1.31 bullish target, according to a crypto analyst.
XRP price is above the $0.50 level on Wednesday, a key support for the altcoin in its comeback from the recent decline. While the New York financial regulator dropped Ripple XRP from its “greenlist,” the move failed to dampen the recovery of XRP. Ripple XRP was among one of the assets dropped from the list. While XRP holders and market participants expected a negative impact on the altcoin’s price, the asset continued its recovery and analysts set a target of $1.31 for the cryptocurrency.
Also read: New York financial regulator to set higher standards for token listing, delisting
XRP removed from New York financial regulator’s greenlist
Ripple’s XRP token removal from the NYDFS’s greenlist on Monday turned out to be a non-event for the altcoin. Market participants noted that except Bitcoin, Ethereum and a handful of stablecoins, no other cryptocurrencies feature on the list.
The move by the New York financial regulator comes at a time when the entity is shifting its stance on crypto assets and firms. Early on Monday, the regulator shared guidance asking virtual asset companies to increase transparency and raise their standards for token listing/ delisting.
XRP price held steady above $0.50, despite these moves by the regulator and analysts shared their bullish predictions for the asset.
XRP price eyes $1.31 target, analyst is long XRP
Pseudonymous crypto analyst @Coins_Kid has set a $1.31 target for XRP over the next few months. The analyst’s bullish thesis stands if the altcoin’s price climbs above the August low. A drop below the $0.4227 level could invalidate the analyst’s prediction.
XRP/USDT one-week price chart
Popular crypto analyst behind the X handle @CryptoKaleo told his 596,400 followers that they are long XRP. Kaleo notes that XRP price (USD pair) found support after complete retracement to pre-July ruling levels, while the BTC pair is on the verge of an High Tight Flag (HTF) breakout.
XRP/BTC four-hour price chart
Kaleo’s thesis is that SEC’s track record in 2023 makes it likely that the interlocutory appeal gets denied and XRP price makes a complete recovery. At the time of writing, XRP price is $0.5099 on Binance, the altcoin yielded 1.39% gains on the day.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
