XRP has gone up by 7.4% since the year started and currently sits at $2.23 per coin as the crypto market has been recovering lately.
Chatter about the approval of altcoin-linked exchange-traded funds (ETFs) like those including one for Ripple’s native asset may have catalyzed the latest uptick in the price of this token.
Meanwhile, news has circulated about a rejected bid made by Ripple to the issuers of the USDC stablecoin – Circle.
Although a $5 billion acquisition offer was initially rejected, market analysts seem to think that they could make a counteroffer at a higher price to make the deal.
Finally, XRP’s legal conflicts are now in the rear-view mirror as a new crypto-friendly SEC Chairman, Paul Atkins, has taken over the reins of the financial watchdog.
After Congress confirmed Atkins, blockchain companies now expect that all cases against Ripple will be closed while the agency could start to provide much clearer regulatory guidelines and streamline the approval of financial vehicles that give investors new alternatives to gain exposure to these altcoins.
All of these tailwinds make XRP the best altcoin to buy at a point when the market seems to be ready to reverse its recent downtrend.
XRP Needs to Break Above $2.4 to Confirm a Bullish Short-Term Outlook
Heading to the daily chart, XRP recently broke above its upper trend line. Momentum indicators have been improving as the Relative Strength Index (RSI) has been trending higher while the MACD’s histogram is still in positive territory.
Moreover, the price has now jumped above the 21-day EMA. One encouraging technical indicator that favors a bullish outlook for XRP is the fact that the price bounced back right after it broke below its 200-day EMA.
This is a long-term trend indicator. When the price is above it, it means that the asset’s outlook is bullish. This strong bounce after a bearish breakout shows that buying interest is still strong.
This recent bullish breakout has given us a short-term price target of $3.2 for XRP based on the descending price channel’s height. If the price breaks above its point of control (POC), which is the price level where the highest trading volumes have occurred, would confirm an upcoming push to this target.
The POC currently sits at $2.4. Hence, this is the key resistance to watch in the following days.
As the market’s outlook continues to improve, the best crypto presales like SUBBD (SUBBD) will likely outperform well-established tokens like XRP, as early buyers can get their hands on these tokens at discounted prices.
SUBBD (SUBBD) Raises $300,000 to Launch its Decentralized Content Distribution Platforms
SUBBD (SUBBD) aims to give influencers the upper hand by allowing them to keep a higher share of their earnings with the help of a blockchain-based solution.
The SUBBD platform has already been embraced by more than 2,000 creators whose combined following exceeds 250 million fans.
With the help of blockchain technology, these influencers can distribute both original and AI-generated content without restrictions and with the help of sophisticated software.
Creators will no longer have to deal with time-consuming administrative work and they can generate passive income with the help of AI. They will also be compensated more fairly and can participate in the platform’s success by holding SUBBD tokens as a long-term investment.
Meanwhile, fans who own SUBBD will receive discounts, early access to new features, and additional perks to increase the demand for the token.
To buy SUBBD during its presale stage, simply head to the SUBBD website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to make your investment.
