The price of XRP has fallen by 1% today, with its slip to $0.5328 coming as the crypto market as a whole loses 1.5% in the past 24 hours.
XRP is now down by 4% in a week and by 6.5% in a month, although the seventh-biggest cryptocurrency in the market remains up by 11% in the past year.
This may be modest performance in relation to other major tokens (e.g. BTC is up by 120% in a year), yet it creates the conditions for XRP to have a big compensatory rally in the coming months.
And some analysts are now predicting massive gains for XRP, with some setting targets as high as $40 for the coin.
Get Ready: XRP Could Hit $40 Soon – Analyst Highlights Major Bullish Setup
XRP’s indicators are now in such an oversold position that a rebound should be on the cards.
After plunging below 70 over the weekend, XRP’s relative strength index (purple) has begun rising to 50, for instance.
This may signal a recovery in momentum, with the coin’s 30-period moving average (orange) also looking like it should begin climbing over the 200-period average (blue) very soon.
Source: TradingViewIn other words, both indicators have been suppressed for so long that an improvement in fortune should be coming soon, with XRP’s support (green) and resistance (red) levels – which will hit each other very soon – also lending credence to this idea.
What’s interesting is that some whales have begun accumulating XRP again, taking advantage of its relatively low price.
This would suggest that smart money is beginning to think that XRP, in an underpriced position, is on the brink of rising again.
And it’s not only traders who have confidence in XRP, with analysts also predicting big gains for the coin in the not-too distant future.
In fact, one analyst known on X as STEPH IS CRYPTO has recently posted that XRP’s position would now indicate a longer term move to $40.
$40 is very much the best-case scenario for the coin, given that it would result in a 7,400% increase from its current position, implying a market cap of around $2.25 trillion.
However, there’s little doubt that XRP hasn’t done much since Ripple finally settled with the SEC last month, with the coin having strong fundamentals.
Now that Ripple is in a position to expand its operations more proactively, we can expect to see XRP attracting more usage and adoption.
It should reach $1 by the end of the year, before rising towards its ATH of $3.40 in 2025.
Bigger Gains with Newer Altcoins
For traders looking for quicker, bigger gains, newer alts may be a better option, given that the most popular of these can witness exponential early gains.
This is particularly the case with presale coins, which in raising funds can generate lots of useful momentum prior to listing on exchanges.
And one of the newest and most interesting presale coins at the moment is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that launched its sale only a few days ago.
Yet it has already raised $150,000, a sign that it’s quickly attracting converts to its project.
As its name suggests, Memebet will combine its own meme token with an online crypto-friendly casino, which it plans to launch after its sale.
Its platform will offer over 1,000 crypto-native games to play, as well as an extensive sports book.
Users will be able to place bets with the native MEMEBET token, as well as with established coins such as Pepe, Dogecoin, Bonk and Shiba Inu.
By placing bets with MEMEBET, holders will put themselves in line for play-to-earn rewards, with 20% of the coin’s overall supply (2 billion MEMEBET) reserved for rewards.
Another strong feature of Memebet is that it offers a KYC-free Telegram casino, making it easy for anyone from around the world to get playing.
Interested investors can join its sale now by going to the official Memebet Token website and connecting their wallets.
1 MEMEBET currently costs $0.025, although this will rise by $0.001 with every new stage of the sale.
And once it lists, it could rise much, much higher, especially given its strong fundamentals.
Buy MEMEBET now
The post Get Ready: XRP Could Hit $40 Soon – Analyst Highlights Major Bullish Setup appeared first on Cryptonews.
