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Simon Chandler
Author
Simon Chandler
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Why Trust Cryptonews
XRP has declined by 4% in the past 24 hours, dropping to $2.48 on a day when the cryptocurrency market as a whole loses 3%.
The altcoin is now down by 8% in the past week and by 20% in the last 30 days, although it holds on to a very solid 350% annual gain.
The coin has suffered along with the market in recent weeks, but it has now entered such an oversold position that it looks ready to rebound.
And with XRP ETFs becoming a real possibility, the coming months could bring substantial gains for the token.
XRP on the Verge of a Big Move – Is a Breakout Toward $3 Incoming?
Looking at XRP’s chart today, its indicators suggest that it’s very close to bottoming out.
Indeed, its RSI (purple) has now dropped to a very oversold 30, after spending half a week below 50.
We also see XRP’s 30-period average (orange) dropping steeply below the 200-period average (blue), having formed a death cross with the latter at the end of last week.
As such, XRP seems very close to the point of reversing bullishly, with its trading volume standing at a potentially volatile $3 billion.
Of course, a rebound may not come today, given that some whales are still sending the alt to exchanges, apparently getting ready to sell.
Yet it has to be said that XRP has fallen in recent days largely because of prevailing market conditions, with tariff wars and relatively high inflation weighing down investors.
There have, however, been some positive developments which suggest that XRP will rebound strongly soon enough.
Most notably, the SEC dropped its enforcement case against Coinbase, raising expectations that the regulator could seek a much friendlier settlement with Ripple.
On top of this, several asset managers have filed applications for XRP ETFs in the past couple of months, with the SEC recently acknowledging these.
If we see such ETFs in the next few months, there’s little doubt that the XRP price will balloon this year.
It could reach $3 by Q2, and $4 by H2 of this year.
New Altcoins Bring Higher Potential
The only issue with XRP is that traders may have to wait a good few weeks before it begins to make real headway.
In that case, they may prefer to diversify into newer alts, which can often outpace the market, especially during initial listings.
One new token looking very good right now is Meme Index (MEMEX), an ERC-20 coin that has raised $3.8 in its ongoing presale.
Meme Index is exciting because it’s launching the market’s first decentralized meme index platform, enabling traders to investors in one of several baskets of meme coins.
It will offer four meme token indexes at launch, with each offering different risk profiles.
For example, Titan will track coins with market caps of $1 billion or higher, meaning established tokens such as PEPE, DOGE and SHIB.
Yet at the other end of the scale, Frenzy will track newly launched and launching coins, exposing investors to the greatest risk, but also the possibility of the biggest gains.
And what’s bullish about MEMEX is that it’s the only way of investing in Meme Index’s indices, meaning that demand for the coin could be big.
You can invest in it now by going to the Meme Index website, where MEMEX is selling at $0.0164896.
