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After facing bearish momentum throughout 2022, XRP is up by more than 30% in the past month, with the token benefitting from the recent updates in its lawsuit with the SEC.
So is an XRP price increase to $1 possible? Let’s find out and also look at a new token that’s attracting investors’ attention this month.
XRP is Up By 33% in the Last 14 Days
Ripple’s native token, XRP, has been bullish throughout March 2023 after correcting by more than 60% in 2022. Since the start of the year, XRP has soared from $0.34 to a current price of $0.499 per token.
Most of the upwards movement was experienced during the last few weeks of March. In the past 14 days, XRP is up by 33%. At current levels, this popular crypto is the sixth-largest coin in the world, boasting a market capitalization of nearly $26 billion.
As per the price chart below, the price of XRP soared to the $0.57 level on March 29th, 2023. After reaching this mark, the XRP price plateaued and has been trading right under the $0.5 mark.
However, XRP’s technicals suggest that this cryptocurrency may still be a strong asset to hold during the current trading period. According to TradingView, XRP boasts strong MACD (Moving Average Convergence/Divergence) levels.
An MACD level of more than 0 is considered bullish for any crypto asset. Currently, the MACD value for XRP is 0.3394, putting it in a strong buy zone. Furthermore, the 20-30 day simple and exponential moving averages are very strong. For instance, the 30-day exponential moving average for XRP is valued at 0.45105, a bullish sign for any crypto asset.
As per the 1-month timeframe, XRP is in a ‘Buy’ position. This cryptocurrency has also managed to maintain a healthy daily trading volume of more than $1 billion for the past two weeks. As of April 4th, 2023, XRP has a daily trading volume of $1.56 billion.
But why is XRP performing so well? Let’s have a look.
XRP Soared by 20% After a Major Update in the SEC Lawsuit
Firstly, the cryptocurrency markets have enjoyed an upside movement since Bitcoin (BTC) began moving upwards in 2023. However, XRP’s recent price jump is due to a major update in its ongoing lawsuit with the SEC ( U.S. Securities and Exchange Commission).
Despite being a cryptocurrency offering cross-border transactions at a low rate, XRP has failed to offer regular movement due to its long battle with the SEC, which began in 2020. The SEC has accused Ripple of allegedly selling XRP to investors without registering it as a security.
However, during the court hearing on March 21st, 2023, U.S. district judge, Analisa Torres, removed one of the SEC’s key witnesses. Patrick Doody, who was dubbed as an expert witness for the SEC, has been denied from taking any further part in the summary judgment on the lawsuit.
After the news broke out, the price of XRP soared. Within 24 hours, XRP jumped by 20% to a 3-month high of $0.459, triggering the mini-bull run.
Can XRP Soar to the $1 Mark?
After the recent price movement, can XRP continue to rise? For starters, the XRP ledger (XRPL) is an energy-efficient and low-cost blockchain network.
The ledger can support over 1,500 transactions per second (TPS) and can complete the transactions within 3-5 seconds. With the added advantage of low transaction fees, users will benefit by using this blockchain network.
Furthermore, XRP has previously reached an all-time high (ATH) of $3.40. Despite currently trading around the $0.5 level, XRP can trade higher than $1 in the long term. However, the outcome can depend on the SEC court hearings, as XRP faces regular volatility depending on the public sentiment following the lawsuit.
Investors are Looking at DeeLance as the Best New Cryptocurrency to Buy Now
While XRP’s potential remains heavily depend on SEC hearings, $DLANCE has emerged as a new cryptocurrency project that could be one of the best tokens to buy this year.
$DLANCE is the native token of DeeLance - a decentralized ecosystem that aims to revolutionize the freelancing landscape. DeeLance solves issues related to copyright infringement and a lack of transparency, which has plagued the freelancing industry.
On the platform, freelancers can tokenize their work into NFTs through the NFT marketplace. This allows for ease in the transfer of ownership. Furthermore, all interactions between freelancers and clients are recorded on a public blockchain, making it transparent and fair to use.
This web3 platform also aims to dive into the metaverse world. According to the DeeLance whitepaper, the project will develop its metaverse by Q2 2023. In this ecosystem, freelancers will be able to interact virtually with clients.
Members can use $DLANCE tokens to purchase virtual land on the metaverse and lease office spaces. Through DeeLance’s recruitment platform, the top-ranked freelancers can connect with the best jobs.
Not only can you work on projects with this platform, but you can also create, buy and sell NFTs. The NFT marketplace will host NFT catalogs and showcase events to let members purchase some of the best NFTs.
Compared to some of the top freelance agencies such as Upwork and Fiverr, DeeLance offers the lowest fees. Freelancers and clients are required to pay a commission of 10% and 2% respectively, lower than any of the competitors.
Investors can buy $DLANCE during the first presale round for only $0.025. The presale will consist of three stages, with the price subsequently rising per round.
By the third round, $DLANCE will be priced at $0.030. Shortly after, DeeLance will conduct the CEX (centralized exchange) listing for the token shortly after. Since the presale began, $DLANCE has already raised over $43K.
Interested readers can also enter DeeLance’s $10K giveaway and earn additional entry tickets by completing activities on the platform. One can earn more entries by following DeeLance on their socials and connecting their crypto wallets to the platform.
Buy DeeLance on Presale Now
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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Alex Brown
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